A strong and friendly team of experienced insolvency professionals
Providing a full range of turnaround, insolvency and business advisory services.
Redman Nichols Butler are a firm of independent insolvency practitioners providing a full range of turnaround, insolvency, and business advisory services to directors of limited companies, partnerships, and individuals.
We offer a without obligation initial meeting for up to a day, free of charge at a client’s premises or our offices in Driffield, Hull, Grimsby Scunthorpe or York at which the client’s financial circumstances will be reviewed and advice given. Being an independent insolvency practice ensures that we keep our overheads low and can quote very competitively.
For further information, or to arrange a free initial consultation, please contact one of our offices and we will make you an appointment with one of our insolvency professionals.
Alternatively, please complete our online enquiry form and we will get back to you within 24 hours.
Who We Are
Redman Nichols Butler consists of a strong and friendly team of experienced insolvency practitioners, from a variety of different backgrounds.
We use our business and commercial experience as well as our professional skills to ensure that our clients, businesses, and individuals alike, receive excellent advice and a first-class service.
We encourage our firm members to develop their own personal, professional and commercial skills and we pride ourselves on being forward-thinking in terms of staff personal development and training.
What is Insolvency?
Insolvency is a term when a company or individual is struggling financially and can no longer pay of debts when due. Before insolvency takes place an arrangement with creditors will try to set up to help pay any outstanding monies owed. If money can still not be paid the company or individual will need to look at formal insolvency options. Insolvency is often caused by a myriad of factors.
Can I Sell Company Assets Before Liquidation?
Yes, assets can be sold prior to liquidation however there are strict rules that you will need to stick to. Creditor interests will come first so money raised due to sale will need to go to paying off as many of the creditors as possible.
Your appointed liquidator will look into transactions made up to two years prior to insolvency. It is imperative that you do not put one creditor or a group of creditors in a better position than they would be in in the event the company is placed into a formal insolvency process.
What is the Process of Liquidation?
Liquidation is a process of converting the company’s assets into cash and using the money raised to pay off as much of the company’s debts as possible. Once this has been done the company is then shut down.
How Long Does Liquidation Last?
There is no set time to how long liquidation can last but it can take 6-24 months depending on your company’s position.
Do I Have to Pay for Advice?
Your first meeting will be free of charge, we will discuss everything you need and find the best solution going forward. This can be done at your premises or at our Driffield office.
I Have Received a Winding Up Petition
As soon as a winding up petition has been received you need to seek advice immediately from a licensed insolvency practitioner, this meeting will be free.
A winding- up petition is an application made by a creditor to the court for the compulsory liquidation of company. Any dispositions of property are void once a winding-up petition has been issued.
I Have No Funds Left; How Can I Afford to Pay an Insolvency Practitioner?
Remember your first meeting is free, the guidance from your insolvency practitioner could stop creditors from taking legal action against you.
Why Choose Us?
Redman Nichols Butler is a totally independent licensed insolvency practice. We are frank and open with our clients from the first meeting, which is absolutely free and without obligation. Our objective is to save businesses wherever possible and to support our clients should insolvency procedures become necessary. Our clients are assured that their affairs are in the hands of experienced professionals every step of the way. free wherever it is held.
Working with LIquidation Advisors
Redman Nichols Butler enjoys developing and maintaining long-standing relationships with fellow professionals, including accountants, solicitors, and financial advisors.
We believe that by forming and maintaining lasting reciprocal relationships we can provide clients quality and cost-effective service.
Our early involvement, our ability to work closely with existing management, and our connections in the business world enable us to quickly identify the underlying problems of an under-performing business and devise a strategy that is achievable and acceptable to creditors, stakeholders, and directors.
The Christmas Elves have made an early delivery to Redman Nichols Butler. If you are in need of a “chocolate fix” prior to Christmas please drop us an email and the Elves (John or Andrew) will send some out to you…..
HMRC will shortly be informing the entire UK insolvency profession that they will no longer be giving tax clearance in solvent liquidation cases (“MVLs”). The notion of HMRC providing tax clearance in MVLs was based not on any legal or best practice obligation but rather a custom or unwritten consensus built up over time between […]
The Insolvency Service have provided a really useful information hub for directors and potential future directors on your duties and responsibilities and also identifying the risks of insolvency. The information hub is also relevant to anyone involved in running or managing an organisation such as a trustee of a charity or being involved in the […]
What is a restructuring plan ? It is a compromise or arrangement entered into by a company and its creditors. They were introduced into law at the height of the Covid-19 pandemic within the Corporate Insolvency and Governance Act 2020. Whilst it is very early days and there is as yet little case law on […]