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. 

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. 

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.

There is no set time to how long liquidation can last but it can take 6-24 months depending on your company’s position.

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.

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.

Remember your first meeting is free, the guidance from your insolvency practitioner could stop creditors from taking legal action against you.

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.

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.