When a large company goes into an insolvency process, be it liquidation or administration, there are lots of casualties, particularly smaller companies which may have relied heavily on business from the insolvent company.
The problem is that when a large firm of insolvency practitioners is appointed. the director loses control of his own company, the insolvency practitioner is faceless and unapproachable and often there will be little or no return to creditors.
We are often asked what, if anything these unsecured trade creditors can do. Creditors do have a voice and can attend creditor meetings to ask questions of the director. If enough creditors get together they can even put in place their own choice of insolvency practitioner.
Redman Nichols Butler provides a service to such creditors, we will happily attend creditors meetings, ask the relevant questions and report back to creditors who are unable to attend in person. This service is free.
For anybody finding themselves in this position, whether personally, as directors of limited companies or partnerships, it is really important to seek advice from a licensed insolvency practitioner as soon as possible.
To take advantage of our free consultation, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvency professionals at our offices in Driffield, Scunthorpe or York offices.
Redman Nichols Butler has had a York office for over five years now and specialises in advising SME businesses in York and North Yorkshire. The Redman Nichols Butler York office address is Westminster Business Centre, Nether Poppleton, York, YO26 6RB.