Limited Company Insolvency

If you’re struggling with business debt, you’re not alone. Our qualified team at Restart BTi are ready to help provide you with tailored solutions on what your best options are. For free, confidential and impartial advice, simply get in touch with one of our experts today.

What options are available for business debt help?

Choosing which path is the best for your business depends on a variety of factors, such as if your business is solvent or insolvent. Our experts will provide you with bespoke guidance to ensure that your business is relieved from debt as fairly and effectively as possible, relieving you of unwanted stress and anxiety. To learn more about what options may be available to you, simply explore our services below.

Administration

Administration may be a viable option for you if you’re looking to rescue your business. This process involves the selling of assets to repay creditors, and then exploring options to turn your business around to secure future success.

Creditor's Voluntary Liquidation (CVL)

A CVL is a formal method of closing a business that no longer makes profit. It’s usually the chosen route for those businesses that are struggling to pay off their debts and are unable to generate enough immediate income to turnaround the company.

Compulsory Liquidation

Compulsory Liquidation occurs when a company is liquidated by their creditor(s) as a result of being unable to pay off their debts.

Members Voluntary Liquidation (MVL)

A Members Voluntary Liquidation (MVL) is a solvent liquidation process that enables shareholders who may be looking to retire or exit the business, to withdraw their capital in the most tax efficient manner.

Company Voluntary Arrangement (CVA)

This option is suitable for businesses that are struggling with debts, but have the underlying potential to make a profitable business.

Partnership Voluntary Arrangement (PVA)

This option is the CVA equivalent for partnerships.

Who decides when a limited company is insolvent?

It is the responsibility of the Director(s) to ensure that a business does not become insolvent. While there’s no definitive authoritative body that declares a limited company as insolvent, it is the case when a business becomes unable to pay their bills and other outstanding debt obligations. This includes paying off any creditors, such as traders or landlords. As soon as a Director realises that they may be insolvent, they must stop trading in order to focus on fixing any debt issues.

If you’re a Director and you’re worried about the cash flow of your business, it’s important to seek out advice from one of our qualified Insolvency Practitioners to confirm your financial status and receive confidential, tailored advice on what steps provide you with the best outcome.

Insolvent Liquidation Help from Restart BTi

If you’re concerned about your business debt and would like to receive free, tailored advice, then you’re in the right place. Simply contact one of our reliable team members today by filling out this short form, and we’ll be in touch shortly. If you have a preferred time or date that you would like us to contact you on, please specify this in the form and we’ll accommodate your request to our best ability.

FAQs

How do I clear my business debt?

The best way to clear your business debt is to seek expert help from one of our Insolvency Practitioners. We’ll be able to provide you with free advice that locates the best solution for your specific needs and situation.

What happens if my business has lots of debt?

As a Director, if your business is facing mounting pressure from debts, it’s important to receive help from an Insolvency Practitioner. You may need to consider insolvency options to relieve any mounting pressure to pay your debts, such as Administration or a Creditors Voluntary Liquidation.

Are Directors responsible for debt in a limited company?

Directors of a limited company are not personally liable for company debts.

enquiries@restartbti.co.uk

Suite 44, Dunston House, Dunston Road, Chesterfield, Derbyshire, S41 9QD

01246 959388

Gareth Graham Self is authorised to act as an insolvency practitioner in the UK by The Insolvency Practitioners Association under office holder number 9706.
Restart BTi is the trading name of Restart Business Turnaround Insolvency Limited, a limited company registered in England and Wales no: 11517419
Registered Office: Suite 42 Dunston House, Dunston Road, Chesterfield S41 9QD
Cookie Policy | Privacy Policy ! Vulnerable Person Policy | Complaints Procedure