Insolvency Services

What is insolvency?

If your debtor fails to pay on demand or can’t pay, they are deemed insolvent. Insolvency action can be taken against individuals, sole traders, partnerships, or companies. In cases of over £750 in value for limited companies and £5000 for individuals and non-limited businesses.

What happens next?

Creditors facing this situation often turn to the county courts to claim a CCJ, but they can also choose to start bankruptcy or winding up proceedings to secure prompt payment which is our preferred method.

Overall, you have 21 days to deal with a statutory demand. That is 18 days to submit an application to set aside and the full 21 days to pay the debt or come to an arrangement with the creditor.

After this 21-day period has passed, the lender can begin formal insolvency proceedings. At this point, the debtor stops being in control of the situation, and liquidation proceedings will begin. This sees a licensed insolvency practitioner appointed to close the company or bankrupt the individual, where their main role is to realise the assets and sell them to pay creditors. After this, your company will cease to exist.

How can we help?

Actions Now aim to make you the priority creditor. Our fast work includes an extensive debtor profiling and providing that there are no other insolvency proceedings present we then can draft up and serve the necessary petition paperwork.

In case of non-payment, insolvency proceedings may follow, with our in house legal team supporting you through the court hearing and resulting in a quick payment.

Feeling overwhelmed by insolvency proceedings? We can assist, taking limited companies to liquidation and individuals to bankruptcy. For detailed advice and support, reach out to the team today.

How much does this all cost?

Our fees are fixed so that you always know exactly where you are. There are no nasty surprises. Ever!