Our Insolvency Practitioners Preston provides advice to directors of companies experiencing financial difficulties. The directors benefit from a review of the financial position and forecasts, viability, management and controls. If all else fails the company directors may need advice on formal insolvency procedures and how these might affect their personal position including any guarantees provided (PGS) or personal liability arising from their actions as a director or shadow director. The directors may be affected by disqualification or personal liability for wrongful trading.
Some advice options...
Advice to directors
Advice to banks or secured creditor
The secured creditor may require some reassurance as to their position and whether the monies owed to them is recoverable. The review undertaken by the IP is known as an Independent Business Review (IBR)
Advice to professionals
IPs are often asked to provide advice to professionals who do not maintain in-house specialists in insolvency and business rescue. Sometimes the IP advises the professionals on their own business where they are experiencing trading difficulties.
Advice to creditors
IPs often represent creditors / credit managers following the demise of a company, including attending creditors meetings and assisting with retention of title claims.
Advice to individual's
IPs provide specialist personal insolvency advice to individual's concerned with their finances. Insolvent individual's can benefit from reviews and advice on options in the same way as businesses. It is essential that companies and individual's obtain specialist advice prior to entering into any form of insolvency procedure.