{"id":11000,"date":"2022-07-04T23:26:37","date_gmt":"2022-07-04T23:26:37","guid":{"rendered":"https:\/\/thebusinessculture.co.uk\/hey\/?post_type=know-how&p=11000"},"modified":"2022-07-04T23:27:00","modified_gmt":"2022-07-04T23:27:00","slug":"we-can-help-with-insolvency","status":"publish","type":"know-how","link":"https:\/\/thebusinessculture.co.uk\/hey\/know-how\/we-can-help-with-insolvency\/","title":{"rendered":"We Can Help with Insolvency"},"content":{"rendered":"

Insolvency can be a very stressful experience and we\u2019re here to help business owners make the process run as smoothly as possible. If your business has become insolvent and you\u2019re unable to pay your debts, there could be ways to reduce your outgoings and improve your cash flow.<\/p>\n

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Contacting creditors<\/h2>\n

When a business can\u2019t pay its debts and bills on time, there may be the option to reach an informal agreement with its creditors. For instance, some creditors may agree to a \u201choliday period\u201d that enables you to improve cash flow, whereas others might offer a longer payment plan in smaller instalments. Whilst this won\u2019t always be the case, it\u2019s definitely worth looking into and could eventually solve the problem.<\/p>\n

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Company voluntary agreement<\/h2>\n

A company voluntary agreement, or CVA, is a legally binding agreement between a financially troubled company and its creditors. This formally allows corporate debts to be paid in part of in full over an agreed period of time. A CVA can only be implemented by an insolvency practitioner and shouldn\u2019t be entered lightly, which is why expert advice beforehand is crucial.<\/p>\n

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Closing a business<\/strong><\/h2>\n

In the event that the above options simply won\u2019t suffice, it may be time to close the business and liquidate its assets. Your company will remain live on Companies House but its status will switch to Liquidation instead of Active. This \u201cwinding up\u201d can take a long time and involves a lot of administration and legal documentation.<\/p>\n

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How TreyBridge can help<\/strong><\/h2>\n

As qualified accountants, tax consultants and business advisors, we can help all kinds of business owners who are facing insolvency, bankruptcy and liquidation. We\u2019re here to provide expert advice, no-nonsense guidance and a sympathetic ear, helping to make a difficult situation as hassle-free as possible. Many of the actions required can be managed or overseen by our team, plus we\u2019ll support you in hiring third parties where suitable.<\/p>\n

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Our services<\/strong><\/h2>\n

As an example of how we can help you navigate insolvency, here are a few of our relevant services:<\/p>\n