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At what point do you need to appoint an Insolvency Practitioner?

created by rsimms

“One of the questions we get asked the most often is when should people appoint an Insolvency Practitioner,” says Richard Simms, Managing Director, FA Simms & Partners. “The answer is simple: as soon as you become aware of any signs of financial difficulties.”   Applies to everyone This advice rings true for any type of […]

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What is the average cost of company liquidation?

created by Martin

The cost of liquidation varies according to the size of the insolvent company and the type of liquidation procedure involved:   • Compulsory Liquidation • Creditors’ Voluntary Liquidation (CVL) • Members’ Voluntary Liquidation (MVL)   In general, if the company has assets that can be sold, the liquidator’s fee will be charged as a cost […]

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Does an insolvency practitioner work for me or my creditors?

created by rsimms

The simple answer to this question is both! An Insolvency Practitioner (IP) has a professional duty of care to the person or company that appointed him, but also has a fiduciary duty to maximise creditors’ interests. As Richard Simms, Managing Director of FA Simms & Partners, explains: 
“Protecting creditors’ interests and paying off debts is […]

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How do I find the right Insolvency Practitioner for me?

created by rsimms

Just as important as acting swiftly at the first warning signs of financial trouble is the need to seek advice from the right person. A case for the experts In the UK, Insolvency Practitioners (IPs) are the only people authorised (licensed) under the Insolvency Act 1986 to act in a formal insolvency proceeding for a […]

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How do insolvency practitioners sell a company’s assets during a liquidation process?

created by rsimms

The main purpose of the liquidation process is to ensure that assets are used to pay off as much creditor debt as possible before the company is dissolved and closed.   Determining assets Company assets can be tangible – such as property, machinery, vehicles, computers, office furniture, equipment or tools – or intangible, like a […]

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