The local insolvency agency Kingston businesses rely on
Are you a company or an individual in Kingston seeking personalised, professional guidance to assist you through a period of financial difficulty or trading challenges?
Insolvency Online is a trusted firm of corporate recovery specialists and insolvency practitioners, with a proven track record in helping Kingston-based individuals and companies navigate their way out of financial distress. Whether you are experiencing trading difficulties or personal financial problems, or are a director or shareholder looking to close down your company to release funds, Insolvency Online is here to support you with a range of financial and legal solutions.
The right advice, at the right time, from the insolvency practitioner Kingston businesses trust
Whether you are a Kingston company experiencing trading difficulties, perhaps due to a bad debt, the loss of a major account or an economic downturn; an individual facing personal financial problems, or a director or shareholder seeking to close down your business and extract funds tax efficiently, at Insolvency Online, we apply a solution-finding approach, ensuring that whatever happens, your best interests will be prioritised.
In our experience, there will always be a solution of some kind, whether that involves financial restructuring, business recovery or rescue, or a strategy that safely concludes whatever issues you are facing, such as a formal insolvency procedure.
Working with Insolvency Online, you will find our advice practical, timely, effective and honest. Working with us as business restructuring specialists and as a licensed insolvency agency, Kingston businesses and individuals can rest assured of the very best attention, and the highest quality advice.
Protecting your business as you navigate towards a successful recovery strategy
Are you a Kingston-based business seeking a solution to late or non-paying customers? Have you recently lost a major account and have found your income has significantly reduced to the point where you are struggling to pay creditors?
Insolvency Online are specialists in reconstructions and rescue solutions, making use of innovative, constructive strategies designed to protect and, where possible, revive. Whether it’s Administration and Pre-Pack Administration procedures aimed at providing statutory protection from creditors and allowing breathing space to trade out of difficulties, or a Company Voluntary Arrangement (CVA) that forms an agreement over the payment of debts, again providing breathing space from creditors, you can rest assured that your action plan will be fully personalised, and that we will closely guide you through every step.
Guiding you through personal debt
Are you facing personal debt that you can’t seem to get on top of, no matter how hard you try? Working with our respected insolvency agency, Kingston individuals and partners in businesses can reach an effective agreement with their creditors that will see them avoid bankruptcy.
This is courtesy of an Individual Voluntary Arrangement (IVA), a formal insolvency process which allows for an insolvent individual or business partner to enter into a legally binding agreement with their creditors over the payment of their debts.
As a Licensed Insolvency Practitioner, Insolvency Online is qualified to represent you in drawing up a formal proposal for creditors as to how their claims will be settled. This is quite an in-depth procedure requiring profit and loss and cash-flow forecasting, and it is vital that more than 75% of the unsecured creditors approve it. When successful, the agreement will prevent creditors from taking alternative action to recover their debts, and you will be able to continue running your business, if you have one.
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Solvent company looking to release capital? Insolvency Online can help.
Not every company who uses the services of an insolvency practitioner in Kingston will be insolvent and seeking recovery advice. At Insolvency Online, we help shareholders of solvent businesses who are seeking to realise the capital within their companies to do so in the most tax efficient manner possible.
Business Asset Disposal Relief (BADR), formerly known as Entrepreneur’s Relief, is a valuable tool for reducing the tax payable on the disposal of a business or interest in it. BADR can cut the rate of Capital Gains Tax on qualifying capital gains from the highest rate of 20%, to just 10%.
For a company to benefit from BADR once it has ceased trading, it must go through a solvent liquidation process known as an MVL, or Members Voluntary Liquidation. Kingston businesses are advised that MVLs must be carried out by a licensed insolvency practitioner, acting as the company’s liquidator. For those looking at claiming Business Disposal Relief Kingston wide, Insolvency Online is qualified to act, and we will use our extensive expertise to ensure that you receive your cash distribution in a timely fashion.
How can Insolvency Online help?
Insolvency Online is a trusted firm of corporate recovery specialists and insolvency practitioners, licensed by the ICAEW.
We are here to help in a variety of ways, whether you are looking for personalised guidance on navigating your way out of personal or organisational financial difficulty, or seeking to bring your solvent business to a close and extract funds tax efficiently.
Finding you the right solution is very important to us and our experts are committed to preserving your best interests, without compromise.
Our services for Kingston businesses and individuals
Insolvency Online offers a solution-finding approach to business rescue, personal financial difficulties, financial restructuring and recovery matters Kingston-wide as well as providing services for solvent business owners seeking to tax-efficiently realise capital on the disposal of their companies. If we can assist you in any way, please do not hesitate to get in touch.
Frequently Asked Questions
The assets that are realised during the liquidation will usually cover the costs of the liquidator. However, there is another source of funding that should not be overlooked, and that is the government.
As a director of a company, you are also an employee, which means when your company goes into a formal liquidation process, you are entitled to claim for money owed to you by the company. This claim can be made against the government’s National Insurance Fund, a state-sponsored safety net for employees embroiled in a formal insolvency procedure.
A ‘time to pay’ arrangement can either be a Company Voluntary Arrangement (CVA) or an Individual Voluntary Arrangement (IVA). Both procedures create breathing space for companies or individuals facing debt, allowing them to gradually pay off what they owe affordably, whilst they focus on getting back on track. Such arrangements can be effective strategies when it comes to avoiding personal bankruptcy or liquidation Kingston wide.
As a director of a limited company, you will not be personally liable for any debts on liquidation. However, you must always be aware of the perils of wrongful trading, which could see you having to personally pay money into the liquidation fund for the benefit of the creditors. What’s more, any personal guarantees you have given will be called in, and you will have to make arrangements with these creditors to repay what’s owed, including interest.