Licensed Insolvency Practitioners With National Coverage
We insist on laying out our fees in a clear way to avoid later confusion. You will receive a written confirmation of the fees after your meeting with either the directors or one of our turnaround managers. These will be set out in our solutions report that we provide. The solutions report is free.
The fees are based on the amount of work that we are expected to do in order to persuade the creditors that the business is viable and that it is in everyone’s best interest to allow the company more time to pay back its debts or even write off up to 65%. As licensed insolvency practitioners, we have to ensure that everyone is treated equally and within the law. As such, it is vital that as much information as possible is passed to us at the meeting. It is also important to act quickly as costs can mount if creditors become more aggressive.
We believe that our fees offer considerable value for money. Most other insolvency professionals do not quote costs in writing in advance and costs can escalate from verbal quotes.
If comparing our fees with another firm, please ask them to give you a similar detailed breakdown of their proposed work and costs in writing to make a fair comparison.
So, what we do:
We know that if a company has severe cash flow problems then finding money for fees can seem difficult, however by using our approach this will be alleviated as cash will be kept in the business once creditors are informed that you are proposing a restructure and work in progress can be turned into cash. We accept payments over a period of 8 weeks during the drawing up of the proposals.
By not paying creditors’ arrears, collecting debtors and converting work in progress into cash, the cash flow will improve and our daily cash flow forecast can assist with this.
For more information on fees if you are creditor then see the Insolvency Practitioners Association Guide to Fees.
We insist on laying out our fees in a clear way to avoid later confusion. You will receive a written confirmation of the fees after your meeting with either the directors or one of the regional managers. These will be set out in our solutions report that we provide. The solutions report is free. The fees are based on the amount of work that we are expected to do in order to close the company down, collect monies in and distribute it fairly between creditors. As licensed insolvency practitioners we have to ensure that everyone is treated equally and within the law. As such, it is vital that as much information as possible is passed to us at the meeting especially the likely number of creditors and their attitude towards the business.
We believe that our fees offer considerable value for money. Most other insolvency professionals do not quote costs in writing in advance and costs can escalate from verbal quotes. The costs of liquidation can put directors off but not doing anything is likely to cost you more in the long run! Generally the costs start at around £4000 + VAT. This would be for liquidating a company with a single creditor, such as having an unpaid Bounce Back Loan (BBL) or HMRC. For more than one creditor issue, we would expect the fee to be approximately £4,500 to £5,000 plus VAT. For more complex issues including companies who have landlords, employees, BBLs and supplier debts we will provide a written quote after our meeting with the directors to discuss the company’s options. Do get in touch to discuss your company’s liquidation, don’t delay and hope the problem will go away! It is a bit more expensive in Scotland as their are higher court fees.
If comparing our fees with another firm, please ask them to give you a similar detailed breakdown of their proposed work and costs in writing to make a fair comparison.
So, what we do:
Be wary of websites (not actual insolvency practitioners) saying they can do it for £1500 or so – this is for sure, too good to be true. The cost of the liquidation may be lower but the risk to you personally is very high, especially if you owe the company any money. Additionally, you will probably end up dealing with all the creditors and will find it difficult to move on. Liquidation is heavily regulated and there are no shortcuts.
