A lot of the time, regardless of the market research that you put in or the budget that you have assigned to your business, it can often be the case that things just don’t happen the way that you would like them to and as such, you fall on hard financial times. If this has occurred, you will need to appoint some insolvency practitioners. Doing this is tricky, given there is such a massive amount of choice; however, a safe option is us, Simple Liquidation, the UK’s most appointed insolvency practice.
Why Do You Need a Good Insolvency Practitioner?
You need to look for a good insolvency practitioner for several reasons if your business comes under hard times. The fact is that liquidating your company can be incredibly stressful, so when you appoint well-trained and highly professional experts to help you, you will make the process a lot more straightforward and carefree.
It doesn’t matter whether or not you operate as a limited company or a sole trader; there are unavoidable pressures surrounding insolvency. If a creditor still has money owed to them, they will try to claim it back (they could even seek the help of the courts). Creditors are within their rights to take this kind of action, which adds even more to that pressure.
On top of that, depending on your position, the stress involved in trying to sort out your insolvent company can be incredibly damaging to your mental health and wellbeing. If not handled properly, the process can come with bouts of stress and anxiety. You can avoid all this by working with experts who know exactly what they are doing.
What Makes a Good Insolvency Practice?
So, it’s important that you work with a good insolvency practice, but what makes a good insolvency practice?
- Taking the Time to Understand You and Your Business
Every business is different, as is every business owner, and a good insolvency practice will understand this. Having a grasp on what a business does and the business owner’s mindset is crucial when liquidating an organisation. As such, a good insolvency practice will make it a key step to take the time to properly discover and understand what a business does, what the underlying issues are and what might be causing these difficulties. If an insolvency practice doesn’t take the time to understand these problems, it won’t be able to offer the right solutions.
- Good Communication
Even if an insolvency practitioner can identify the right course of action for a business, this isn’t going to mean much if they cannot communicate it effectively to the creditors, directors and everybody involved in the process. Communicating effectively also doesn’t just mean telling people what is happening; it means doing so clearly and concisely, which is easy to understand and follow. A good insolvency practitioner needs to be able to explain to directors what appropriate action they should take, so that said directors understand exactly what is happening to their practice and know there won’t be any nasty surprises along the way.
- Gaining Trust
The nature of much of the information that insolvency practitioners deal with is highly confidential. As such, they must be incredibly open and honest with everything they do. The task at hand, the people it affects, the business at stake and the creditors all require complete and utter transparency and integrity. As such, a good insolvency practitioner must gain all parties’ trust.
- An Optimistic Mindset
On top of the above, a good insolvency practitioner needs to be able to keep a business’s rescue and the eventual turnaround at the forefront of their mind instead of simply looking towards closing the business. As such, you want to work with an insolvency practitioner who can identify a range of options based wholly on thoroughly reviewing the current state of the business and whether profitability is an option.
- Advice Specific to Your Industry
There are several levels of understanding that apply to different sectors and industries worldwide. As such, you don’t want an insolvency practice that can only provide advice on a broad scale; instead, you want an organisation that understands and accepts that there are different pieces of advice for different industries and can provide this (or at the very least research it).
Why Choose Simple Liquidation?
All of the above features are very important, and Simple Liquidation manages to achieve them. We pride ourselves on simplifying the entire liquidation process, providing you with clear, constant and in-depth information every single step of the way. We will take the time to learn about your business and the situation that you currently find yourself in and then provide informative details depending on what your situation is. Our goal is to help you get to where you want to be and as such, we will deal with the following:
- Any dilemmas you have regarding a bounce-back loan that you’ve taken out.
- Dealing with any worries you have about an overdrawn directors loan.
- Providing plenty of free helpful advice at the beginning of the process before you commit to anything.
- Offer you a service which is entirely streamlined across the entire team, meaning your case can be handled professionally every single step of the way.
- Only charging competitive prices.
If you have any questions or require further information about how Simple Liquidation works and why we are one of the UK’s most appointed insolvency practitioners, do not hesitate to contact us.