When and why should you use an insolvency practitioner?

Possessing decades’ worth of experience providing business support services to both individuals and organisations, the team here at Walsh Taylor know the importance of dealing with financial pressure only too well.

From our offices in Leeds, Harrogate, Bradford and Darlington, we have seen first hand how timely advice can massively improve the eventual outcome of the situation and relieve stress.

As the state of insolvency – essentially defined as being unable to pay owed money on time – is often misunderstood, today our experts outline when and why you should enlist in the help of a licensed insolvency practitioner:

There may be a solution

Regardless of how bad things may seem, insolvency practitioners will advise those in charge of all the possible options. Though this does mean that companies may be able to continue trading, we must stress that time is of the essence. Generally the sooner you contact a professional the more likely you are to secure a positive result.

You get closure

Being a Director of a business is stressful enough as it is without the hassles of financial troubles. When this occurs the morale of staff can decrease and a myriad of other issues start to take hold. Despite it being painful initially, the winding down of your organisation will ultimately allow you to walk away and start again afresh if you so wish.

Court procedures are avoided

Whereas you can avoid the process by liquidating your business voluntarily, if a court starts proceedings then you may be required to attend court to settle them.

If you are based in Castleford, Pontefract, Keighley, Knaresborough or the surrounding Yorkshire area and have any questions about the above, please do feel free to get in touch with us today.

You can do so by either calling 03300 244 660 or emailing confidential@walshtaylor.co.uk.