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Finding Company Debt Advice

9th Jun 2015
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Trying to find someone to trust online is like being asked to hike in the countryside knowing some fields will have landmines but most won’t. The challenge becomes more aggravated when the director may be under pressure and may not have slept well for a few nights or even not at all. Company debt problems often occur when something unexpected happens even in the best businesses. True you should always have your company reserves to fall back on but the reserves will need topping up at some point.

The most common causes of stress to a director when faced with making a decision is, not knowing what to do - the fear of the ‘unknown’. The unknown in this instance is, not knowing what to do if your company has serious debts and by serious I mean you cannot pay them. Where do you turn for advice after all you are the boss and everyone knows you know everything about your business?

Of course this is irrational? And even the best business brains will always buy in expertise when it’s needed. Do not let pride stop you seeking help or advice.

OK so where do you start? Well if your company cannot pay its bills when due then your company is insolvent and you must not ignore this as to do so could have serious consequences personally for you. If the company is insolvent then you need specialised insolvency help and this is unlikely to be forthcoming from your accountant. He/she may well be the first port of call for most SMEs but for most accountants they may well be reluctant to give advice unless they are qualified or experienced in the area. An accountant’s professional indemnity insurance may prohibit them from sticking their neck out even if they do have some limited insolvency experience. Generally a good idea is to check on your accountant’s website to see what services he/she offers and if insolvency or recovery services are not on there, then they are unlikely to have the insolvency knowledge required.

You need someone who is experienced in making decisions under theses circumstances. Very often an informal payment arrangement may work if there are not too many creditors and the relationship has not turned sour. A good turnaround consultant should be able to handle these situations as a matter of course.

Another key point to remember here is that any insolvency practitioner you speak to about your insolvency situation may well become the company liquidator later. Always remember the insolvency practitioner (IP) you are pouring your heart out to, usually in a highly emotional state, is taking notes. This initial conversation is not privileged in any way so anything you say may and will often be used at a later date. This is by no means a criticism of IPs as once engaged they act for creditors,not directors. They do have a duty of care where personal guarantees are concerned but you cannot expect them to act for the bank as a creditor and then negotiate with them on your behalf. It doesn’t work like this and it would provide a direct conflict of interest. So, the IP is just doing his/her job and not being duplicitous in any way quite often the director is not thinking straight due to lack of sleep, being stressed out, drained and over emotional. My advice is, if you do want to use an insolvency practitioner then check how many businesses they have turned around and saved? Check for testimonials on the website and do they look genuine? Can you speak to past clients over 3, 6 and 12 months old?

Finally if you are considering liquidating and have any doubts take advice from one IP and use a different one to liquidate.

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