Free Advice For Company Directors
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About 1st Business Rescue
With 20+ years of experience in business rescue corporate restructuring and insolvency, we’ve been around the block, which means that whatever you’re going through right now, we can help you.
What sets us apart from other business rescue services, insolvency, and restructuring companies is that we’re on your side and in your corner.
We are rated Excellent on Trustpilot and have over 100 reviews.
Our team will help you identify the right option for you and your business and ensure that you are made aware of any pitfalls or problems in advance so you can make a decision knowing all the facts.
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What are my options?
If your business is struggling with debts you have our sympathies.
We’ve worked with and helped thousands of businesses up and down the country, so we know the pain and emotional anguish that brings you to the point where you’re looking for help.
Our aim is to make the process as pain-free and uncomplicated as we can. That’s why we work hard to help you understand where you are as a business and exactly what options that you have available.
We know what it’s like for you as a company director, and we’re on your side and in your corner, every step of the way.
You most likely have people relying on you to put food on the table which will be taking up a lot of your headspace as you try and work out the best thing you can be doing for yourself and your family.
Our FREE assessment can help you understand your best options and relieve you of the incredible stress and pressure you may be feeling right now. It only takes 37 seconds...
Frequently Asked Questions
What is a Creditors’ Voluntary Liquidation?
If your limited company is insolvent, then a Creditors’ Voluntary Liquidation (CVL) will bring the formal end to the company and all unsecured debts will be written off. However, before deciding on any possible course of action, we strongly advise you to contact our team at 1st Business Rescue. We will be able to consider your company’s specific circumstances and advise you whether a voluntary liquidation would be the most appropriate course of action. If liquidation is indeed the best way forward for your business and you wish to engage us, we will then begin the process.
In a voluntary liquidation, the following things are achieved:
All outstanding unsecured liabilities are written off, including HMRC, Bounce Back Loans and trade suppliers (unless you have given a personal guarantee – if you have, talk to us immediately)
Demands from your creditors are handled by the insolvency practitioner
Any legal action against your company is ended
Your company is closed down completely, without delay
You can start to focus on your future
Many of those things may sound attractive, but in order to understand whether voluntary liquidation is possible for your business (and the right thing to do), it’s vital you fully understand your position now, so there are no surprises further down the line.
Can the director claim redundancy?
Yes, if the director has received their salary through the PAYE scheme for over two years. This claim is made through the National Insurance Fund; the average claim is £9,000 and can be used to fund the cost of any liquidation.
What happens to my staff?
A Creditors Voluntary Liquidation is the formal closure and end of the business, so all the staff will be made redundant. The staff will be able to make a claim for redundancy and any unpaid earning from the National Insurance Fund. We can advise on how they can do this.
What the cost of liquidation?
The cost of liquidating a company really depends on several things, the number of creditors, the complexity of the job, how many assets the business owns etc. However, a basic liquidation will cost you around £4,000 to £5,000 plus VAT. If you have been on the payroll for over 2 years then you should qualify for a director redundancy claim which can cover the fees. The average claim is £9,000 and we will help you check if you have one.
What happens to my Bounce Back Loan in liquidation?
Your bounce-back loan is an unsecured debt and is included in the liquidation. As long as it was applied for in the correct manner and has been spent as per the terms and conditions, it will be written off.
Does a liquidation affect my credit rating?
Directors and shareholders are not personally liable for their company debts. This is one of the key reasons why people incorporate Ltd companies, as it limits the liabilities of the directors and shareholders should the company fail. If a company is placed into liquidation, it is not shown on the personal credit reports of the directors or shareholders.
Use our quick assessment
It takes less than 37 seconds
to find out if we can help
Use our free assessment
Complete our quick assessment above to discover your options.
We'll help you find a solution
If you qualify, you'll be able to opt-in for a no obligation, free consultation.
We'll simplify the process
We'll handle all the heavy lifting with your insolvency. If you're happy, we're happy.
The Process
You complete the assessment
We take the time to understand your situation & help you understand all your available options.
You to make a decision- if you would like to work with us we will hold your hand from start until finish
How Can We Help?
Here at 1st Business Rescue, we have made it our mission to help ensure business owners have the correct help and information so they can make the best decision for them and get their life back on track.
Our specialist advisors have years of experience helping unshackle businesses from their financial struggles.
If you are a business owner and you are struggling to pay your debts, then get in touch. It could be the difference between overcoming your struggles and wallowing in misery and stress.
It is pivotal that you seek financial advice from an expert so you get the correct information so you can make an informed decision.
We are offering a FREE consultation to help you decide on the best course of action in tackling your business debts.
Click below to take our short 37-second assessment and we can then talk you through your options…..
Remember, if your business is struggling and has debts they can’t pay, this free consultation could change everything.
Copyright © 2023 Business Insolvency
International House, 142 Cromwell Road, London, SW7 4EF
Lowry House, Marble Street, Manchester, M2 3AW
Unit 9, Croft Court, Whitehills, Blackpool, FY4 5PR
Copyright © 2023 1st Business Rescue
International House, 142 Cromwell Road, London, SW7 4EF
Lowry House, Marble Street, Manchester, M2 3AW
Unit 9, Croft Court, Whitehills, Blackpool, FY4 5PR
One of our expert team will give you a call
You receive a full report on what we believe is the best route for you & your business
What are the things that I need to check before I liquidate?
Directors and shareholders are not personally liable for their company debts. This is one of the key reasons why people incorporate Ltd companies, as it limits the liabilities of the directors and shareholders should the company fail. If a company is placed into liquidation, it is not shown on the personal credit reports of the directors or shareholders.
How long does it take to go into liquidation?
Your company can be placed into liquidation in as little as two weeks. Firstly, we would go through your situation in detail and make sure you understand all the options available. If liquidation is indeed the best option for the business, we will send you a detailed proposal and start the process. Once you appoint a liquidator, they will deal with the company’s creditors going forward.
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