This guide will explain what The Insolvency Service does, how it works, and what company directors need to know if their business is facing financial trouble. We’ll keep it jargon-free and provide real-world examples to help you understand your options.

This guide aims to provide small business owners and company directors with a clear understanding of the available options for closing a business, highlighting the benefits and suitability of each approach.

Running a small business in the UK comes with its fair share of challenges. Whether you’re a retailer, construction company or a service provider, the pressures of managing day-to-day operations while making crucial decisions for the future can become overwhelming.
Unfortunately, for many small business owners, when times get tough, the natural instinct is to push forward, hoping that things will improve on their own. The thought of seeking professional help, especially in the face of financial distress, can seem daunting or even embarrassing.
However, delaying seeking help can often make a bad situation worse.

As a small business owner, protecting your business from financial risks is essential, especially in challenging times. One key way to mitigate these risks is by ensuring you have the right insurance coverage. A thorough review of your policies can reveal potential gaps and help you better safeguard your business.

Let us assist you in navigating the complexities of company closure and HMRC negotiations, so you can focus on moving forward with confidence.

In this guide, we’ll break down everything you need to know about managing HMRC debt, including setting up payment plans and closing a limited company with debts to HMRC.

Welcome to our comprehensive glossary of insolvency terms, a jargon buster created to help company directors have an understanding of crucial terms when navigating the insolvency process. We’ve included some useful resource links to insolvency and government organisations.

A Licensed Insolvency Practitioner possesses the skills and qualifications required to offer guidance on insolvency matters and represent companies, businesses, and individuals navigating financial difficulties.

A guide from R3 to dealing with corporate financial distress Act early. Seek advice and get back to business.

The Bounce Back Loans (BBLS) are loans of up to £50k, 100% backed by the government, with no personal guarantees and quick and easy to apply for.

A CVL is a formal process for voluntarily winding up a company when it is insolvent.

Having a winding up petition served against your business doesn’t have to mean the end of the road for your company, but you do need to act quickly.

The shareholder and creditor fee guides can be found in our Resources hub.