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If your company is in any financial distress, insolvency services may be a viable thing to consider.
Struggling businesses often turn to licensed insolvency practitioners for support, and in many cases, it is the best course of action for the company director.
You must choose a reputable company if you are searching for a professional insolvency practitioner.
At Top Insolvency Firms, we are here to help you do just that.
We help you find an insolvency practitioner in Bury Greater Manchester that suits your situation.
But what does an insolvency practitioner do, and how does this help with financial difficulties felt by struggling businesses – or even much larger companies?
There are many licensed insolvency practitioners around in November 2024, so we have listed the best-rated insolvency practitioner companies in Bury Greater Manchester.
We offer advice about the Best Insolvency Practitioners in the UK and are happy to assist you with all you require to find the perfect choice.
From our research, here is a list of the top 10 Insolvency Practitioners in Greater Manchester November 2024:
Business Insolvency Company, with offices throughout UK, offers critical services for businesses dealing with insolvency.
The firm specialises in advising businesses on managing financial difficulties, making it an essential resource for firms facing tough financial times.
Numerous customers have lauded their services, highlighting their clear communication, detailed procedure explanations, and empathetic approach to client situations. The firm’s expertise in explaining redundancy protocols and mitigating concerns about potential employment impacts is particularly appreciated.
The company has been recognised as one of the top insolvency practitioners in the UK as of November 2024. This acknowledgement underscores their commitment to delivering consistent, high-quality service in a demanding field.
Despite some reports of perceived inaction or delays, the vast amount of positive feedback indicates these instances are exceptions rather than the norm.
In the current financial climate, where director misconduct is rising, and many businesses face financial turmoil, the Business Insolvency Company’s role is even more crucial. As liquidation becomes more common, the importance of firms like this one, guiding businesses through such difficulties, is evident.
Business Insolvency Company excels due to its client-centric approach, vast practical advice, and proven capabilities in helping businesses manoeuvre the intricacies of insolvency. Positive reviews heavily outweigh any negative feedback, indicating the firm’s dedication to customer service and expertise in insolvency.
National Debtline is a UK-based organization that has provided a high standard of free, impartial advice to individuals struggling with debt since 1987.
National Debtline is a reliable resource for individuals grappling with debt issues.
Their free-of-charge and impartial advice helps many navigate personal finance’s otherwise complex and stressful realm.
By offering practical solutions tailored to individual circumstances and an array of online resources for self-help, they serve as a beacon of support for those in financial distress.
A key strength lies in their experienced advisors, who empathetically guide clients toward financial stability. Recommended for anyone seeking assistance in managing their debt.
Insolvencypractitioner.org.uk is an invaluable resource offering free professional debt advice for those encountering financial challenges.
The website seamlessly connects individuals and businesses with experienced insolvency practitioners, providing a beacon of hope amidst financial difficulties.
Their platform excels with its user-friendly interface and extensive network of experts, ensuring clients can conveniently find the right professional guidance for their unique insolvency issues.
With detailed practitioner profiles, potential clients can confidently choose the right expertise to guide them towards financial stability.
Overall, Insolvencypractitioner.org.uk is a fantastic tool providing top-tier, no-cost advice, connecting those facing financial hurdles with seasoned professionals committed to their financial recovery.
Business Debt Help is an exceptional platform offering robust solutions for businesses grappling with financial challenges.
The company’s comprehensive approach to resolving debt issues and its user-friendly website create a professional and supportive environment.
With many valuable resources and insights into different financial scenarios, the website guides businesses towards viable solutions.
The quality of the free advice offered truly sets them apart, reflecting their dedication to helping businesses regain financial stability.
Business Debt Help is a reliable, supportive partner that empowers businesses to navigate the complex world of debt resolution.
StepChange is a respected UK-based debt charity known for its comprehensive, free debt advice.
Their empathetic team and wide-ranging services have made them a popular choice for those navigating financial challenges.
Their user-friendly website offers numerous resources for easy understanding and management of financial circumstances.
Users have reported slower response times during peak periods, and a few have desired more long-term financial planning advice. Despite these points, StepChange’s knowledgeable team and extensive services make it a go-to for debt management advice.
Creditfix is a UK-based company offering a variety of debt solutions. It’s known for its professional, friendly staff who are well-versed in managing diverse debt issues. Many clients have appreciated its user-friendly digital platform and flexible payment plans, which have significantly helped ease their financial stress.
On the positive side, the company’s comprehensive and personalized service has proven instrumental in helping many individuals regain control over their finances. Their detailed explanations of debt management processes and consistent follow-ups have made them a trusted partner for those in debt.
However, it’s not without some challenges. A few clients have reported slow communication responses, which could impact timely decision-making. Additionally, some clients felt they needed more transparency regarding fees and overall cost implications in the initial stages.
Despite these minor drawbacks, Creditfix’s commitment to providing robust debt solutions makes them a credible choice for those seeking to address their debt issues effectively.
Begbies Traynor is a prominent UK firm specialising in professional services consultation, particularly in insolvency and restructuring. Their high level of expertise and extensive industry experience is lauded by many clients who have found their services invaluable in navigating complicated financial situations.
The company shines in its comprehensive approach to handling complex insolvency cases. Clients commend Begbies Traynor’s proactive communication, transparent processes, and empathetic, human approach when dealing with distressing situations. This high degree of professionalism is reflected in their ability to deliver constructive solutions tailored to individual business needs.
Some customers have mentioned a lack of speed in their responses, causing delays in the process. Also, occasional feedback indicates that their services can be pricier, which might not be feasible for all clients.
Despite these minor criticisms, Begbies Traynor’s commitment to maintaining high service standards and adept handling of insolvency issues makes them a reliable choice for businesses seeking professional financial advice and solutions.
Hanover Insolvency is a respected UK firm providing expert advice and services in insolvency and financial restructuring. Many clients have found their comprehensive solutions instrumental in navigating complex financial situations.
Hanover Insolvency is known for its professional, empathetic approach. Their team’s diligence in understanding each client’s unique situation and designing tailored strategies is commendable. Many clients have found their proactive communication and transparent procedures incredibly helpful in managing difficult financial circumstances.
Some clients have reported delays in receiving responses, which can lead to extended timelines for resolving their issues. Furthermore, occasional feedback suggests that their pricing structure might be more than some clients are prepared to pay.
Hanover Insolvency’s dedication to quality service and extensive expertise in managing insolvency issues makes them a reliable choice for businesses needing financial advice and strategies.
Real Business Rescue (RBR) is a firm that specialises in assisting companies in financial distress. Their services are multi-faceted, focusing on many aspects such as ceasing trading a limited company, understanding debentures and floating charges in the event of insolvency and handling companies with debts and no assets. They even assist in striking off a company via DS01 form submission.
The primary strength of RBR lies in their expertise in various business rescue options. Whether a company is facing temporary financial difficulty or chronic issues, RBR has a comprehensive range of solutions that can be tailored to the specific needs of the company.
Their specialists deeply understand the ins and outs of business insolvency, which provides invaluable assistance to distressed companies. Additionally, they exhibit thorough professionalism and dedication in helping companies navigate their financial turmoil.
Real Business Rescue provides an essential service for companies experiencing financial distress. Although the process can be challenging and has some associated drawbacks, their expertise and commitment can provide a lifeline to struggling businesses.
Hudson Weir is a distinguished insolvency firm noted for its specialized advisory and solutions.
The firm is steered by a seasoned team of Chartered Accountants and Insolvency Practitioners, helmed by Hasib Howlader. Renowned for its innovative, practical, and custom-made solutions, Hudson Weir’s services are tailored to individual business needs.
While Hudson Weir is commendable in their efforts, it’s important to mention that its services are most beneficial for clients seeking specialised insolvency advice, potentially limiting their clientele to businesses facing financial difficulties.
Their efforts have led to significant job retention and the survival of brands, as evidenced by their successful rescue of a well-known cycling brand.
Hudson Weir is a trusted, entrepreneurial firm steadfast in delivering tailored insolvency advice. Despite their niche focus, their commitment to preserving businesses and jobs showcases their dedication to the industry.
An insolvency practitioner (IP) acts on behalf of a company facing insolvency or other financial distress.
Company directors approach insolvency practitioners for support when liquidation is a possible course of action.
Insolvency practitioners help carry out the liquidation in the company’s favour, helping them deal with creditors and debts more effectively.
They work out what’s going wrong in your business and assist you by helping you out of your financial distress.
Consider them as third-party consultants. They can analyse and overlook your business with no bias. May it be a Fortune Five company or a family-owned business. An insolvency practitioner can save you and your business from further debt.
When a possible bankruptcy is approaching for a business, it’s the job of Licensed Insolvency Practitioners. Reality check, not all businesses can be saved. The practitioner will help you through the process of declaring bankruptcy.
Insolvency practitioners explore all financial aid options for their companies, looking to find the ideal way to restructure the company after liquidation.
The process of going insolvent can involve many steps, such as:
This means that insolvency specialists act on behalf of insolvent or barely-solvent companies.
They become the official receiver of all business matters involving debts and assets and weigh the circumstances to find the ideal recovery options for their client business.
The primary goal of insolvency practitioners is to manage debts and creditors: paying back any money owed to the government, other businesses, and shareholders, and through personal agreements.
Their goal is to rescue the business through any business recovery options available.
Since they are responsible for the business, they have a personal responsibility to oversee business recovery.
This means fixing cash flow difficulties, finding more ways to pay their creditors, getting out of debt and looking for methods to push funds back into the black.
Within a company that has gone into insolvency, an insolvency practitioner could be appointed to a number of roles.
This could be the role of:
Provisional liquidators aim to preserve business assets for any business facing insolvency. This means ensuring that all possible assets are still available when the insolvency process begins – effectively keeping the business stable until then.
Insolvency practitioners take on the liquidation role to realise assets during liquidation, distributing funds to pay creditors. They also investigate the conduct of all directors and wind up company affairs.
Solvent liquidation also sees them arrange votes for whether or not the company should undergo liquidation.
Insolvency practitioner administrators are there to rescue the company, achieve the best possible outcome for all creditors, and/or realise the business’ assets to pay preferential creditors.
Licensed insolvency practitioners will take on this role for any of these reasons. How well the process succeeds depends on the business, its liquidation, and its business recovery options and efforts.
Licenced insolvency practitioners take on the admin receiver role on behalf of a secured creditor, such as a bank.
They then attempt to pay back money owed to that secured creditor.
This role focuses on the duties related to the terms of the Company Voluntary Arrangement or Individual Voluntary Arrangements, meaning that an insolvency practitioner manages even monthly payments between all creditors.
Liquidators are just one of the roles that a licensed insolvency practitioner will assume in certain cases, depending on how severe the company situation is.
As mentioned above, liquidators are licensed insolvency practitioners involved in company liquidation (including voluntary and compulsory liquidation). These specialists do not necessarily take a liquidation role.
Licensed insolvency practitioners are overseen by multiple major bodies, all approved by the Secretary of State for Business, Innovation and Skills.
Naturally, a non-licenced insolvency practitioner is a bigger risk. Dealing with licensed insolvency practitioners only is the best way to keep your company safe.
You always want to choose a trustworthy and reliable licenced insolvency practitioner for the formal insolvency process. This means any group that has been licensed by the Insolvency Practitioners Association – they are qualified to give professional advice and support.
Look for a licensed IP with a good reputation and a history of good services. The more details you can find out about these services, the better – for example, how they managed to advise previous companies and whether or not their clients tend to continue trading in the long term.
Many members of the Insolvency Practitioners Association take careers as accountants first, meaning that they tend to have accountants’ qualifications such as ACC, CIMA or ACA. An IP also needs to pass the insolvency examinations or Joint Insolvency Examination Board (JIEB) exams.
These exams involve two papers that need to be passed independently and are known to be incredibly tough. Those who pass have an in-depth understanding of the Insolvency Act, insolvency advice and the kind of insolvency-related services they will offer their clients.
Former accountants or not, IPs can have a lot of personal qualifications and awards for past services. Some may have been company directors, offered another debt management service, or even been through bankruptcy and insolvency.
It is important to check the credentials of each IP before working with them. You want personal reassurance that you are working with a formal insolvency expert, so feel free to request proof if you are worried about being misled.
Appointing an insolvency practitioner often happens when the monthly payments and debt become unmanageable, forcing the company to act in self-preservation.
However, you can request an IP earlier to get more value out of their help – their services are exceptionally useful in the early stages of distress, where even a small act could dramatically improve a company’s recovery chances.
An insolvency practitioner has no fixed cost. Most IPs base their fees on the amount of time spent on a job, the total value of the company, and the work they are doing.
IPs make their money by helping creditors secure debts. Since these debts may never be secured without their help, they are paid for this kind of work. The exact specifics of payment for their service vary heavily depending on who is involved.
Creditors would rather pay an expert to retrieve the money than ignore the debts altogether, even if it means that they receive less as a result.
It is not hard to find an IP in any part of the UK. While you might expect the most practical advice to come from a local UK IP, many can provide advice remotely or even operate their entire business digitally, giving you far more choice both within and outside of the UK itself.
A good insolvency practitioner can spend over ten years attempting to achieve that position and gain full qualifications. This makes many UK practitioners incredibly seasoned veterans of their field, making their advice very valuable.
Of course, this is not always the case. Some may achieve that role faster or slower, and their advice comes from their own experiences. This means there is no ideal set of IPs to hire – everybody who becomes a licensed practitioner has worked for years to reach that title.
The path to becoming an IP can involve spending years at chartered accountants, legal teams, financial support specialists or even business owners. Since there is no defined path to take actually to reach that position, some may technically work for decades before settling into the role.
When you are facing financial problems, trusting others with your decision-making skills may be challenging. We guarantee you will be supported by our professional licensed insolvency practice.
We can offer a huge range of advice, ranging from straightforward long-term financial advice to short-term emergency advice for business recovery, depending on your situation. Every business suffers different financial struggles, and you need a professional to guide you through the storm.
Every action we undertake for you will always be aimed at assisting you with recovery or stabilisation. If you need to know more about what we can do, contact us and talk to some of our specialists today to learn the finer details of our insolvency support options.
Personal debt can be very stressful. A huge percentage of UK citizens find themselves with little to no money in Bury.
They have built up debts on the following:
If you would like to receive even more information on insolvency services Greater Manchester, make sure you get in touch with us today!
Check out this video from Best Companies on Debt Help Solutions:
There are many debt solutions available in Bury including:
An individual voluntary arrangement (IVA) is an agreement between you and your creditors to assist you in repaying your debts at an affordable and stress-free rate.
An individual voluntary arrangement is set up and managed by Insolvency Practitioners (IP).
It’s crucial to choose the best IVA company that suits your needs. An insolvency practice that is classed as the best IVA company, will talk to you on the phone to run you through a full disposable income check to see what you can afford for your monthly payments.
You’ll need to get an IVA proposal to make sure the monthly payments are affordable and the right option to suit your credit file.
A DMP company is a business that helps you manage your debts into one monthly affordable payment.
Check out our video explaining what a DMP is and fully explains whether you qualify for a debt management plan:
As the video explains a debt management plan does not suit all UK citizens so it is important to take the debt assessment quiz to see your current circumstances.
The best DMP companies will check if it is the right option for your situation and that you can afford the monthly repayments to the debt management plan provider.
A Debt Relief Order is also known as a DRO.
A debt relief order (DRO) is a way to have your debts written off if you have a relatively low level of debt and have few assets.
When looking for a Debt Relief company you need to choose reputable licensed insolvency practitioners.
The best Debt Relief company November 2024 is there to assist you with Debt Relief support in Bury.
A trust deed is an agreement between you and the people you owe money to (your creditors).
You accept to pay a regular amount of money towards your debts and at the end of a fixed time, all of your debts will be written off.
Check out our video explaining what is a Trust Deed and fully explains whether you qualify for a Trust Deed plan:
As the video explains a Trust Deed does not suit all Scottish citizens so it is important to take the debt assessment quiz to see your current circumstances.
It is always advised to take out a trust deed plan with a registered provider where you can check the reviews of the best trust deed companies.
At Top Insolvency Firms, we can assist you with the best options available. Make sure you contact us today for a number of great insolvency services in Bury.
We can offer easy, helpful and confidential services to businesses going through financial problems or contractors wishing to close their limited company in a tax-efficient way.
Here are some services a licensed insolvency practitioner in Bury can carry out for business debts:
A CVA is a legally binding agreement with your company’s creditors to enable a segment of its debts to be repaid over time.
75% of the creditors who voted needed to support the proposal.
A Company Voluntary Arrangement (CVA) provides a way for companies in distress to pay off their debts over a fixed period of time and offers the opportunity to address issues surrounding management and operational systems that were not working.
A Creditors’ Voluntary Liquidation (CVL) is a formal insolvency procedure which involves the directors of an insolvent company voluntarily choosing to bring their business to an end, and wind the company up.
Although the process is voluntary, it often follows the cumulation of many months of financial distress when the possibility of a successful turnaround has been extinguished.
Business Recovery Plans are the plans used following an incident that affects their ability to operate normally.
During this, we understand it can be very stressful, and we are here to help with insolvency in Bury.
Insolvency means you can’t pay back your debts at the time they’re due.
There are several debt solutions available if you are insolvent. These are legally binding, giving you protection from your creditors and writing off some or all of your debts to keep your business afloat.
One of your final resort is bankruptcy, which is an option if you have no realistic chance of paying off your outstanding debts.
Once you are declared bankrupt, most of your unsecured debts will be written off. However, there are negative implications attached to being declared bankrupt.
For example, your credit score will be detrimentally impacted and your assets might be seized, including property and vehicles.
Speak with one of our trusted advisors in Bury today to learn more about insolvency services.
Make sure you contact us today for a number of great insolvency services in North West.
Here are some towns we cover near Bury.
Radcliffe, Whitefield, Heywood, Ramsbottom, FarnworthWe absolutely love the service provided. Their approach is really friendly but professional. We went out to five different companies and found Top Insolvency Firms to be value for money and their service was by far the best. Thank you for your really awesome work, we will definitely be returning!
Charles MurphyWe have used Top Insolvency Firms for many years as they are certainly the best in the UK. The attention to detail and professional setup is what makes this company our go-to company for all our work. I highly recommend the team for the immense work - we highly recommend them!
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