About The Insolvency Advisory Service

Video Presentations about IAS

We have produced a couple of videos to explain what you can expect when you work with the team at ias

About Insolvency

There are several insolvency routes that can be taken either by you as an Officer of a Company or as an individual or by one of your creditors.

The Insolvency Service provides a detailed website that attempts to answer the majority of basic questions whilst also providing a simple understanding of those routes.
www.insolvency.gov.uk

As with any complex area of law, a thorough understanding is vital - fortunately we have gained a tremendous amount of experience having worked in this difficult arena for 26 years. By appointing us at ias, you are able to draw upon that wealth of experience to your advantage.

We are licensed and regulated by the Office of Fair Trading.
www.oft.gov.uk

Key Points

• It is important that you maintain control throughout your insolvency, rather than one of your creditors, and provide a clear route forward in order to gain the support and trust of your creditors.
• Talking to your creditors is also very important; they have invested in you, they have trusted you - it may be scary and embarrassing. However, you will need their support in the future even when taking routes such as Bankruptcy or Liquidation. It is far better to provide your creditors with a good understanding that you have done all that you can to protect them. An angry creditor, if not managed correctly, can make things considerably more difficult for you even if you are in bankruptcy or liquidation.
• Third party influence is important. If you employ a professional to talk to and negotiate with your creditors it demonstrates that you are taking things seriously, you are acting fast and want to resolve these difficult times as quickly as possible, with their support. Even if you shut down, restart, and your creditors see nothing - you would have demonstrated that you took the professional approach.
• You must have a professional working for you in your interests. A liquidator, receiver, trustee, supervisor cannot work for you if acting for your creditors - don't be fooled by him. If you have been introduced to someone who is about to be the liquidator of your company or your supervisor in an arrangement and he states he will look after you, protect you - ask him to put it in writing! There are many, albeit not as many as there used to be, unscrupulous Insolvency Practitioners who will do almost anything to trick and fool you to part with your money. Their duty by law is to protect your creditors, NOT YOU, if they are acting as a liquidator. We are licensed, have been around longer than most and our duty is always to you. Ask any of our past clients - see how we have protected them.
• You may owe the Inland Revenue or VAT (HMRC). Nowadays they are unsecured creditors, no longer are they treated with preference. Notwithstanding this you must afford them the same care and respect that you would other creditors. In their eyes they have trusted you with the collection of their money. Openness and honesty is a crucial point when dealing with any creditor, in particular the Crown.
• Speed, control, experience and planning are the main key elements to a successful turnaround.

The Insolvency Advisory Service LLP

Twenty years of successfully protecting British business - use this experience and success to turn your business around.

Unlike a receiver, administrator or liquidator - whose duty is to your creditors - by law, our duty is to protect you - the Company Officer or shareholder.

• Insolvency Law advice and guidance
• Company Law and guidance
• Debenture restructuring
• Restructuring
• Refinancing
• Emergency finance
• Factoring
• Invoice discounting
• Cross Border Law
• Bailiff and Court Officer removal
• Company re-instatement
• Stock financing
• Acquisition