Directors Insolvency Services London

 

 

 

Directors Insolvency Services London

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Directors Insolvency Services London

Thinking of a Directors Insolvency? What Are The Options?

 

A Directors' Insolvency, and its aftermath, can be painful without the help of an expert professional.

Directors’ Insolvency can be a problem especially after a company enters an insolvency procedure, where the directors may have personally guaranteed the borrowing of the company in question.

The problem of such an nsolvency was envisaged back in 1986, when the Insolvency Act created the Individual Voluntary Arrangement, which was intended to help stave off bankruptcy, but to allow repayment of part of the debt to the creditor. It allowed the liabilities to be spread over 60 monthly payments.

Many company directors use the limited company shield as a valid device for protecting their own personal liability. However, it has become a common occurrence for lenders to require a director to offer up a personal guarantee or even a second charge on personal property to secure the borrowings of the company. This is all well and good when repayments are being made, and of course everybody expects their business to be an unqualified success, and so assumes the personal guarantee will never be called upon.Most PGs are limited to a value so at least the director will know the extent of his liability. When a business does become insolvent, any assets securing the debt are utilised to pay off the loan. Any amount not so discharged then falls upon the directors under their PG to clear, hence the prospect of a directors’ insolvency.We can help directors who are suffering as a result of entering into a Personal Guarantee, to protect themselves from bankruptcy. It may even be possible to negotiate with a lender to carry any debt across into a new venture, thereby obviating a need to discharge the PG immediately and postponing the directors’ insolvency indefinitely.It will be important for a director to avoid bankruptcy if the intention is to carry on business, as nobody is allowed to hold the office of director if bankrupt.

If you have a PG and require advice about directors' insolvency services in London, please contact us for an informal chat.

 

 

We specialise in the following:

business debt factoring London
invoice discounting London
business bankruptcy London
business finance services London
company bankruptcy services London
voluntary arrangement London
pre pack administration London

voluntary liquidation London
business liquidation services London
wrongful trading London
business insolvency London
business rescue London
business turnaround London
pre pack liquidation London

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