What to prepare before meeting with an insolvency practitioner

Meeting with an insolvency practitioner can seem daunting and even scary. You may also be processing a range of emotions beforehand.

Acceptance that this is the end of the line for a business that you might have spent years working on. Seizing the responsibility to finally take control of the situation and bring matters to an orderly conclusion and understanding that there will be a clear path forward from here with no more uncertainty or doubt about what will happen to the business.


Do your homework! Guidance for meeting an insolvency practitioner

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Initial Meeting

 

After getting in touch with Business Rescue Expert and having a brief conversation with one of our team members to discuss your initial thoughts and give us your summary of your situation, we’ll schedule our initial company advice meeting. This conversation is entirely free and can be set up entirely at your convenience.

 

It can even be the very same day as your initial request, for an online meeting, or we can meet face to face at a convenient time and place to suit you. We require at least one of the company’s directors to be present to explain the financial situation in more detail and answer any queries we may have.

 

After this, we can give you an initial outline of the various options we believe are available to you and leave you with a list of further information that we need for our follow-up meeting.

 

The free, more formal follow-up meeting usually happens between one and 14 working days after the initial meeting. The purpose is to review all the information you’ve provided and give our considered opinion on what options are available to your business after examining your structure and supporting evidence in more detail, not just proceeding straight to insolvency and liquidation.

 

Follow-up Meeting

 

The face-to-face follow-up meeting we have follows our initial consultation. Although still free, we’ll require more detail about your company, its current position, its obligations and any other information we require to fully assess the situation.

 

The first thing we need to establish is the identity of all the directors and shareholders of the company and whether they are all in agreement with the chosen course of action. This is not as straightforward as it sounds. Sometimes a director may jump-the-gun and seek our services before securing unanimity from the board which could cause issues further along the line.

 

Once this has been completed and we can establish it to our satisfaction, we will require documents that prove the legal identification of the attendees.

 

The next requirements are a set of recent company accounts to give us as complete a picture as possible of the company’s current circumstances and a full list of creditors and amounts owed. As much information given here as possible is beneficial including the total debts owed, who to, when incurred, any personal guarantees given or other information about the circumstance of each liability to help us form a full picture of the situation so it will allow us to give the most pertinent information to you. The more information you provide to us, the better the service we can provide to you.

 

We will provide a fully itemised quote for our professional services and set out our terms of business for your review. This states clearly what we will and won’t be able to do and answer any questions you may have about the process, roles and requirements moving ahead.  

 

We discuss how to deal with any company assets, along with other specific matters for your company including leases, contracts and details of any personal guarantees.

 

From this point we will require you to instruct us to formally act on your behalf. Once our terms have been agreed and signed, we will be fully engaged and able to proceed.

 

You can read more about the rest of the process including creditors meetings here. Contact a member of the Business Rescue Expert team today and take the first steps in taking charge of your and your business’ destiny again.

Email us at ask@businessrescueexpert.co.uk or use our contact form here.

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