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The Alleged Stigma of Insolvency

Alleged Insolvency Stigma

 

We have seen a number of cases recently where directors have not sought early advice when their company has entered troubling times and potential recovery options have therefore become limited.

A common reason for this seems to be a feeling of failure on the part of company directors and a resultant desire to avoid seeing an Insolvency Practitioner.

Businesses can, of course, get into trouble for numerous reasons beyond the control of their directors – a significant bad debt and a devastating adverse change in market conditions are recent examples we have seen. In both examples, the directors can hardly be seen to have failed even though it may feel that way to them.

It’s prudent to talk

We would always encourage directors to seek our advice at the first sign of trouble. Seeing an IP at an early stage is not an admission of failure – it is an entirely prudent step when a company is facing difficulty and can often make rescuing the company more feasible.

There is no judgment here – our door is always open and the kettle is always on (so to speak!) – and indeed initial consultations are free and without obligation – directors have absolutely nothing to lose and possibly much to gain by having a chat with us.

David Perkins

Here when you need us

We know your financial worries won’t switch off at 5pm – so neither do we.
Our team is always available by email and telephone in the evenings and at weekends,
and we can also arrange meetings out of hours if required.

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EC2M 2QS

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PO3 5EJ

Kent

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TN1 1XP

Our offices are all based in central locations but we are also happy to visit you at home or at your business premises if you need us to.

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