At Director Help, we have a network of experienced professsionals to help you navigate the process affecting you and your company. We can also arrange finance as part of the process to assist you.
Qualified, Experienced and a Duty to You
An experienced insolvency lawyer is the most important advisor you can have. Why? Because a lawyer is the only advisor that is qualified to deal with the many issues that you will face, and whose role is to act in your interests.
Only a lawyer can represent a company in a court for creditors statutory demand or wind up proceedings. Anybody else, even the sole director of a company, has to get specific permission.
Beware any advisor that tells you to appear in court for your company.
Not qualified, not experienced, no duty to you and not needed
Turnaround or pre-insolvency advisors are usually unqualified people that may have even have worked in insolvency firms, and might even think they are giving good advice, but are essentially sales people or brokers who refer directors to insolvency practioners appointments as administrator or small business restructure.
They often charge a large fee to do nothing more than refer the matter to someone else. They generally owe no obligation to the director.
Qualified, experienced, no duty to you - sometimes needed
Insolvency Practitioners are registered liquidators who may also act as voluntary adminstrators, and small business restructuring pracitioners.
Going to an Insolvency Practitioner direct, or without a lawyer, may sound like a way to save money, but once appointed by the director, an Insolvency Practitioner owes duties to the creditors and not to you as the director.
Qualified, duty to you, but not experienced in all issues
An experienced accountant plays an important role in ensuring the financials are up to date and lodgments made.
Many accountants say they have experience in dealing with wind ups and insolvency issues, however most of that experience is referring the client to an insolvency practitioner who actively market to accountants to get appointments as administrator or small business restructure.
Get finance from the right lender
Traditional Lenders (Banks) typically will not provide finance where there is a company subject to a wind up, or there is a tax debt.
Beware of Loan Sharks! Unfrtunately there are people that take advantage of directors in dificult circumstances and charge a large application fee and then do not deliver on the loan - we suspect they are not really lenders but in the business of taking application fees.
There are actual non traditional lenders that do deliver on loans to directors even when there is a winding up. You will need to find out if you are eligible - talk to us about your eligibility for a loan.
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