Do you need to stop a debt situation getting worse & put your company to bed?View Service
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Received a Winding up Petition or think ones on its way? The time for action is now.View Service
Do you often wonder what restructuring options are available for you as a sole trader?View Service
Wilson Field is a Sheffield based insolvency firm operating nationwide from a regional network of offices. Our core business revolves around many years of combined business recovery and turnaround experience. This ensures we offer impartial help and advice to the directors of struggling businesses. We take pride in the services on offer to our clients. They enable directors, sole traders and partnerships alike to tackle their financial difficulties in a head-on, proactive fashion.
Sometimes a director or business owner can be too close to a problem to see it objectively. Therefore, if the business encounters financial difficulty – perhaps due to a drop in sales or bad debt having a negative effect on cash flow – it’s not always obvious the company needs urgent help. In such instances, failing to quickly take action can often result in the position of the business deteriorating beyond repair.
Many directors attempt to salvage the situation by injecting personal money into the business. Without identifying and tacking the underlying cause, this is simply “throwing good money after bad”. This will make little difference to the ailing company. Also, it could have negative consequences on the director’s personal finances.
Wilson Field employs staff with a wealth of experience and take an objective view of the business.
We will identify its problems and help formulate a survival strategy for the business. Through our appointment of licensed insolvency practitioners, we will oversee and implement a range of insolvency proceedings as well as provide market leading advice and guidance. For instance, a company may become encumbered with debts but can afford to make repayments to creditors with careful management. In this case, you can appoint Wilson Field to oversee a Company Voluntary Arrangement (CVA) or arrange a Time to Pay Arrangement (TTP) with the tax authorities. However, if a company is burdened with debt and directors wish to close down to pursue other opportunities, we are fully qualified to liquidate the company.
All our insolvency practitioners are regulated and licensed to provide corporate and personal insolvency services by The Institute of Chartered Accountants in England and Wales (ICAEW) http://www.icaew.com
Does your company find itself in a position of insolvency and wanting protection from creditor pressure? Then please visit the Company Administration section to see how we can protect and formulate a strategy for your company. In some cases, we may be able to save the business through an administration or pre-pack administration.
Wilson Field does not only deal with insolvent companies.
Many directors who wish to withdraw their investment from a limited company or to retire may take advantage of Entrepreneur’s Relief by solvent liquidation. A Members Voluntary Liquidation (MVL) is a tax-efficient means of divesting capital in the business. This is taxed at 10% instead of the usual Capital Gains Tax rate. The procedure is similar to liquidation of an insolvent company and only a licenced insolvency practitioner can undertake this.
Whatever situation you or your company is currently in, rest assured that Wilson Field will have encountered it before. We are in the best place to offer a solution tailor-made specifically to the circumstances at hand. To get some free advice or discuss how we might be able to help your business, get in touch today.