Tel: 028 9032 9255
12, Brunswick Street
Franklin House
Belfast
BT2 7GE
You may not know how to begin to deal with overwhelming insolvency procedures. Consulting with a licensed insolvency practitioner can help you determine your options. Save money and protect your reputation by taking charge of your insolvency. Keep your creditors from getting control. Call Arthur Boyd & Company in Belfast and make an appointment with one of our insolvency practitioners today.
The presence of a licensed insolvency practitioner is required in any insolvency procedure. Not being able to pay your debts results in insolvency. A licensed insolvency practitioner is a specialised solicitor or accountant who can help you deal with the pitfalls of insolvency procedures. Insolvency procedures can involve liquidation, rehabilitation and restructuring. An insolvency practitioner can offer guidance throughout the insolvency process.
Insolvency can be declared based on balance sheet or cash flow insolvency. Balance sheet insolvencies can indicate long-term financial problems, but are also associated with young businesses. Many new ventures in Belfast rely on loans and credit to get off the ground. Cash flow insolvency, the inability to pay current debt obligations, is more serious. In tight credit markets, businesses may be forced to shut down before they can make up outlays.
Insolvency practitioners with an accounting background can help assess your situation and get your books back in order. You will find you may need their help with liquidation, administration and voluntary arrangements. Although many accountants are insolvency practitioners, it is important to find out first if they are licensed to help with insolvency procedures. An insolvency practitioner must be authorised by the Secretary of State for Trade and Industry or the IPA. You can be sure you're in good hands because authorised insolvency practitioners are subject to ongoing monitoring, an annual review of their authorisation and three-yearly inspections by the IPA focussed on professional standards, quality and value.
Early contact with an insolvency practitioner in Belfast can avoid the need for more serious action. Voluntary arrangements can protect the credit rating of businesses and individuals. Creditors will need to agree to an arrangement plan for it to be accepted. A negotiated arrangement plan can be put in place as long as there is a guaranteed repayment structure. Company voluntary arrangements can allow a company to continue to trade in Belfast until it regains its financial footing.