John A Waller
Reviewed September 3rd,2021.
First meeting with a Licensed Insolvency Practitioner?
The first meeting with a licensed insolvency practitioner can seem daunting and even scary. Many directors process a diversity of feelings considering your next move.
I am considering meeting an insolvency practitioner. However, I am uncertain!
Acceptance to First meeting with a licensed insolvency practitioner
Acceptance of the end of the business you worked industriously building up is painful. Embracing the obligation to assume control of the situation brings matters to an orderly conclusion. Once actioned, then a clear path forward from here, with no more uncertainty or doubt about what will happen to the business.
Many questions cause me anguish. However, I have decided to meet with a licensed Insolvency Practitioner to move on.
Once you have approached the team at HBG Advisory and had a conversation to establish your request to outline why it is needed, we will appoint an initial company advice meeting, usually online, via a video link for safety and confidentiality. This meeting is free, without any commitment by either party, and is mutually convenient.
It can even be the same day as your initial request for an online meeting, or we can meet face-to-face at a mutually convenient time and place to suit you, subject to lockdown rulings. At this meeting, it is a condition that the meeting has a director of the company present to explain the situation along with their invitation—identified guests.
After this, we can give you an initial outline of the various options available to you, and provide you with what information is required for your next meeting.
The next meeting involves a more formal approach, approx seven days after our first meeting. At this meeting, we shall:
- Review all the information you provided;
- Provide our professional opinion on options available to your business on your business structure;
- Examine further information you may provide in detail before moving further on.
The Free Follow-up Meeting
Your next meeting involves a face-to-face free meeting. (Subject to legislation over the pandemic) Failing which by a virtual meeting. We will generally require further detail on the information previously provided on your limited company, including:
- Your company’s current position;
- Any legal, contractual or financial obligations;
- Finally, any other non- disclosed information; we need to assess the situation entirely.
Licensed insolvency practitioners remain required to confirm all the company’s identity and shareholders, and whether they have approved to liquidate the company. However, not as straightforward as it seems. Often company directors do not seek authority from shareholders or fellow directors when seeking advice of this nature. It is important not to do this, as it may cause issues later. Be careful.
Once completed, we must then remain required to confirm who you are and others who attend meetings legally for money laundering regulations. Required;
- a valid copy of your passport;
- A copy of a home utility bill dated within the past three months with your name on, like a gas bill;
- The Ip will also carry out an independent third-party verification check.
- Then we require an up to date set of company accounts. Provide a picture of the company’s current situation, and an updated list of creditors with details of the amounts owed.
- Provide details of personal guarantees, along with dates when given, and why you possibly secure funding or supplies for your limited company.
From the information you provide, the team at HBG Advisory may advise you to move forward.
What HBG Advisory will advise at the first meeting with a licensed insolvency practitioner
We will provide a precise quote for the services HBG provides, set out business terms for surety, and state what we do and don’t carry out, along with answering any questions you may have. An important letter to you, as it helps guide the liquidation process.
At this point, we will advise further on:
- Deal with assets of the company;
- Any contracts the company is working on;
- Commercial property leases;
- How to deal with any personal guarantees given.
Finally, whether the two parties are willing to do so? Then we will ask you to sign a standard letter of engagement, instructing us formally to act on your behalf. Then, once signed, we commence the procedure.
Please contact a team member of HBG Advisory as soon as possible and start taking control of your future and business.