Insolvency can be a stressful and complicated process that requires professional assistance. But how do you ensure that you choose the right insolvency practitioner? The first step is recognising that an issue exists.
Difficulty in paying your bills on time is a sign of insolvency. The best thing you can do for your business is to take action as soon as possible in order to mitigate any damage. An insolvency practitioner is someone who can help you, but you must first find one that’s right for your business.
Once you’ve realised that your business is insolvent, you should speak with a professional as soon as you can. After making initial contact with a prospective insolvency practitioner, you should have an appointment either to see them in person or speak with them on the telephone within 24 hours. A good insolvency practitioner, such as one of the directors at BCR, will understand the urgency of your situation and reply forthwith.
The initial meeting with an insolvency practitioner at BCR will be free of charge, with no time limit on the duration of the meeting. If you decide to go further with an insolvency practitioner at BCR, any fee structure will be explained clearly and remain transparent at all times.
At BCR, a trustworthy professional will be willing to take the time to ensure that you are as informed as possible about the insolvency process and the fees associated with it.
Trust is Crucial
Not only should you ensure that the insolvency practitioner you speak with is the same person who will work with you throughout the process, but you should also ensure that they hold a valid insolvency licence. Check to see which authorising body has issued their licence. Here at BCR, the insolvency practitioners are licensed by the Institute of Chartered Accountants in England and Wales (ICAEW).
Along with trust, your practitioner should have no problem providing you with a list of references from their previous clients. You can also ask them for case examples from within your industry, as this will reveal specific expertise and help you to make an informed decision. BCR are always happy to provide any prospective clients with testimonials from previous insolvency clients.
The person you’re considering to help you with your insolvency matter should not only understand the process, but also be able to empathise with you. They need to understand what you as a business owner are going through, despite the many other situations they may have dealt with over the years.
At BCR, a true professional will understand that your situation is unique, and should be able to suggest options that are tailored to your circumstances. Your insolvency practitioner should also be able to clearly communicate to you the consequences of each potential action so that you can also gain a full understanding.
Investing the time to find the right insolvency practitioner for your business can greatly reduce the stress and frustration of the insolvency process. We understand that financial difficulties are not easy, but with the right professional support it is possible to achieve the best possible outcome for you, your business and your employees. BCR provide a professional insolvency support service rooted in practical experience within many industries. Please call us today to discuss your options with a sympathetic and professional advisor.