Until now, the only option for many has been to wind-up their business or go through an expensive, intrusive, and stressful insolvency process.

However, a word of warning, the insolvency practitioner is not your friend. It is extremely likely that all the information you provide to them will be used by them to recover funds from you personally at a later date.

For example, you may have an overdrawn directors loan and this would be recovered by the insolvency practitioner.

Other issues with your insolvency practitioner

• They do not work for you once appointed
• Your insolvency practitioner will use all information disclosed to them (by you) to recover money
• They will recover any funds you have had from the company (Directors loans or any unexplained withdrawal)
• They have access to your company bank account so all transactions are visible to them, even if you don’t disclose them at the time
• Their legal responsibility is to the company (your old company not you)
• They must recover any funds they can (they are compelled to do this by law)
• They can make you bankrupt
• They could repossess your property (your home)
• They can put a charge on your property
• You could be disqualified as a director