Consulting an Insolvency Practitioner, commonly known as an IP, can be a far more positive and valuable experience than any business owner would imagine.
From simple restructures to selling off bad debts, an early consultation with experts can be the key turnaround your business needs.
If you’re not sure where to start, here are some of the team’s top tips.
Start Your Search Early
Often, it is time to consult an insolvency practitioner much earlier than you think. Some early warning signs could include:
- Staff members leaving
- Problems with contractors
- Losing customers.
“The earlier you seek advice with insolvency, the better the outcome will be,” says Jonathan.
“A construction director came to see us and said he wished he’d done it years before,” adds James. “He’d invested £300,000 into the business and said even his accountant didn’t give him the advice we did.”
Know What to Search For
“The commonest approach is for people to type things like ‘help with business’ into Google,” says James.
“People would sooner ask a friend or try to find tips on the internet than contact a professional to help them”
“Most people are just looking for advice, which is part of the service we offer.”
“It’s better to look for an insolvency practitioner directly and then get the advice straight from the source.”
Director Nick says it’s important to speak to at least two IPs before taking the next steps.
“Like any business, there can be a few cowboys out there. Some people are simply business advisors who are there to to pass you on to an IP, looking for a quick fee.”
“Make sure the insolvency practitioner is licensed by one of the recognised professional bodies. This should be clearly visible on the IP’s website .”
James suggests that it’s best to choose a local firm.
“Try to arrange a face to face meeting. This will give you a better impression of the team you’re dealing with, and will make follow-ups much easier.”
“Consult a local firm and don’t be afraid to be upfront about the situation.”
Always Choose a Licensed Practitioner
This is the number one consideration for any business owner.
“There are many business advisors who cannot and will not do what we do,” says Nick.
“It is important to avoid unregulated advisors so, when searching for your IP, always look for mentions of the JIEB qualifications and regulators, such as the ICAEW”
The team at NTF Corporate Solutions has a vast portfolio of case studies with positive outcomes. To discover how they can successfully turn around your business, please call 01625 540744 or visit ntfcorporatesolutions.co.uk.
For an accompanying read, please visit NTF Financial Solutions Reveals 5 Overlooked Business Warning Signs.