Do you need to stop a debt situation getting worse & put your company to bed?View Service
Do you need protection from creditors and some breathing space to devise a strategy?View Service
Is your business encumbered with debt but still viable with some careful management?View Service
Are you looking for an affordable way to repay your debts to HMRC?View Service
Received a Winding up Petition or think ones on its way? The time for action is now.View Service
Do you often wonder what restructuring options are available for you as a sole trader?View Service
Wilson Field is a Sheffield based insolvency firm operating nationwide from a regional network of offices. Our core business revolves around using its many years of combined business recovery and turnaround experience, in order to offer help and advice to the directors of struggling businesses. We take pride in the services on offer to our clients, enabling directors, sole traders and partnerships alike to tackle their financial difficulties in a head-on, proactive fashion.
Sometimes a director or business owner can be too close to a problem to see it objectively. So, if the business encounters financial difficulty – perhaps caused by a drop in sales or a bad debt having a negative effect on cash flow – it’s not always obvious that the company needs urgent help. In such instances, failing to quickly take action can often result in the position of the business deteriorating beyond repair.
Many directors attempt to salvage the situation by injecting personal money into the business. If the underlying cause has not been identified and tackled this is simply “throwing good money after bad”. Not only will it make little difference to the ailing company it could also have negative consequences on the director’s personal finances.
Wilson Field employs staff with a wealth of experience and can take an objective view of the business, identify its problems and help formulate a survival strategy for the business. Being licensed insolvency practitioners means that in addition to providing market leading advice and guidance, We can be appointed to implement or oversee a range of insolvency proceedings. For instance, if a business has become encumbered with debts but could afford to make repayments to creditors with some careful management, Wilson Field could be appointed to oversee a Company Voluntary Arrangement (CVA) or arrange a Time to Pay Arrangement (TTP) with the tax authorities. If however a company is burdened with debt and directors simply wish to close down in order to pursue other opportunities, we are fully qualified to liquidate the company. Our insolvency practitioners are regulated and licensed to provide corporate and personal insolvency services by The Institute of Chartered Accountants in England and Wales (ICAEW) http://www.icaew.com
If a company has found itself in a position of insolvency and wants protection from creditor pressure whilst a strategy is formulated, then please visit the Company Administration section in order to see how we can protect your company and in some cases save the business through an administration or pre-pack administration.
Wilson Field does not only deal with insolvent companies. Many directors who wish to withdraw their investment from a limited company or perhaps wish to retire can take advantage of Entrepreneur’s relief by the process of a solvent liquidation. A Members Voluntary Liquidation (MVL) is a tax-efficient means of divesting capital in the business and is taxed at 10% instead of the usual Capital Gains Tax rate. The procedure is similar to liquidating an insolvent company and can only be undertaken by a licenced insolvency practitioner.
Whatever situation you or your company finds itself in, rest assured that Wilson Field will have encountered it before and will be best placed to offer a solution specifically tailored to the circumstances at hand. To get some free advice or discuss how we might be able to help your business, get in touch today.