Answers to Questions Frequently Asked About Our Service
Q. What is the definition of insolvency?
A. An Individual or a Company that is unable to meet payment obligations to creditors when they fall due – It is illegal for a Company to continue to obtain credit whilst insolvent.
Q. Why should I/we meet with you? I am/we are struggling but we have assets.
A. If this is the case then you are vulnerable to a hostile creditor. Statutory demands, County Court Judgments, bankruptcy petitions, assignments and bailiff actions to possess personal goods can all be instigated / initiated by the actions of a single hostile creditor. You can even lose your personal share of the equity in the family home
Q. We are a Limited Company, We are technically insolvent, am I (personally) safe?
A. No, if a creditor presents a Winding up Petition and the Official Receiver is appointed, the directors of the company could be held personally responsible. If it can be proved that credit was obtained whilst current debts could not be paid, the Official Receiver can go back 3 years to establish and report culpability of the individual(s) responsible and , demand payment from the Directors.
Q. I am a private individual/Sole Trader with debts. Can you still help?
A. Yes, an arrangement is available whereby you can include personal liabilities like credit cards, unsecured loans and even existing County Court Judgements. Beware of Creditors attempting to convert Judgements into Charging Orders against property.
Should the Official Receivers Office become involved with Bankruptcy or Liquidation, The Secretary of State fees are 17% of any raised equity.
Q. Given time, we believe that I/we can trade out of this situation. Is this possible?
A. Yes, using recent government legislation, we would be able to assist you by stopping all requests/demands for payment from your existing creditors and applying for an Interim Order or Moratorium. Your creditors would prefer for you not to know this. We then prepare an arrangement for you to pay all your creditors a percentage of the monies owed over a period of 3 to 5 years, interest free. The arrangement is approved by the courts, you continue to trade , without any outside interference.
Q. I am/we are receiving threats of legal action and/or possession orders how fast can you help?
A. On receipt of your instructions , we will begin compiling a statement of affairs on your behalf; we will immediately begin to halt the pressure you may be getting from your creditors, debt collectors or bailiffs.
Q. This all sounds too good to be true. How much is this service going to cost?
A. An initial one hour consultation will be free of charge. This is our investment to establish how and if we can help you. Should you wish to take advantage of our service, fees are fixed . We will explain how at the initial consultation. No decisions have to be made on the day.
Q. When is the best time to take advantage of this legislation?
A. As soon as you realise that you may be insolvent, using the definition set out in answer to the first question , and of course on receiving threats of litigation.
Q. What happens if I do nothing?
A. If you wait and resort to bankruptcy / liquidation, you may not be able find a bank that will offer you overdraft facilities or even an account. There will be limitations on your line of credit and there will be restrictions on how you can manage your affairs.
ACTION LINE………0161 447 8838……I W JAMIESON & C0.
Senior Consultant…….07855 422814……..Ian Jamieson.