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If you’re a UK director with a business that has been struggling for some time, then this blog is for you. If you’re considering liquidation, we’re going to answer the question: who can you trust when it comes to insolvency?

You’ll likely start your research online, either on search engines or on social media. After researching, you’re sure to start receiving lots of advertisements for insolvency, and they may even start contacting you too.

For many business owners, it’s not about when you’re going into liquidation; it’s about who you are choosing to help you achieve it. If you’re choosing the voluntary route, you need a licensed insolvency practitioner. You might think, ‘They’ll all be licensed and all offer the same service’, but that’s actually not the case.

All insolvency practitioners operate their businesses differently. Some may only deal with really big jobs, whereas others may only take on smaller jobs. There are also many great insolvency practitioners who will really help you, but there are some who won’t be as helpful and may not be honest with you.

Who can you trust in insolvency?

Entering liquidation is a big decision and one that can cause you to feel quite stressed. When dealing with this, it’s important to go into it as you would with any other big decision. Here are some tips.

Get more than one piece of advice

You don’t need to rush into a decision with the first person you speak to. You should feel free to speak to lots of people and get lots of advice. Listen to your gut because it will tell you a lot. Before acting on your gut instinct, verify your thoughts with things like customer reviews.

Check customer reviews

Always check reviews, as you’ll often find in this industry that there are actually only a few of us who have got really positive reviews. If you find an insolvency practitioner with no reviews, it may be a cause for concern.

Ensure they are answering your questions

We’ve done many videos on this on our YouTube channel. You need to consider whether the insolvency practitioner is telling you everything that you need to know. If you don’t know the kinds of questions you should ask, check out some of our videos.

You might also find it useful to read our blog on the signs you need to find a new insolvency practitioner.

This is a decision that you need to take seriously. Don’t go into it thinking that they’re all going to do the same job because they’re really not. Make sure you speak to lots of people and get a good feeling for who you choose. Check their reviews and insist that they provide you with a proposal in writing. From there, you should be able to make a decision on who is best for your business.

We hope you’ve found this blog useful on who to trust in insolvency. Please feel free to contact us if you have any questions – we’re more than happy to help.

Author Bio

I'm Chris Worden, Managing Director at Director First. With over 7 years of experience, I help UK directors navigate the complex world of UK corporate insolvency. We offer free and independent advice to UK directors and advise them about what options may be available to them if their limited company starts to struggle.

I am passionate about helping other directors overcome their business challenges and get back on their feet, as I was once in the same position as them. I had a business that became insolvent, and the advice out there was confusing and overwhelming. I am here to provide honest and valuable advice to UK directors.

I am proud to say that we are one of the only 5-star corporate insolvency companies on Trustpilot with hundreds of 5-star reviews, and we publish videos weekly on our YouTube channel. Our channel is designed to educate UK directors about insolvency and debt advice.

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