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Business rescue & insolvency FAQs

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Business rescue and insolvency can take many forms for businesses – whether its liquidation, administration, winding up petitions or advice for negotiating with creditors – we can help.

As licensed insolvency practitioners we have helped hundreds of distressed businesses steer a path through their financial problems and as such are well placed to help you whatever your situation.

Understanding what insolvency means for your business can be daunting and we appreciate that you will have a lot of questions and concerns. That is where our Frequently Asked Questions (FAQs) can help.

"Unfortunately, Gordon Dean Solicitors LLP got into debt in the 2020 pandemic, mostly with HMRC but recovered strongly making good profits but this was not enough to recover fully and having sought and failed to achieve further refinancing I visited insolvency practitioners McTear Williams & Wood who were very professional and arranged a liquidation on 1 April 2022. Gordon Dean Solicitors Ltd bought the assets of the firm and started trading from new offices. HMRC will get paid by the liquidators over the next few years."

"Bethan and Tony acted not only with kindness and humanity, but professionalism! Also thanks to Chloe and Jamie for helping my staff so efficiently. We are not out of the woods, but grateful that you gave us another chance to start again by buying the business and assets back from the liquidator."

"We approached MWW at a very difficult stage - needing to complete an administration process quickly. It was an incredibly stressful time for us in general and Jo, Tony, Bethan and the team at MWW were a real pleasure to work with. They quickly jumped in to support us, gave us really clear and concise advice and helped mobilise the process really quickly to deliver a positive outcome via a pre-pack administration. We couldn't be more grateful for the support we received and I would have no hesitation in recommending MWW."

"We have worked with McTear Williams & Wood in a number of turnaround situations. We rank their integrity and professionalism highly and really value their active desire to make businesses succeed wherever possible. Their attitude in working with other professional advisors to achieve this end is highly commendable."

"I am always impressed with the speed with which McTear Williams & Wood respond to a crisis (and with insolvency matters, it usually is a crisis). Our clients have received invaluable, practical, down-to-earth advice which has helped to steer them towards the right solutions to their problems. I am confident to recommend McTear Williams & Wood to our clients in any insolvency situation."

"It was a tough decision to make but it had to be faced, I made the call and McTear Williams & Wood were very, very helpful the whole time. They helped us to explore all the possibilities to find any way forward and they helped us identify that liquidation was the best option for the business. Certainly McTear Williams & Wood made the process quite straight forward for us there was lots of help and lots of contact with them throughout the whole process."

"Having traded successfully for over 20 years until recently it was devastating when we realised that our company would have to go into administration. But as we began to work with the team at McTear Williams & Wood believe it or not we wished we had been introduced to them at least six months sooner. That would have avoided months of heartache and the business would have been in a stronger position. As it was McTear Williams & Wood guided us through a pre-pack which saved the profitable stores and the restructured business is now growing again."

"After meeting with Andrew McTear we both felt we had met someone who we could put our trust in and who would leave no stones unturned to help us rescue our business. We had been given two insolvency practitioner names and the other firm just wanted to put the company into administration. As things turned out that would have left any purchaser of the business and assets with significant employee liabilities which would have killed the deal and all the jobs would have been lost."

"I am aware of the sterling work carried out by this committee and of your role on it. I would like to take this opportunity to thank you for your valued contribution over the last two or so years. Your endeavours have made a significant contribution to the success of the committee in setting up and reviewing the Straightforward Consumer IVA Protocol and I and my Policy colleagues are grateful for the considerable time you have spent in this role."

"McTear Williams & Wood were called in to help our company when it went into Administration. They took early decisive action to reduce costs, maintain the loyalty of customers and key staff and find a viable way forward for our company. They conducted themselves at all times with the utmost professionalism, integrity and objectivity. I found them approachable, well-connected, responsive and always value-adding. McTear Williams & Wood have been instrumental in turning around the company's fortunes."

Business rescue & insolvency FAQs

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