Company insolvency

If your company cannot pay its debts you are likely to find yourself in a frightening and confusing place.  This page gives an overview of corporate insolvency (also known as corporate recovery) and explains how we can help you through it.

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What is company insolvency?

Put simply, company insolvency is when a company has net liabilities, when it has reached the point of no return or cannot pay debts when they fall due. As soon as this happens, directors of the business should take advice from a licensed insolvency practitioner.

Taking early advice is key as this financial distress will impact on how the business should be run. It is sometimes possible to trade out of the situation if advice is sought early enough. There are some strict penalties for ‘getting it wrong’ that we can help you avoid.

Clear action plan

If you are a director in this uncomfortable situation you may feel very alone, but we operate in this area the whole time and meet people facing the possibility of company insolvency every day. We promise to help relieve the pressure you’re feeling, find the best way forward and give you a clear plan of action.

Experience

We deal with more small/medium enterprises (SME) and family businesses in the Southeast of England than any other firm and so have a deep appreciation of the issues facing owner managers and how best to navigate these. Contact one of our insolvency practitioners on or view our Brief Guide to Insolvency

How can we help?

Our experts are able to help you maintain business’s critical cashflow functions – by sitting alongside you in negotiations with suppliers, HMRC and banks and even providing interim management solutions.

Experience

It is important to be aware that directors of an insolvent company have a legal duty to act in the best interests of creditors and need to be careful to avoid wrongful trading (and personal liability!) or other misconduct which could lead to disqualification. This may sound worrying, but we can quickly assess your situation and provide you with the guidance you’ll need. 

Our initial meeting with you is free and in complete confidence.   We encourage you to get in touch to discuss the next steps.

Hayley Watson

Director

Norwich office contact details:

Cambridge office contact details:

Hayley started her career working at McTear Williams & Wood Limited in 2005 and is a Licensed Insolvency Practitioner advising companies and individuals experiencing financial difficulties.

Hayley acts as an Insolvency Practitioner in all forms of corporate insolvency including creditors’ voluntary liquidation, compulsory liquidations, solvent members’ liquidations and company voluntary arrangements as well as advising individuals and acts as an insolvency practitioner in individual voluntary arrangements and bankruptcies.

Works with a variety of stakeholders to establish and implement the best strategy for individuals and companies experiencing financial difficulties.

  • Qualified as a Licensed Insolvency Practitioner in 2019 and a Director in March 2024.
  • Member and current Chair of the R3 Eastern Region.
  • Has over 19 years’ experience in insolvency.
  • Gained Certificate of Proficiency in Insolvency in 2010.

Insolvency pitfalls

If the company is insolvent (net liabilities on balance sheet or unable to pay its debts as they fall due) then insolvency law requires the directors to work in the best interests of creditors. In addition there is a host of director duties set out in The Companies Act(s) and The Insolvency Service provide further information in their Director information hub.    We can help directors navigate through these and avoid personal liability and other sanctions including:
  • Misconduct and possible disqualification
  • Wrongful trading
  • Avoid criminal sanctions such as trading with a similar name
  • Avoiding/minimising personal guarantees
  • Manage potential conflicts of interest
  • Breach of duty/misfeasance
Don’t fall into the insolvency trap, let us navigate your way as your trusted adviser.  Contact us today and speak with one of our experienced insolvency professionals for tailored advice.

Director disqualification and misconduct

Are you worried about insolvency fraud and director disqualification, if so get advice on how to avoid disqualification whilst ensuring your actions remain lawful if your company is facing insolvency

More info ->

Bounce Back Loan support

Is your business struggling to make repayments on a Bounce Back Loan (‘BBL’) that was taken out during the height of the Covid-19 pandemic? We can help you understand what options might be available to ease the strain. Speak to one of our experts and arrange a free initial consultation meeting.

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Struggling with PAYE?

Is your business struggling with your PAYE bill? We ease the pressure of repayments – talk to an expert advisor for the best course of action.

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Struggling with VAT?

Is your business struggling with VAT? We ease the pressure of repayments – talk to an expert advisor for the best course of action.

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LPA or fixed charge receivership

McTear Williams & Wood can act as an LPA Receiver under the fairly limited powers granted under the Law of Property Act.

More info ->

Our 5-step insolvency rescue plan

Avoid insolvency by recognising and identifying the early warning signs.

More info ->

Book a free initial business review

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Business resources you can count on

Directors' guide

Business rescue & insolvency specialists
What you need to know
A brief guide to insolvency
View more
Take a look at all our business resources and guides here
"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."
Gordon DeanSenior Partner of Gordon Dean Solicitors Ltd
"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."
Architectural company
"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."
Company Director
"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."
Corporate Finance Accountant
"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."
Insolvency Advice forAccountancy Firm Partner
"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."
Barry GodfreyManaging Director, Godfrey DIY Supermarkets
"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."
Managing Director, National Retailer
"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."
Finance Director, Joinery Company
"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."
IVA Standing Committee Member
"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."
CEO, Manufacturing Business
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