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06-Apr-2020 23:43

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With credit cards maxed out, there will have only been so many times that siblings and parents could accommodate for that extra loan.

So now, emotionally drained and tired through lack of sleep and very often in the process of separation or divorce, the director may finally seek some business debt advice.

In very simple terms, once you engage an insolvency practitioner the very people you are pouring your heart out to may well be using the information to pursue you personally, later, when your business enters liquidation.

There are some things that all directors should know before appointing the liquidator. Once the insolvency practitioner is engaged as a liquidator for your company they act in the best interests of the creditors and therefore cannot advise or help you with personal areas that need addressing, due to a clear conflict of interests.

The liquidation engagement paperwork itself will tell you to seek your own legal advice when it comes to potential personal liabilities falling out of company liquidation. I am not in any way being critical of insolvency practitioners as they are merely doing the job that they are assigned to do.

We work with some of the best insolvency practitioners in the UK every day of the week and in their defence they will argue that where a personal guarantee is in place, for example, as a liquidator they must act with due care.

When your business is in dire trouble, you meet with the insolvency practitioner.

However, beware of making that initial call too early because not everything is always as it seems; keep the phrase caveat emptor (buyers beware) in the back of your mind.

Typically, a company director will have gone through many months of stressful negotiations with HMRC for taxes owed and the bank to try and raise additional funding.As a business owner, calling in the insolvency practitioner yourself is similar to inviting the tiger around for tea.