We will provide full market advice during the consultation process to ensure the client is fully aware of all options open to them (whether these solutions are provided “in house” or not).
Q: ARE YOU A COMPANY DIRECTOR?
James Rosa Associates Ltd are not Insolvency Practitioners (IPs). As such, we cannot provide certain solutions in-house such as:
Should one of these solutions be appropriate, we will work with one of our panel IPs (the client is always free to choose one of their own of course), to provide support in terms of gathering information and file preparation.
It is worth noting that, should an IP take an appointment to deal with a limited company, they become officers of the court, with a legal duty to act in the best interest of the limited company and its creditors. This means that sometimes they are unable to give best advice to the owners and directors personally, as this presents a conflict of interest.
Q: ARE YOU AN INSOLVENCY PRACTITIONER?
During the consultation process, we do provide general pre-appointment advice in respect of formal insolvency processes (such as those listed above). Clearly, we are not able to provide a solution in-house and as such need to refer this type of work to a licensed Insolvency Practitioner.
Our focus remains the owners and directors personally and can therefore ensure they are fairly represented in any company insolvency. Furthermore, we can assist the owners/directors with other issues that usually arise in these circumstances, like helping negotiate settlements on personal guarantee liabilities or overdrawn directors loan accounts.
As a result of all of this, we find we have a very symbiotic working relationship with the insolvency profession and add great value to the process.
Please see here for our blogs on insolvency.