Was talking to a friend of a friend last night and he has the feeling that his business is going to the wall (telecoms).

Any idea where he should look for advice on possible ways out of it? He's fairly sure that the business is going to die and wants the best way out of it for him and his partners and his mind insolvency and personal bankruptcy are the only real options left.

Any advice or pointers to websites / other info gratefully rec'd.

 

If it is looking like insolvency from a buisnes pojt of view, he should speak with an insolvency practitioner (sp?) - I think most large accountants would have one. He couls also speak with his bankers, who may have some suggestions.

There is also the Consumer Credit Counselling Service, which is an organisation, which gives advice and assistance in this area - but this would only be for Consumer Credit covered debt I think - so no Limited Company stuff. They're a charity so give free advice.

Also there is the Citizens Advice Bureau.

Thing to tell him is to speak to someone asap, and not to worry too much, he won't be the first or the last!

 

http://www.insolvency.gov.uk/

is also a good resource

 

Warn him that some insolvency practitioners are cowboys and will advise delaring bankruptcy even if it's not the best option, as then they are able to claim rip off fees for their work.

I'd suggest that talking to the accountant he uses would be the best way forward, as the accountant will already have some background knowledge of the business.

John.

 

http://www.insolvency.gov.uk/ , as already mentioned, is good.

Also try http://www.insolvencyhelpline.co.uk/