Insolvency Practitioners in Norwich
Welcome to Approved Recovery Norwich
We are a firm of licensed Insolvency Practitioners who specialise in providing small companies in Norwich with solvent and insolvent solutions.
Our team has over 17 years’ experience in the insolvency sector, working for local, national and international firms. Combined, we have been working with small companies for over 49 years, so we are confident we have the expertise you need.
Marcus Tout - Licensed Insolvency Practitioner Norwich
The insolvency, restructuring and turnaround profession is a vital part of the UK economy and Insolvency Practitioners provide an essential role in the UK’s insolvency sector. If your company is experiencing financial difficulties or you are thinking about winding-up a solvent company or partnership, you may be considering the appointment of our Insolvency Practitioner Marcus Tout.
Marcus has years of experience in helping small businesses with Member’s Voluntary Liquidations. He has a passion for delivering exceptional client service. He founded Approved Recovery, a firm of Insolvency Practitioners that is focused on providing MVLs to small and medium sized companies.
So what is an Insolvency Practitioner and what do they do?
An Insolvency Practitioner or IP is a person who is authorised and licensed in the United Kingdom to act in relation to an insolvent individual, partnership or company. An IP may also act for solvent companies and partnerships for the purpose of a Members’ Voluntary Liquidation (“MVL”) (solvent liquidation).
Only an IP can be appointed in formal insolvency and MVL cases.
An IP must have the following:
- An appointment taking licence;
- Joint Insolvency Examination Board qualification;
- Gained the requisite experience in insolvency work;
- Completed the required Continuous Professional Development hours;
- Satisfied a recognised professional body that they are fit and proper to act as an IP;
- A general insurance bond to protect members and creditors’ interests.
IPs are officers of the court and have a wide range of duties. IPs are responsible for the administration of their cases and work to get the best possible outcome for creditors and where appropriate shareholders.
Is a Liquidator an Insolvency Practitioner?
Only an IP is authorised to act as a Liquidator of a company.
The different roles an IP can hold are:
- Nominee and Supervisor of a Company Voluntary Arrangement;
- Trustee in Bankruptcy;
- Nominee and Supervisor of an Individual Voluntary Arrangement.
Who appoints an Insolvency Practitioner?
IPs can be appointed by directors, creditors, shareholders, court and the Secretary of State. The appointor varies across different types of insolvency cases.
IPs carry out their work in accordance with the relevant law and best practice and are monitored and regulated by their licensing body.
An IP’s work involves dealing with many competing interests, but fundamentally their main duty when dealing with an insolvent client is to look after the interests of creditors. When dealing with an MVL, that duty is to shareholders or members.
IP’s functions are set out in law and best practice. Generally these are to:
- Realise company assets for best value;
- Carry out a statutory investigation regarding the conduct of the directors and report to the Insolvency Service’s Director Disqualification Unit;
- Identify and recover antecedent transactions;
- Discharge the costs of the insolvency process;
- Agree creditor claims and distribute surplus funds in accordance with the statutory order of priority;
- Where creditor claims are settled in full together with interest, distribute remaining funds to shareholders or members;
- Report to creditors and/or shareholders within 2 months of each anniversary on the progress of the case;
- Report to creditors and/or shareholders when the case is ready to be closed.
Upon the IP performing his functions, the administration of the case is concluded.
Who pays an Insolvency Practitioner?
Generally, the fees and expenses of an IP are paid out of the company’s funds. In some cases, where there are insufficient funds, these costs are paid by a third party. In an insolvent case, the basis of the IP’s fees is agreed by creditors. In an MVL, the IP’s fees are agreed by shareholders.
An IP’s fees can be charged in the following ways:
- As a percentage of the value of the property that the IP has to deal with;
- Based on the amount of time the IPs and their staff spend working on the case;
- A fixed amount; or
- A combination of the above.
Whilst the IP’s work is a necessary cost of the process, these costs will reduce funds available to creditors and shareholders. The IP’s fees should therefore be fair and reasonable and take into account the nature and complexity of the case.
Our IP Services in Norwich:
Business Turnaround and Advisory Services
If your business is experiencing financial difficulties, obtaining advice from a licensed Insolvency Practitioner at the earliest stage is essential if you wish to give your business the best chance of being rescued.
In a turnaround situation, directors’ duties shift from all stakeholders to creditors. Directors need to be aware of company and insolvency legislation and how these laws impact on both the company and them personally. Obtaining expert advice from a licensed Insolvency Practitioner is therefore strongly recommended.
Our expert team of licensed Insolvency Practitioners and Chartered Accountants will consider all options available and help you determine the best way forward. We will support management allowing them to focus on the day-to-day running of the business and help manage any problematic stakeholder and creditor relationships.
The main aim of business turnaround is to quickly remove the risk of the company going into a formal insolvency process and restore the company to normal business.
HMRC Time to Pay Payment Plan
If your company has outstanding tax liabilities, then you could be days away from receiving an Enforcement Notice or Bailiffs attending at the company’s trading premises to seize goods. All of which could be catastrophic to the business.
Our team can assist you with the HMRC Time to Pay process and take this burden away from you. Our objective is simple, to help stabilise the company’s financial position by accurately forecasting its future inward and outward cashflows.
Our expert team has years of experience in negotiating payment plans with HMRC and can help you get the company back on track.
Members’ Voluntary Liquidations in Norwich
We specialise in providing online Members’ Voluntary Liquidations to small companies nationwide, delivering exceptional client service and maximising tax efficient returns to shareholders.
Our Solvent Solutions service delivers a simple, quick and cost-effective procedure to all our MVL clients. We offer three types of MVL, Simple, Standard and Advanced.
Our fixed fees put more funds into shareholders hands and our enhanced client service goes beyond the industry standard, keeping directors and shareholders updated throughout the process.
We are able to distribute funds to shareholders within two business days of a company being placed into liquidation and our online based service means we can place a company into liquidation in a matter of days.
Creditors’ Voluntary Liquidations in Norwich
We specialise in providing online Creditors’ Voluntary Liquidations to small companies nationwide, delivering exceptional client service and providing a low-cost solution to directors seeking to wind-up an insolvent company’s affairs.
Closing down an insolvent company can seem like a daunting task. Our aim is to make this process as simple and hassle free as possible.
Our Insolvent Solutions service delivers a simple, quick and cost-effective procedure to all our CVL clients. We offer three types of CVL, Simple, Standard and Advanced.
We provide advice and guidance throughout the entire pre-liquidation process and complete as much work online and remotely as possible. We also use Electronic Identification and Electronic Signatures to speed up the pre-liquidation process. Once appointed, our licensed Insolvency Practitioner takes over responsibility for winding-up the company’s affairs.
Contact us for a free online consultation in Norwich
Why work with Approved Recovery in Norwich?
We are a small business focused on small companies within Norwich with a friendly, knowledgeable and innovative approach.
We are a small independent firm of licensed Insolvency Practitioners specialising in online liquidations for small companies nationwide. We combine the latest developments in information technology and efficient working practices to provide our clients with unrivalled service and simple, cost effective solutions.
Our liquidation fees are charged on a fixed fee basis. We offer three types of liquidation, Simple, Standard and Advanced. Members’ Voluntary Liquidations start from £1,500 plus disbursements plus VAT. Creditors’ Voluntary Liquidations starts from £2,500 plus disbursements plus VAT.
Approved Recovery is a small business servicing small companies nationwide. We have invested heavily in information technology to ensure optimum efficiency and utilise correspondence based procedures to keep costs down. There are no hidden referral or introducer fees, just a clear and transparent fixed fee pricing structure.
We provide our MVL clients with an enhanced service that goes beyond the statutory reporting requirements, providing monthly reports to directors and shareholders on milestones, case progression and financial outcome.
We are an information technology lead practice. We complete as much work online and remotely as possible. We utilise recent developments in insolvency legislation, cloud-based software, electronic identity checks and E-Signing of documents. All of which significantly improve our efficiency, effectiveness and, more importantly, the quality of our service.