1st Business Rescue Review

In uncertain times, 1st Business Rescue’s initial focus is on you, the director, as they work to preserve you, your assets, and your ltd company. They’ll provide you with advice on restructuring your finances so that your company has the best chance of surviving.

1st Business Rescue exists to give limited company directors hope and options during some of their most difficult times. The company has been operating since 1997, giving them more than 20 years of experience counselling directors on corporate restructuring, financial challenges, and insolvency.

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Table of Content

1 1st Business Rescue Overview
2 Services Offered by 1st Business Rescue
3 1st Business Rescue Contact Details
4 1st Business Rescue Reviews
5 Summary
6 All UK Insolvency Practitioners

1st Business Rescue Overview

1st Business Rescue Ltd is situated in the North West and can meet with you face-to-face wherever convenient for you, whether in one of their offices in London, Manchester, or Lancashire or someplace closer to your location. They’ll also do whatever is most comfortable and convenient for you, whether it’s talking on the phone, Zoom, or Skype.

Their purpose is to assist and advise company directors who are experiencing financial difficulties and may be considering closing their business. Their material and approach are suited to your circumstance, and all of their advice is geared toward you, the director, and assisting you in navigating any potential pitfalls or consequences.

Over the last few years, they’ve assisted hundreds of business owners, and they’re committed to offering directors solid, honest advice, so they know exactly what options they have.

If you’ve been thinking about your company’s future and aren’t sure what to do next, they strongly advise you to contact them immediately for a discreet, no-obligation discussion. 1st Business Rescue will spend time getting to know you and your situation before laying out some options for moving forward.

Services Offered by 1st Business Rescue

The goal of 1st Business Rescue is to walk you through your company’s alternatives and assist you in finding the best solution for you. Insolvency can be a complicated issue, and the spotlight is almost always on you, the director.

Take a look at their offerings to see how they may assist you:

Liquidation And Company Closure

If you’re facing liquidation, 1st Business Rescue has worked with enough businesses to understand the heartache and emotional misery that has led you to this point, which is why they work so hard to make the process as painless and straightforward as possible.

Director’s Loan Accounts

You should verify your director’s loan account before starting any insolvency actions. A director’s loan account, or DLA, is a record of its dealings with its directors. Any money you take out of the company will go into a director’s loan account. Similarly, whatever cash you add to the director’s lending account will result in a credit.

Worried About Your Bounce Back Loan Or CBILS?

Many directors are concerned about the consequences of using a bounce-back loan or a CBILS to liquidate a firm.

The company’s Bounce Back Loan is recognized as an unsecured obligation in the event of a liquidation. This means that in the case of a liquidation, the bank that granted the Bounce Back Loan has no significant claim on the company’s assets. As a result, in the case of the company’s collapse, the Bounce Back Loan is very certainly going to be written off.

Company Voluntary Arrangement (CVA)

If your company is experiencing cash flow issues, you may find yourself spending more time dealing with creditors than focusing on running your company. A business voluntary arrangement could be the ideal solution to your firm’s concerns in this situation.

IR35 Company Closure

What are your choices if you’ve been hit by the IR35 tax regulations and no longer need your limited company?

Solvent Businesses

If your business is solvent, you have the option of dissolving it or going through a Members’ Voluntary Liquidation (MVL). Dissolution is a cost-effective and straightforward technique to undertake, especially if you have little assets. However, an MVL is a more tax-efficient choice for businesses with more than £25,000 in assets. A licensed insolvency practitioner must be involved in an MVL.

Insolvent Businesses

If your business is insolvent, it must be liquidated first through a Creditors’ Voluntary Liquidation before creditors seek forcible liquidation. The CVL, like the MVL, entails the involvement of a licensed insolvency practitioner. All of the company’s debts, including your bounce-back loan, will die with the liquidation, leaving the directors debt-free, except for any assets that have been personally guaranteed.

HMRC Arrears

If you’re thinking about closing your firm because of financial difficulty like debts, HMRC is probably at the top of your list. Unfortunately, HMRC will not leave you alone while your business is still open for business.

It can be frightening for a company director like you — threatening phone calls, bailiffs showing up on your doorstep, and menacing letters are all part of how HMRC can operate. 1st Business Rescue may assist you by delaying any HMRC enforcement action so that you can better understand your choices.

Pre Pack/Buying Back Company Assets

A pre-pack liquidation is a formal insolvency procedure for winding up a limited company. A new corporation is founded at the same time. This firm is commonly referred to as a “phoenix” company because it buys the assets of the previous one. After then, the new company might start trading under a different name.

1st Business Rescue Contact Details

If you need to contact 1st Business Rescue, here are their contact details:

Address 1: International House, 142 Cromwell Road, London, SW7 4EF
Address 2: Lowry House, Marble St, Manchester, United Kingdom M2 3AW
Address 3: Unit 9, Croft Court, Whitehills, Blackpool, FY4 5PR
Telephone: 0808 196 8600
Email: [email protected]

1st Business Rescue Reviews

Here are some reviews about 1st Business Rescue:

After panicking for months about how I was going to sort out my company, Chris came to the rescue on a Tuesday morning. He is extremely helpful and explained clear instructions over the phone as to what my next steps should be. I would highly recommend 1st Business Rescue to anyone having issues as Chris has gone above and beyond to help me. –Daniel Macintyre

Great experience dealing with Chris and his team, everything that was explained came to fruition with no hidden agenda, recommend to anyone who requires his service. –Daniel Walls

Chris was ever so helpful, really went out of his way to help and advise me. Was always available on the phone for a chat. I’d highly recommend Chris and 1st Business Rescue. –Sam Naseer

Summary

To sum up this 1st Business Rescue review, the company’s strategy differs significantly from that of many others in this industry. Their initial focus is solely on you, the director.

They are perfectly aware of the emotional turmoil that comes with having to think about the future of your company and the consequences that this can have on your personal life and the lives of others you care about.

That’s why they concentrate on laying out all of your alternatives in plain English and advising you and your company on the best course of action.

All UK Insolvency Practitioners

Here is a full list of Insolvency Practitioners in the UK: