Griffin & King Licensed Insolvency Practitioners Review

Do you require the services of chartered accountants in England, Wales, and the neighbouring areas to help you understand insolvency? Griffin and King insolvency experts can help you!

Griffin & King is a major insolvency practitioner in England and Wales, chartered by The Institute of Chartered Accountants. They have helped businesses and people discover answers to their financial challenges for over 35 years.

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Learn more about insolvency and how this firm can help you maximise your assets in this Griffin & King Licensed Insolvency Practitioners Review.

Griffin & King Licensed Insolvency Practitioners Overview

Griffin & King is a regulated and authorised advisor on possible solutions as West Midlands licensed insolvency practitioners. Since 1983, they’ve been helping company owners, and individuals discover debt solutions.

They will come to you at your office, home, or other convenient location. They have offices throughout the West Midlands, Herefordshire, Shropshire, Staffordshire, and Dorset, among other places.

Their initial consultation is free, without commitment, and completely confidential. Face-to-face consultations with an Insolvency Practitioner are suggested as soon as possible to completely analyse your choices. They provide jargon-free brochures to enable you completely comprehend the debt solution that is being suggested. They also offer films on their website that highlight the solutions to businesses and individuals in financial distress.

Services Offered By Griffin & King Licensed Insolvency Practitioners

Griffin & King works with experience insolvency practitioners who can help you find debt solutions that meet your needs. Read about the services they offer and how they can guide you to end your financial difficulties.

Business Debt Solutions

Company

  • Administration. An administration is a mechanism for dealing with your company’s closure if it is insolvent – that is, there aren’t enough firm assets that can be sold or realised to pay off all of the company’s obligations. If a part or all of the firm may be sold or salvaged, an Administration procedure (rather than a CVL, CVA, or Pre-Pack Administration) should be employed. A Pre-Pack Administration is typically used for a smaller business. Of course, we’ll go over this with you thoroughly to ensure that the best procedure for dealing with your organisation is chosen.
  • Business Review. For various reasons, a company may be underperforming or having difficulties. The issues may turn out to be less significant than first thought, but identifying them is critical if we are to give you a business analysis. Griffin & King, as turnaround experts, conduct an impartial company evaluation that focuses on the most important issues and makes specific solutions. Their business analysis is customised to the demands of the business owners, the bank, or other lenders/lenders and serves as the foundation for a solution.
  • Company Voluntary Arrangement. A Business Voluntary Arrangement (CVA) is a method that allows a firm to continue operating even though it is insolvent. In other words, the company’s cash flow is insufficient to satisfy its ongoing responsibilities. Griffin & King will communicate with the firm bankers, the taxman, and any other important supplier as part of their job to explain the idea in further detail and get their support. These are difficult conversations, and not every insolvency practitioner has the necessary experience or competence.
  • Creditors’ Voluntary Liquidation. A Creditors’ Voluntary Liquidation (CVL) is a procedure that permits bankrupt companies’ directors to liquidate them voluntarily. This occurs when the value of the company’s assets is insufficient to pay off all of the debts. When a corporation cannot pay its obligations (no component of the firm can be sold or salvaged), it is declared insolvent, and the company directors must act in the creditors’ best interests. In contrast to compulsory liquidations, in which the business is compelled to close due to a winding-up order, voluntarily initiating a CVL allows the directors to control the situation. Griffin & King’s insolvency practitioners can function as a firm’s Liquidator, assisting directors with the procedures of winding up a business. A licensed insolvency practitioner may only liquidate a bankrupt corporation.
  • Members Voluntary Liquidations. A Members’ Voluntary Liquidations (or MVL) is a mechanism for closing your company if it is solvent – that is if the firm has enough assets that may be sold or realised to pay off all of the company’s obligations. Because the expenses of the procedure and interest on creditor balances must be included in the calculation, a Members’ Voluntary Liquidation can often be a very tight decision. In practice, an Insolvency Practitioner will have drafted the declaration of solvency. It will also be essential to call a shareholders’ meeting in which at least 75% of the members vote to dissolve the firm and appoint a liquidator.
  • Pre-Pack Administration. A Pre-Pack Administration, or ‘Pre-Pack,’ is a mechanism for dealing with the closure of your company if it is insolvent – that is, if the value of the firm’s assets is insufficient to pay off all of the obligations. Suppose a part or all of the business may be sold or salvaged. In that case, this method should be utilised instead of a Creditors’ Voluntary Liquidation or a Company Voluntary Arrangement. Of course, they will go through this with you thoroughly to ensure that the best procedure for dealing with your organisation is chosen.

Sole Partnership

  • Individual Voluntary Arrangement. Individual Voluntary Arrangements, or IVAs, are a non-bankruptcy alternative to bankruptcy. Depending on your specific circumstances, you may be able to continue your business. We’d take a close look at this with you. Any leftover debt is wiped off once an IVA is completed and you are debt-free. Monthly repayments can start as low as 150 pounds, which is often significantly less than traditional credit card and minimum loan payments. An IVA may be a possibility for you if you have unsecured debts of at least £15,000, have a monthly household income, and reside in England, Wales, or Northern Ireland.
  • Partnership Voluntary Arrangement. A Partnership Voluntary Arrangement is a method that allows a partnership to continue trading even if it is insolvent – that is, the partnership’s ongoing liabilities cannot be met from the cash flow provided by the firm. Suppose the partnership has already or is projected to return to profitability in the near future, and the debts can be paid off over a long period. In that case, a Partnership Voluntary Arrangement should be adopted (rather than a Partnership winding-up procedure). The PVA is a customised plan to return creditors what the partnership can afford to pay – often between 25 and 60% of the total debt – over three years.
  • Other Partnership Solutions. A business partnership is a legal connection between two or more persons or firms usually established by a written agreement. The partners put their money into the business, and each receives a portion of the earnings and bears a portion of the losses. Because of its nature, a partnership is possibly the most complicated corporate structure available. In this case, our knowledge of finding the best answer for you is essential. If one or more partners in a partnership are having financial difficulties, they should seek counsel from an insolvency practitioner.
  • Bankruptcy Appointments. Bankruptcy is a type of bankruptcy in which debts are forgiven if you can’t afford to pay them back. It is a legal procedure that is only appropriate if you cannot pay your bills. Creditors may file a petition to declare you bankrupt in particular instances. You must owe a minimum of £5,000 for this to happen. If you can’t pay any of your bills, you may be insolvent and need to file for bankruptcy. If you’re thinking about filing for bankruptcy, there are many things to think about. You must fully comprehend the ramifications and how they may affect you and the people around you. Speak with a Griffin & King team member now to see whether it’s the right fit for you.

Personal Debt Solutions

Individual Voluntary Arrangement

As an alternative to bankruptcy, Personal Individual Voluntary Arrangements (PIVAs) are legally enforceable agreements between you (the debtor) and your creditors. Your creditors will comprise all of your business responsibilities (including HMRC) as well as any additional personal debts, such as credit card debt or bank loans if you have any. Unsecured debt might involve personal guarantees.

Debt Management Plans

An informal ‘arrangement’ between you and your unsecured creditors is referred to as a Debt Management Plan. It consolidates your existing payments (to unsecured creditors) into a single, manageable payment. The monthly payment under a Debt Management Plan is likely to be lower than under an IVA — a minimum monthly payment of £100 is commonly cited, although this is not a set number. The money given to creditors is divided proportionally based on the amounts owed to each of them.

Bankruptcy Appointments

Personal bankruptcy is a legal process in which a consumer or a sole trader/informal partnership firm with unmanageable and irrecoverable debt requests the court to shield them from creditors while their financial difficulties are settled.

Personal bankruptcy is intended to provide a debtor with a fresh start in his or her financial life by clearing the slate. However, there are consequences that all debtors should be aware of before taking such action. If you are having financial issues, you must get experienced help as soon as possible to ensure the best possible outcome.

Debt Relief Order

Griffin & King does not handle this procedure directly, but if you believe it is the best course of action, they will put you in touch with the proper organisation to assist you.

Griffin & King Licensed Insolvency Practitioners Contact Details

If you are eager to solve your financial problems, Griffin & King Licensed Insolvency Practitioners has both a business and a personal service for anyone who has consumer debt. Get in touch with them now and avail of their free initial consultation.

Address: 26-28 Goodall Street, Walsall, WS1 1QL

Telephone Number: 01922 722 205 | 07545 806 531

Website: griffinandking.co.uk

Email: [email protected]

Registration Number: 5403656,

VAT Registration Number: 704878806

Facebook: www.facebook.com/GriffinandKing

Twitter: twitter.com/griffinandking

Griffin & King Licensed Insolvency Practitioners Reviews

Griffin & King Licensed Insolvency Practitioners is one of the leading insolvency practitioners in the UK. Read what previous clients have to say about the services they received from the company.

Early in December, I was faced with realisation that my business was failing and that my only option was insolvency. I contacted Griffin & King to discuss my options. I spoke to Janet Peacock who from the very first conversation, I found to be incredibly friendly and easy to speak to. She was able to put my mind at rest whilst reassuring me about any concerns I had relating to the whole process of insolvency. Janet maintained regular contact to keep me up to date and took time to explain what I needed to read, sign and return to her. When I was looking into the whole process of insolvency, Griffin & King was one of the first Insolvency Practitioners I contacted and was so glad that I did. Janet’s friendly, down to earth personality made the whole process as easy and as stress free as it possibly could be and I have no reservations at all in recommending Janet and Griffin & King. Thanks Janet! – MH

Janet has been fantastic from the first point of contact; Having no prior knowledge regarding the process of liquidation I must say I was a little apprehensive, however I shouldn’t have been because Janet has been so helpful and knowledgeable throughout the whole process and made it stress free, so for that I cannot thank her enough – GN

I have found Janet very approachable, concise and to the point, and I have felt that she has given fair advice. She has made a complicated procedure easy to deal with, all without any prejudice or assumption. I would not hesitate to recommend her to anybody who needed these services – AS

Summary

Griffin and King proved that it is one of the most experienced insolvency practitioners in the industry. They have a highly motivated team who can help with personal insolvency and all matters concerning financial problems. As a leading firm, they execute speedy handling of all the costs involved, assuring clients that there is life after debt. All things considered, this Griffin & King Licensed Insolvency Practitioners Review is confident that these individuals find solutions for you.

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