Purnells Insolvency Practitioners Review

Do you require someone to discuss your financial matters with you regardless of where you are in the United Kingdom: Wales, England, Scotland, or Ireland?

Purnells Insolvency Practitioners offer assistance with all elements of insolvency, including corporate and personal recovery. Their immediate area comprises Newport, Cardiff, Bridgend, Swansea, and Carmarthen, in Newport, South Wales.

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Learn more in this Purnells Insolvency Practitioners review.

Table of Content

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

Purnells Insolvency Practitioners Overview

Suzi Purnell took over the Purnells practice in 2009 after being in operation for over 30 years. Purnells can give professional advice and help with any area of insolvency. The initial meeting includes free advice, and during that meeting, all available options are discussed, including the “pros” and “cons” of each. Following the meeting, a report describing all of the choices discussed is delivered.

Services Offered by Purnells Insolvency Practitioners

Purnells Insolvency Practitioners offer the following services:

Creditors Voluntary Liquidation

Insolvency can be defined in two ways:

When the value of the obligations surpasses the value of the assets, or when the liabilities exceed the value of the assets.
When creditors aren’t paid on time, it’s called a late payment.

When a company’s directors realise it’s insolvent, they have a responsibility to take action.

Directors have the option of putting their firm into a Creditors Voluntary Liquidation (CVL). A CVL is a director-led process that avoids going to court and getting a court order.

Purnells would then arrange a Shareholders and Creditors meeting, usually held on the same day, after gathering the necessary information and paperwork from you. The shareholders would formally pass the resolution to wound up at the shareholders meeting.

At the creditors meeting, the creditors would vote on who should be designated as Liquidator. In practice, the Insolvency Practitioner who is assigned to call the meeting is usually the one who is appointed.

Liquidation Alternatives

Typically, a Liquidator is paid from asset realisations made during the liquidation, but what if the firm has no assets and cannot afford to finance such a route?

In such a case, there are two options to consider. The first option would be for the directors to fund a Liquidation on their dime. They would, however, always limit the amount that the director would have to pay in such cases. The directors could also apply to have the company struck from the Register under Section 1003 of the Companies Act 2006.

Usually, an S1003 strike off is only possible to organisations with little or no assets. It’s a request to Companies House to remove its name from the Register.

Of course, specific procedures must be observed to comply with the Companies Act. Failure to follow these standards could result in the company’s liabilities becoming the directors’ liabilities.

Purnells helps numerous businesses navigate the process, including dealing with Companies House and creditors. They operate as a “buffer” between the creditors and the company, ensuring that the procedure is handled according to the law and that the directors are not personally liable. There are no hidden “extras” because they provide a fixed rate for doing this work on behalf of the company.

Debt Relief Orders

If you can’t afford to repay your obligations, a Debt Relief Order (DRO) is a way to deal with them. It means you won’t have to pay certain types of debt for a set amount of time, usually 12 months. It’s a lot like declaring bankruptcy. The debts are written off after the period.

Bankruptcy

There are two ways in which a person might file for bankruptcy. A “Creditors Petition” or a “Debtors Petition” can be used. However, after the Bankruptcy Order is issued, the procedure remains the same.

The period during which a person can be declared bankrupt has been reduced to one year. However, if the individual tries to hide assets or refuses to cooperate with the Official Receiver/Trustee, this can be extended to a maximum of 15 years.

The following are the primary restrictions/implications of bankruptcy:

You cannot take out a loan over £500 without informing the lender that you are bankrupt.
During that one year, any inheritances or windfalls you may get would be included in the bankruptcy estate.
When a Bankruptcy Order is issued, all bank accounts in your name are frozen. This does not rule out the possibility of having a bank account while bankrupt; however, such an account would have to be opened after the Bankruptcy Order was issued.

The Insolvency Service would initially select an individual known as the “Official Receiver” to handle the Bankrupt affairs. His primary responsibility would be to liquidate all of the bankrupt assets.

Purnells Insolvency Practitioners Contact Details

If you wish to contact Purnells. their contact details are as follows:

Head Office: Suite 3, 91 Mayflower Street, Plymouth, PL1 1SB
Scotland Office: Suite 14, 98 Woodlands Road, Charing Cross, Glasgow, G3 6HB
Wales Office: Suite 100, 45 Salisbury Road, Cardiff, CF24 4AB
Northern Ireland Office: Suite 20, 21 Botanic Avenue, Belfast, Northern Ireland, BT17 1JJ
Telephone: 0333 772 1808
Email: [email protected]

Purnells Insolvency Practitioners Reviews

Here are some reviews about Purnells Insolvency Practitioners:

Purnells offer an efficient, professional yet personal service. Nothing was too much trouble. I highly recommend them and will definitely use them again. –Luciana Sidoli

Very professional, easy to communicate with, prompt to reply to any queries. –Rafael

I am a solicitor specialising in insolvency and restructuring work. I have worked with Chris Parkman and Purnells for a number of years, and over that period they have assisted many of my clients. Chris is an exceptional insolvency practitioner, who really understands the issues when individuals and businesses are facing financial problems. He consistently provides clear, pragmatic advice but is also able to think outside the box to come up with innovative solutions to complex problems. –Nick Oliver

Summary

To conclude this Purnells Insolvency Practitioners review, Purnells Insolvency Practitioners is a firm of Licensed Insolvency Practitioners that provides insolvency advice and services to firms, businesses, and individuals. Liquidators, Administrators, Trustees, Receivers, and Supervisors are all roles. Please do not hesitate to contact them if you want a free and confidential initial consultation to explore your specific circumstances.

All UK Insolvency Practitioners

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