What to Expect at a First Insolvency Advice Meeting

The short answer

A useful first conversation should establish the immediate facts, identify deadlines and separate the company's position from the director's personal concerns. You should not be expected to know every legal term or arrive with perfect records.

The conversation does not itself commit the company to liquidation or another formal procedure. Ask who the adviser represents, whether they are a licensed insolvency practitioner, what the conversation costs and what would happen before any appointment.

What you may be asked

What does the company do, and is it still trading?
What cash is available and what payments are due?
Are wages, tax or essential suppliers overdue?
Has a statutory demand, winding-up petition or enforcement notice arrived?
What assets, finance and security does the company have?
Have directors signed personal guarantees?
Are there director's loan accounts, dividends or connected-party payments?
Can current orders be fulfilled?
What outcome are you hoping to achieve?

What to bring

Start with recent bank statements, management accounts if available, a creditor list, HMRC balances, a short cash-flow view, formal notices and key finance documents. Bring records of personal guarantees and director transactions where relevant.

If information is missing, say so. Do not postpone an urgent conversation merely to make the file complete.

Questions to ask the adviser

Who are you advising at this stage?
Are you a licensed insolvency practitioner, solicitor, accountant or unregulated adviser?
What options remain open, and what could remove them?
What are the risks to the company, creditors, staff and directors?
What fees or referral arrangements apply?
What must happen next, by when and who will do it?
When might I need independent personal legal advice?

What happens next?

A good outcome may be a short list of immediate safeguards, further information to obtain and routes requiring examination. No reputable adviser can select the right formal procedure without understanding the facts.

Read what to expect, complete the confidential assessment, or request a callback.

Authoritative sources

This guide provides general information for directors of companies registered in England and Wales. It is not legal, financial, accounting or insolvency advice.