Who Is Nigel Powell?
Nigel Powell is a seasoned professional in the field of insolvency, with a strong focus on Statutory Demand, Winding Up Petitions, Liquidation Bankruptcy and Business Rescue. Nigel’s career spans over 15 years, during which he has helped countless businesses and individuals navigate complex financial difficulties.
What sets Nigel apart is his “Ask Nigel” service—a direct line of communication allowing anyone to seek advice anytime, ensuring swift and straightforward guidance without unnecessary legal jargon.
Ask Nigel Now:
📞 07977 923 298
Directors beware.
If your business is failing and you are looking for a way out, you will receive advice from your accountant or friends that you can just liquidate your company and either retire or set up another company and avoid all the people and organisations who are chasing your company for money.
The usual route that you will take will be to appoint an insolvency practitioner to achieve your desired objective. Upon contacting an insolvency practitioner, they will give you details of their charges which will be approximately £5000.
After paying them they will start the process to liquidate the company during which they will be appointed to be the liquidators of the company. This process is called a Creditors Voluntary Liquidation .Upon the insolvency practitioner being appointed they will request that you provide them with all of your books. They will investigate the reasons why your company has failed and establish whether you have conducted yourself as a director in the way that the law requires you to do.
Hopefully everything is okay and you are able to achieve your desired objective.
Unfortunately in the majority of cases the insolvency practitioner who is now in control of the company and who has obligations to the creditors of your company will find that you have done something wrong and that you have taken money from the company to which you were not entitled or that you have acted wrongly .The insolvency practitioner will demand
that you reimburse the company the money that you have wrongly taken.
How can I help you.
Depending on how bad your behaviour has been, you could lose your home, be made bankrupt or at the very least have a personal responsibility to repay the company the money that you have wrongly taken from the company.
This website explains why this situation could arise.
Unfortunately, once the insolvency practitioner is in charge of your company, you cannot get off this route that could result in financial disaster for you.
It is essential, but before you start the process, you find out whether you will be a director who will have these problems and it is essential that you know how much you will have to pay back to the company.
I will before you appoint the insolvency practitioner go through the process that the insolvency practitioner will undertake and I will tell you how much you owe the company.
I will then look at what your assets are and will then agree with one of our panel of insolvency practitioners how much they will accept in advance of you appointing them.
Before you do anything, contact me for initial advice.
as I’m sure If you were told that yes your company could walk away from say £100k of creditors debt, but it would cost you £50k personally you would approach the situation differently.
Call Nigel Now on 07977 923 298 or complete the form below.
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