Looking At The Whole Picture!

By Tim Corfield


Recently Tina called me to arrange a meeting to discuss the financial problems with her company. At the meeting Tina explained the problems her company had gone through and we went through the assets and liabilities. I was careful to ask which of the liabilities had been personally guaranteed by Tina.

The company was clearly insolvent, losing money on a weekly basis. There was no likelihood that this position would change and no business worth rescuing – so there was no alternative other than the company enter creditors’ voluntary liquidation (CVL).

Having identified Tina’s PG’s I suggested we should review her financial position. Clearly, the demise of the company would have a serious effect on this. Tina owned a property jointly with her partner, but this was in negative equity. Including the PG’s Tina had over £60,000 of unsecured personal debt. Tina’s partner had a modest income and Tina was just about to be made redundant.

We discussed the possibility of an IVA or bankruptcy and agreed bankruptcy would be the best solution for Tina.

Tina was relieved and pleased that we had identified the real problem that was causing her most anxiety – even though we hadn’t been called in to advise her about her personal liabilities!

Tina later explained that she had seen two insolvency practitioners prior to us being recommended and neither of them had talked about Tina’s personal financial position, nor had they offered any personal debt support.


At Griffin & King we’ll always consider the personal consequence for a director, without being prompted. Not all IP’s and insolvency advisers are familiar with personal debt support and don’t consider the knock on effect that the failure of a company can have for a director. Some IP’s don’t even take IVA/bankruptcy appointments – so they must be fairly inexperienced in this area.

Of course, if you have any clients or contacts that have financial warning signs with their business we’d be pleased to help! 

In many cases a formal insolvency can be avoided – the sooner we get involved, the sooner we can help put a survival plan together.

We have assisted many people with business debt solutions and personal debt support – view our testimonials here.

If you would like further information on company insolvency please contact Griffin & King Insolvency Practitioners on 01922 722205, and speak to me (Tim) Mark, or Janet.

You can also contact Janet by email on janet.peacock@griffinandking.co.uk or by text or calling on 07545 806 531.