Frequently Asked Questions
1. I’m already bankrupt – can you help?
Bankruptcy need not be the end of the story. In certain circumstances it can be the best option, but depending on the situation, a bankruptcy order can be reversed (or “annulled”) if creditors are willing to accept an alternative arrangement. We can help you to decide whether it is in your best interests to propose an alternative arrangement to your creditors. We have lots of experience of advising people who have been made bankrupt and we know and understand what your creditors are likely to accept.
2. A creditor has presented a winding up petition against my limited company – what can be done?
A winding up petition is a sign that your creditors have lost patience and that they want to force the company to either pay up, or be closed down. However, it may not be too late to turn the situation around. Firstly, it’s important to check the validity of the winding up petition. Is the creditor really owed the money they are claiming? If they are, it may be that they are willing to accept an alternative plan, for example a Company Voluntary Arrangement (or CVA). We will help to negotiate with creditors and we can help you to formulate a CVA proposal. Once a CVA is approved by creditors, the petition will be dismissed by the court.
3. Who pays your fees?
We offer an initial meeting, completely free of charge and without obligation, either at your premises, or ours, or on “neutral territory” if you prefer. Once we have all the necessary details, we will outline the various options and help you to choose your preferred course of action. Once you’ve decided to instruct us, we will agree our fees for the assignment in writing. If you would like us to negotiate on your behalf with your creditors we will either propose a fixed fee, or a fee based upon the time we devote to helping you. If you decide to opt for a statutory insolvency procedure like a CVA or an administration, our fees are usually paid out of the funds which we handle on behalf of the creditors. In this case, we will agree the fees directly with your creditors.
4. How do I know that you are trustworthy?
Moorhead Savage is led by Paul Moorhead LLB PhD MIPA MABRP. Paul is a qualified Insolvency Practitioner, licensed and regulated by the Association of Chartered Certified Accountants (ACCA) and subject to a rigorous monitoring regime to ensure that the highest standards of professional conduct are maintained. He is also a member of the Association of Business Recovery Professionals (known as “R3”) which promotes best practice for professionals working with financially troubled individuals and businesses. Moorhead Savage is also licensed under the Consumer Credit Act 1974. Both Paul Moorhead and Moorhead Savage Ltd are registered as Data Controllers with the Information Commissioner under the Data Protection Act 1998.
Paul, supported by the other members of the team, have many years experience of helping businesses and individuals to deal with their debt problems. For example, Paul has been appointed as Supervisor of over 600 Voluntary Arrangements under the Insolvency Act 1986. Moorhead Savage is a member of the Barnsley and Rotherham Chamber of Commerce and the Doncaster Chamber of Commerce. We are trusted by many accountants, solicitors and financial advisors to offer help and support to their clients.
5. There are lots of debt advice firms so why should I choose Moorhead Savage?
Moorhead Savage is led by a qualified and licensed Insolvency Practitioner and is committed to offering the best advice at all times. We will always consider a range of options for every scenario, keeping an open mind and we remain impartial at all times.
Beware of so-called “debt specialists” who may be unlicensed and unregulated. They may simply charge a fee to introduce you to an Insolvency Practitioner. If you have toothache, you wouldn’t pay someone to recommend a dentist – you’d go straight to a properly qualified and experienced dentist. In the same way, if you have financial problems, you’ll get the best impartial advice from a properly qualified, licensed and experienced Insolvency Practitioner.
6. What areas do you cover?
We are based in Rotherham in South Yorkshire however we offer help and advice to businesses and individuals in the north of England and, increasingly, to clients based throughout England and Wales.
7. What is the best way to contact Moorhead Savage?
The quickest and best way to make contact is by telephone. We are always happy to listen and suggest how we can help. This is usually followed by a meeting, at a place and time to suit you, where we can get to know each other properly and decide which route you wish to take. The first meeting is always free of charge and absolutely without obligation.
8. The word “insolvency” sounds scary – how can an Insolvency Practitioner help me to sort out my financial problems?
A licensed Insolvency Practitioner has the skills and experience necessary to deal with all statutory insolvency procedures under the Insolvency Act 1986. These range from liquidation and receivership (which usually lead to the company closing down) through to voluntary arrangements (CVAs and IVAs) and administrations, which aim to protect a business from its creditors and to allow it to deal with its debts in a responsible an constructive manner.
A key part of an Insolvency Practitioner’s role is to weigh up the advantages and disadvantages of each procedure and, where possible, to avoid the need to use statutory insolvency procedures at all, if an informal agreement is a better solution. Often, an Insolvency Practitioner can act as a mediator between a business and its creditors, to help to reach a workable agreement. You’ll see from our logo that Moorhead Savage is committed to “financial turnaround” – in other words, we always try to rescue a business and to turn the situation around wherever possible. Think of us as business doctors, not company undertakers.
9. I’ve got a good accountant already, so why do I need to take advice from an Insolvency Practitioner?
Insolvency issues and debt advice can be difficult and highly complex areas. Insolvency Practitioners have the training and experience to provide expert advice on all the available options. They approach each assignment from an impartial viewpoint and are often able to identify opportunities and strategies that may not be readily apparent to those who are unfamiliar with the insolvency legislation or who are too closely involved with the business.
At Moorhead Savage, we specialise in providing expert advice on debt and insolvency – we don’t offer general legal advice or accountancy services. We will work alongside your other professional advisors, like accountants and solicitors, to ensure that you receive the help and support that you need.
10. One of my clients needs help – why should I refer them to Moorhead Savage?
As debt and insolvency specialists, we work alongside accountants, solicitors and other professional firms to ensure that your clients receive the help and support that they need. We specialise solely in debt and insolvency matters, so we work with you to provide specialist advice when your client needs it. Think of us as an extension of your own practice; providing expert, practical and timely insolvency advice, whenever and wherever you need us.
The small print
If you would like further information or would like to discuss your options please call 01709 331300 or email email@example.com