For UK company directors facing financial difficulty
You still have options.
Clear, honest guidance on every path, then a free, confidential review of your situation.
Independent information for UK company directors. Not a law firm.
What is happening with your company?
Six common starting points, each leading to fuller guidance on your exact situation.
My company owes HMRC
VAT, PAYE or Corporation Tax arrears, or a threat of action from HMRC. HMRC is one of the most active petitioners for company winding-up.
I have a winding-up petitionUrgent
The most serious creditor action. Time sensitive. Advertised in The Gazette as soon as 7 business days after service; bank accounts are usually frozen once advertised.
Creditors are chasing me
Demands, statutory demands, CCJs, bailiff action or contact from a debt collector acting on behalf of a creditor. A statutory demand gives 21 days to pay before a creditor can petition.
We have cash flow problems
Struggling to pay wages or suppliers on time. Cash flow problems are likely to become worse if ignored. Early advice is critical and can mean the options available are wider.
I want to close the company
Work out the right route: strike off or liquidation. Dissolution should only be used where there are no remaining debts.
Can the business be saved?
Rescue options if the business is still viable. The key test is whether the business is viable once the pressure is dealt with.
Written by the LTD Turnaround editorial desk and checked against official UK sources: the Insolvency Service, Companies House, The Gazette and gov.uk. Editorial policy · How we are funded
Can the business trade profitably once the pressure is removed?
That single question decides almost everything else. A Licensed Insolvency Practitioner would assess it properly, but this is the honest starting point.
The business can trade profitably once the immediate pressure is removed.
Explore rescue and repayment options. →You need to work out where you actually stand first.
Use the insolvency checker, or talk it through. →For context: company insolvencies in England and Wales hit their highest annual total since 1993 in 2023 and have stayed close to that level since (Insolvency Service), and HMRC is one of the most active petitioners for company winding-up. Around £47bn was lent under the Bounce Back Loan scheme (British Business Bank), and roughly 1,500 people hold an Insolvency Practitioner licence nationally. Sources: The Gazette insolvency notices feed (OGL v3.0) · Insolvency Service · British Business Bank. Open the data hub →
Everything we cover
Happening now
Rescue & repayment
Closing the company
LTD Turnaround is an independent information service for UK company directors in financial difficulty. Whatever the problem (HMRC arrears, a winding-up petition, relentless creditors or simply not enough cash to make payroll), the single most important thing to know is that your options are widest when you act early. Most directors wait too long because they are frightened, and by the time they seek help some of the best routes have closed. This site gives you straight, properly sourced answers and free tools so you can understand your position in minutes. Then, if you want it, you can have a free and confidential review of your situation, so you understand whether the right next step is a turnaround adviser, a tax specialist, a licensed insolvency practitioner, or simply a plan you can act on yourself. We do not sell you anything and we are not a law firm. We explain the choices honestly, including the times when you do not need to do anything formal at all. Insolvency Service, gov.uk
Once a company is insolvent, the law expects directors to put creditors first. Acting promptly is how you protect yourself from claims such as wrongful trading. It will not necessarily reduce your exposure under a personal guarantee or an overdrawn director loan account: that exposure crystallises regardless, but it can be managed far better with early advice.
What happens when you get in touch
Tell us what is happening
You tell us briefly what is happening with the company. Free, confidential and no obligation.
We review your situation
Our editorial desk reads what you told us and reviews it against your situation. We do not sell your data or pass it to anyone else.
We reply with the right next step
A straight assessment of your options, including when speaking to a Licensed Insolvency Practitioner is the right route. Nothing formal happens without your agreement.
Different situations need different kinds of help
If you ask us for help, we review your situation against the following, free and with no obligation.
Turnaround adviser
For a viable business under pressure: renegotiating with creditors, raising finance, cutting costs, or formal rescue routes such as a CVA or administration.
Tax specialist
For VAT, PAYE and Corporation Tax arrears: proposing a realistic Time to Pay arrangement HMRC will accept, and dealing with HMRC enforcement.
Licensed Insolvency Practitioner
The only person who can legally act as a liquidator or administrator. Authorised by a recognised professional body and listed on the Insolvency Service register.
Full detail in what happens when you get in touch, our editorial standards and how we are funded. This page was reviewed for accuracy by Jessica Barker, Insolvency Practitioner, Xeinadin Corporate Recovery (IP No. 32050, ICAEW).
Straight answers to the questions we hear most
Will I lose my house if my company goes under?
Not because of the insolvency itself. Company debts belong to the company. Your home is only at risk if you gave a personal guarantee secured on it, or owe the company money personally through an overdrawn loan account. An office holder can also, in some circumstances, pursue a director personally for actions such as misfeasance, or seek their bankruptcy, which can put personal assets including the home at risk. Take advice before assuming the worst.
What happens if my company cannot pay HMRC?
Engage early. HMRC often agrees a Time to Pay arrangement, usually for up to 12 months, if it is realistic. Ignoring HMRC leads to enforcement and ultimately a winding-up petition.
I have a winding-up petition, what do I do?
Treat it as urgent. You usually have a short window before the bank account is frozen and the hearing. Get advice the day you are served. See winding-up petitions and our timeline tool.
Who operates this site
LTD Turnaround is operated by Best Business Loans Ltd, registered in England and Wales (company number 16833937). D‑U‑N‑S 234324824. Companies House.
Independence
We are an independent information service. We do not provide regulated insolvency advice, and we do not accept fees from practitioners for introductions.
Standards
ICO registered, reference ZC151816 (verify). Operates under UK data protection and consumer standards, including UK GDPR. Full trust centre →
Tell us what’s happening. We’ll review it and reply.
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