When your business is in financial trouble, it can feel isolating, overwhelming, and deeply personal. At Parker Walsh, we’ve supported hundreds of directors who’ve faced sleepless nights, difficult conversations, and seemingly impossible decisions. The truth is - you’re not alone - there are always options.

That’s why we’ve launched our Director’s Diary series. To share the kinds of situations real directors face every day, and how professional insolvency advice can provide a clear path forward.

You're Not the Only One

Many directors delay seeking help because they feel embarrassed, ashamed, or think they need to “fix it themselves.” But business challenges happen for all sorts of reasons: market changes, client issues, late payments, tax bills, or unexpected loss of revenue. Some businesses are profitable but still face cashflow issues - others carry unmanageable debts despite best efforts.

We’ve heard it all, and we’re here to reassure you: seeking advice is not failure - it’s leadership.

The Pressure Builds Quietly

In most of the stories we share, the pressure didn’t happen overnight. It built gradually:

• Letters and emails were left unopened.
• Payments were juggled from one creditor to the next.
• Staff wages were paid late - or at risk.
• Personal savings were used to plug gaps.

Eventually, something gives: HMRC issues a winding-up petition, a key supplier pulls out, or the bank refuses to extend credit. That’s often when directors contact us - but in many cases, they wish they’d reached out sooner.

The earlier you act, the more options you’ll have.

Common Situations We See

Here are just a few of the most common triggers we hear from directors:

“I thought it would pick up next month.”

Many directors continue trading longer than they should, hoping for a turnaround. But if your business can’t pay its debts as they fall due, you may be trading while insolvent - and that carries risks for you personally.

“My accountant mentioned liquidation, and I panicked.”

There’s a lot of fear and confusion around terms like liquidation, administration, or CVA (Company Voluntary Arrangement). We take time to explain the differences clearly, so you understand the pros and cons of each route.

“We were making a profit… so why couldn’t we pay the bills?”

It’s possible to be technically profitable on paper, but still suffer cashflow crises that bring everything to a halt. We help businesses understand their position and plan a way forward.

“I didn’t want to let people down.”

You might feel responsible for your staff, creditors, or family. But burying your head only makes the problem worse. By acting early, you can often protect jobs, reduce losses for creditors, and minimise personal risk.

What Options Are Available?

When you speak to us at Parker Walsh, we’ll always listen first. There’s no “one-size-fits-all” solution - every business is different. But these are some of the formal options we may explore with you:

➤ Creditors’ Voluntary Liquidation (CVL)

A structured way to close a business that can no longer trade, write off remaining debts, and allow directors to move on. This is one of the most common and effective routes when a company is insolvent.

➤ Company Voluntary Arrangement (CVA)

Allows a business to keep trading while paying creditors through an agreed plan. Suitable for companies with a viable core business and creditor support.

➤ Administration

Protects a company from legal action while restructuring or selling parts of the business. Often used to preserve value or jobs.

➤ Members’ Voluntary Liquidation (MVL)

For solvent businesses that are ready to close in a tax-efficient way. Common for retiring directors or companies that have served their purpose.

How We Work With You

At Parker Walsh, we’re known for our personal, straightforward approach. We meet with you in person or over video to understand your unique position. We then offer practical, tailored advice - not a sales pitch.

We’re available outside of normal office hours.

We handle all paperwork and communication with creditors, HMRC, and employees.

We act with compassion, confidentiality, and clarity.

Our job is to lift the weight off your shoulders and help you move forward - whether that means closing your company responsibly or creating a rescue plan.

Life After Insolvency

Many directors fear that insolvency is the end of the road. In reality, it’s often just a turning point.

We've supported directors who have:

• Gone on to start new businesses
• Continued working in their industry
• Rebuilt their confidence and income
• Retired with peace of mind

We help you close the current chapter with dignity - and prepare for what comes next.

Get Help Today

Book your free insolvency advice session with Molly, our Licensed Insolvency Practitioner.

‍We’re here to help - without judgment, pressure, or jargon.

Parker Walsh - Helping directors move forward.