HMRC has strong powers to recover unpaid tax and can shut down companies quickly. Early advice and engagement can protect control, improve outcomes, and prevent winding up action from escalating.

Common insolvency myths stop directors acting early. Insolvency is not failure, personal assets are not always at risk, HMRC can negotiate, and timely advice preserves options and control and clarity.

Even with no money or assets, an insolvent company can still be closed properly. Early advice helps directors choose the right route, meet legal duties, and avoid personal risk.

HMRC arrears escalate quickly from missed tax payments to enforcement. Early action protects directors, preserves options, and reduces personal risk before winding up petitions, frozen accounts, or insolvency become unavoidable.

Parker Walsh is proud to be nominated at the IPA Awards 2025, recognising our exceptional team and Dr Phil Monks for dedication, professionalism and outstanding contribution to the insolvency profession.

Business insolvency expert Molly Monks explains why eight once-iconic UK high street brands collapsed after 2016, revealing the financial pressures and structural changes behind their disappearance.

Financial distress often develops gradually. Recognising early insolvency warning signs and seeking professional advice promptly can protect directors, preserve options, and prevent personal liability or enforced business closure.

When a company becomes insolvent, employees may claim redundancy, unpaid wages, holiday pay, and notice pay from the Redundancy Payments Service, providing vital financial support during an otherwise uncertain and distressing time.

When selling assets during insolvency, directors must act carefully. Early professional advice, clear ownership checks, independent valuations, proper documentation, and thorough records help protect directors and creditors.