Directors often delay this call because they do not know what it involves or what it commits them to. The answer is: about an hour, usually free, and nothing. This page sets out what to expect, what to have in front of you, and what to ask. It is general information, not advice about your company.
Almost every practice offers an initial conversation at no charge and no obligation. Confirm it when you book rather than assuming, but it is the standard position across the market.
It commits you to nothing. You are not appointing anyone by having a conversation; appointment requires a signed engagement letter and then a series of formal steps. You can have the call, take the information away, and do nothing with it.
It is worth being clear-eyed about one thing: a free initial conversation is still a sales conversation. That does not make the advice wrong — it is usually accurate and given by someone who knows the subject — but the person giving it is paid if you proceed. Speaking to two practices is the straightforward correction for this.
Roughly forty-five minutes to an hour, in four parts. The practitioner asks about the company’s situation — what it does, what went wrong, how urgent it is. They gather numbers: debts, assets, cash, employees, who is chasing. They set out which routes are realistically available and usually recommend one. Then they explain what happens next and what it would cost.
What they should not do is push you to sign on that call. Where there is a genuine deadline, such as a winding-up petition already advertised, urgency is real and they will say why. Urgency without a stated reason is a sales technique.
You do not need audited accounts or anything formal. Approximate figures are enough for a first conversation, and waiting until you have perfect information is one of the more common ways directors run out of options.
About them. Who exactly would be appointed, and what is their full name? Which body licenses them? Will you personally handle this case, or will someone else? How many cases of roughly this size and sector did you handle last year?
About the options. What routes are realistically available to us? Why do you recommend that one? What would have to be true for the business to be rescued instead of closed? What happens if we do nothing for a month?
About cost. What is the fee, and is it fixed or a range? Does it come out of company assets or from me personally? What disbursements are expected on top? What happens to the fee if the route changes after work starts? Is anything payable if I do not proceed?
About me. Given what I have told you, what personal exposure do you see — guarantees, loan account, anything else? Is there anything I should stop doing today?
That last question is the most useful one on the list and the one directors least often ask.
Write them down during the call. Then check the licence on the Insolvency Service register afterwards — the licence-checking guide explains how — and have the same conversation with one or two other practices before deciding.
If the second conversation produces a materially different picture of your position, that difference is worth resolving before you appoint anyone.
HMRC is the most common petitioning creditor in UK company liquidations, and arrears are what brings most directors to this call. A few specifics worth knowing before you make it.
A broken time-to-pay arrangement is treated more seriously than a first request for one, and HMRC is generally less willing to agree a second. VAT and PAYE arrears are viewed differently from corporation tax, because that money was collected on HMRC’s behalf rather than owed on profits. And once a winding-up petition has been advertised, the company’s bank account will usually be frozen — which is why the window for choosing your own route effectively closes at advertisement, not at the hearing.
If a petition has been served, this call is a matter of days, not weeks.
The directory lists UK insolvency practices with their own phone numbers and websites, grouped by region. There is no form here and nothing collects your details — contact the firm directly.
Is the first call with an insolvency practitioner free?
Almost always. Most practices offer an initial conversation at no charge and no obligation. Confirm it when booking rather than assuming. Bear in mind that a free first conversation is still a sales conversation, which is why speaking to two or three practices is worth the time.
What questions should I ask an insolvency practitioner?
Who exactly would be appointed and which body licenses them; what routes are realistically available and why they recommend one; what the fee is, whether it comes from company assets or from you personally, and what disbursements are expected; and what personal exposure they can see in your position. That last one is the most useful and the least asked.
What information do I need for the first call?
Approximate figures are enough. Have your latest accounts or management figures, what is owed and to whom (especially HMRC, split between VAT, PAYE and corporation tax), bank balances, a list of assets, any personal guarantees you have signed, your director’s loan account balance, employee numbers, and any legal action already started.
Does having the call commit me to anything?
No. You appoint nobody by having a conversation. Appointment requires a signed engagement letter followed by formal steps. You can take the information away and do nothing with it.
What if a winding-up petition has already been served?
Make the call within days rather than weeks. Once a petition is advertised the company’s bank account is usually frozen and the practical window for choosing your own route closes — well before the hearing itself.