Second Opinions & Clarification

When should you seek a second insolvency opinion?

Directors often seek a second opinion when they feel uncertain, pressured, or unconvinced by the advice they’ve already been given. An independent review checks whether the recommended route – such as liquidation or administration – is the most suitable for the company’s situation.

This process provides reassurance that you’re not rushing into insolvency unnecessarily, and that alternatives such as restructuring or time-to-pay arrangements have been properly considered.

How can clarification help directors facing insolvency?

Insolvency advice can be difficult to interpret, especially under stress. Clarifying the differences between Creditors’ Voluntary Liquidation, Members’ Voluntary Liquidation, administration, or strike-off helps directors fully understand the financial and legal consequences of each.

We explain technical terms in plain English, confirm whether you’ve been advised correctly, and highlight any risks that may not have been covered – such as personal guarantees, HMRC liabilities, or wrongful trading concerns.

What risks can an independent review highlight?

Second opinions don’t just confirm the right route; they also check whether you’ve been given the full picture about potential personal risks. These may include overdrawn loan accounts, unpaid tax liabilities, or exposure from personal guarantees.

An independent review highlights these issues early, ensuring you take the right steps to protect yourself and avoid unpleasant surprises during the liquidation or restructuring process.