Anyone use SJD insolvency services? Anyone use SJD insolvency services?
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  1. #1

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    Default Anyone use SJD insolvency services?

    I'm considering liquidating in the next few months and switching to a brolly, just to pull money out and claim entreprenuers relief. IR35 and the current political situation are too risky, too much money at stake, so getting out for a while and see how the next couple of years go.

    I see a lot on here from Maslins, and he is on my list of liquidators but nothing from SJD, is Philip Beck still the liquidator for them?

    Anyone used SJD Insolvency in the past couple of years? How was the process? I'm a current client so would rather keep it all inhouse if possible to keep it simple, but if they are tulip, then I'll look elsewhere and put up with the additional complexity.

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    I'm not too sure using Maslin's will add any un-needed complexity and if it does you'll know its all required and being done properly. It's not a difficult process once you've got the right information.

    I'd be asking how much SJD will charge for it though. Knowing them I can't imagine it will be cheap.

    I left SJD because of poor service and having to pay for all the hidden extra's and very glad I did so maybe I've a very jaded view but going with Chris is a no brainer IMO.

    Just the fact you've seen lots about Maslins and zip about SJD would be enough for me, happy customer or not.
    I do believe of our Mods has used Maslins and would recommend him as well.
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    It looks like I'm not the only one that's got a poor opinion of their service as well, you called it out 16 months ago. I would have thought that alone would have helped you make your decision?

    https://www.contractoruk.com/forums/...ml#post2503815
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    Quote Originally Posted by splitbrain View Post
    Anyone used SJD Insolvency in the past couple of years?
    Loads of people have. No idea whether they were happy with it or not. Some readers may find this site of interest. Scroll down a bit to the table. It's a rolling chart so constantly changing, but at time of writing SJD are ranked 10th in terms of numbers of liquidator appointments, 333 in the last year(ish). MVL Online 12th with 245 for comparison. A few of the others around there also offer similar things (ie they're fairly piddly firms doing a large number of simple solvent liquidations). However of course the top 10 also includes a lot of household names (inc the big 4). They don't do vastly more liquidations in number than us, but they'll likely be charging £100k a pop instead of £1k!

    Anyway, last I heard SJD insolvency charge broadly double what MVL Online do (circa £2k instead of circa £1k) for a simple liquidation. However, they also decide that if you want to use a third party liquidator (ie not SJD insolvency), then their accounting arm will charge you an extra £1,000+VAT for "helping to get your affairs in order for the other liquidator". Ie if we assume a fair cost of the liquidation is £1k, then SJD are going to get an extra £1k for doing naff all regardless. Who said ethics are dead in accountancy...

    So having spoken to a fair few SJD accounting clients who have approached us, they nearly always go with the SJD liquidator. It ends up being the same price for them, and "better the devil you know". Sad reality is it probably makes sense for you to do the same too.

  5. #5

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    Quote Originally Posted by Maslins View Post
    Loads of people have. No idea whether they were happy with it or not. Some readers may find this site of interest. Scroll down a bit to the table. It's a rolling chart so constantly changing, but at time of writing SJD are ranked 10th in terms of numbers of liquidator appointments, 333 in the last year(ish). MVL Online 12th with 245 for comparison. A few of the others around there also offer similar things (ie they're fairly piddly firms doing a large number of simple solvent liquidations). However of course the top 10 also includes a lot of household names (inc the big 4). They don't do vastly more liquidations in number than us, but they'll likely be charging £100k a pop instead of £1k!

    Anyway, last I heard SJD insolvency charge broadly double what MVL Online do (circa £2k instead of circa £1k) for a simple liquidation. However, they also decide that if you want to use a third party liquidator (ie not SJD insolvency), then their accounting arm will charge you an extra £1,000+VAT for "helping to get your affairs in order for the other liquidator". Ie if we assume a fair cost of the liquidation is £1k, then SJD are going to get an extra £1k for doing naff all regardless. Who said ethics are dead in accountancy...

    So having spoken to a fair few SJD accounting clients who have approached us, they nearly always go with the SJD liquidator. It ends up being the same price for them, and "better the devil you know". Sad reality is it probably makes sense for you to do the same too.

    The SJD insolvency charge mentioned above is accurate, as I've just been quoted by them. My current accountant is part of the SJD Group and there is a fee for using an alternative liquidator... well actually they waive this fee if you use SJD. I'm still considering going with MVL Online regardless!

    My only concern is the safety of the Company funds after they've been transferred to the liquidator. I appreciate there's insurance including for these funds against malpractice but it's still a big worry to hand over a large sum of cash to a third party. That's the only reason I've been hesitant to date.

  6. #6

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    Quote Originally Posted by northernladuk View Post
    It looks like I'm not the only one that's got a poor opinion of their service as well, you called it out 16 months ago. I would have thought that alone would have helped you make your decision?

    https://www.contractoruk.com/forums/...ml#post2503815
    They did sort it in the end, and I saved a few grand in the process as they waived the fee.

    I'd rather not use them for this, but I think it may be the easiest and most convenient way of getting this done.

  7. #7

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    Quote Originally Posted by Maslins View Post
    Loads of people have. No idea whether they were happy with it or not. Some readers may find this site of interest. Scroll down a bit to the table. It's a rolling chart so constantly changing, but at time of writing SJD are ranked 10th in terms of numbers of liquidator appointments, 333 in the last year(ish). MVL Online 12th with 245 for comparison. A few of the others around there also offer similar things (ie they're fairly piddly firms doing a large number of simple solvent liquidations). However of course the top 10 also includes a lot of household names (inc the big 4). They don't do vastly more liquidations in number than us, but they'll likely be charging £100k a pop instead of £1k!

    Anyway, last I heard SJD insolvency charge broadly double what MVL Online do (circa £2k instead of circa £1k) for a simple liquidation. However, they also decide that if you want to use a third party liquidator (ie not SJD insolvency), then their accounting arm will charge you an extra £1,000+VAT for "helping to get your affairs in order for the other liquidator". Ie if we assume a fair cost of the liquidation is £1k, then SJD are going to get an extra £1k for doing naff all regardless. Who said ethics are dead in accountancy...

    So having spoken to a fair few SJD accounting clients who have approached us, they nearly always go with the SJD liquidator. It ends up being the same price for them, and "better the devil you know". Sad reality is it probably makes sense for you to do the same too.
    I have to say it's admirable that you have given me the reply you have, the kind of practice being employed is surely likely to fall foul of anti competition law. I may well be using you regardless, you are obviously an honest and trustworthy outfit.

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    Quote Originally Posted by splitbrain View Post
    I have to say it's admirable that you have given me the reply you have, the kind of practice being employed is surely likely to fall foul of anti competition law. I may well be using you regardless, you are obviously an honest and trustworthy outfit.
    Having used them I would happily recommend.

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    Quote Originally Posted by cojak View Post
    Having used them I would happily recommend.
    In case any readers are confused I think cojak means MVL Online, not SJD insolvency here

  10. #10

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    Quote Originally Posted by Maslins View Post
    In case any readers are confused I think cojak means MVL Online, not SJD insolvency here
    Ah, yes. Indeed!

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