In this episode, Tom Griffiths speaks with Chris Worden, founder of Director First Insolvency, to explore the often misunderstood world of insolvency, business turnaround, and director advisory services.

Chris shares his personal journey into the field—starting with his own business failure triggered by sudden government policy changes and a £200k bad debt. His frustration with the lack of clear, empathetic advice from insolvency practitioners led him to reshape the industry from the inside out. Today, Director First is one of the UK’s top-rated insolvency support firms, known for providing no-nonsense, jargon-free guidance to struggling directors.

The conversation highlights the key signs of insolvency—such as being unable to pay debts when due, a balance sheet with more liabilities than assets, or receiving legal actions like County Court Judgments or winding-up petitions. Chris explains when directors should seek help and how early intervention can dramatically change outcomes.

They discuss common director misconceptions, particularly the over-reliance on year-end accounts, which Chris bluntly compares to a “chocolate tea cosy”—useless for day-to-day decision-making. Instead, he stresses the need for real-time financial insight and forward-looking cash flow forecasting.

Chris also unpacks the difference between voluntary and compulsory liquidation, as well as how administration and "pre-pack" sales work in practice—balancing commercial outcomes, legal responsibilities, and director reputation.

Whether you're a business owner dealing with creditor pressure, HMRC arrears, or just sensing things are heading in the wrong direction, this episode provides crucial insights. Chris and his team offer free advice to help directors understand their position and options—often resolving issues long before formal insolvency is needed.

Contact Chris here: https://www.linkedin.com/in/chris-worden-01090b46/