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For companies in distress we offer an independent financial review with advice on various options available.
Many directors fall into the trap of ignoring the warning signs, simply expecting the difficulties to resolve themselves over time. The earlier directors tackle a company’s problems, not only will they protect themselves from any possible future legal action, but the better the chance of constructing a plan that will ensure the survival of the business.
A director may be liable for wrongful trading if a company is trading insolvently.
In addition to accepting appointments in receivership and liquidation, we provide innovative and practical solutions by way of administration and voluntary arrangements, both formal and informal.
We will provide realistic and professional advice on all the options available to the company.
Administration
Where we act as the insolvency practitioner, managing the business affairs of the company.
Voluntary Arrangement
Advising and drawing up a full or partial repayment agreement with creditors.
Receivership
Realisation and distribution of a company’s assets acting on behalf of secured creditors.
Voluntary Liquidation
Winding up the company when the Directors and shareholders have recognised its insolvency
Compulsory Liquidation
Winding up the company which has defaulted when a court has decided it can no longer meet its obligations.
Dissolution
Handling the winding up of the company when it no longer has a trading future.
Refinance
Examining the options of seeking financial help and facilitating in order to continue trading.
For Individuals, we offer a full review of financial circumstances and advice on the most practical and realistic way forward.
The emotional worries of financial difficulty are a problem many do not face until their situation becomes desperate. Faced with county court judgements, the bailiffs, repossession of goods or ultimately, a bankruptcy petition, the future can look bleak. There are four responses to this position:
- Ignoring the problems and taking no action until it is really too late
- Negotiating reduced payments with creditors for a short period
- Formally agreeing an individual Voluntary Arrangement
- Applying for Bankruptcy
Clearly, ignoring the debt is not a viable answer. Indeed, negotiating reduced payments with creditors is only a short-term arrangement and does not have the support of the Courts, nor does it prevent interest accruing on the debt.
An individual Voluntary Arrangement (IVA) avoids the stigma of bankruptcy and is a powerful tool in dealing with personal debts.
In certain cases bankruptcy may be a more appropriate measure, although individuals are advised to seek independent, professional advice before taking this route.
We accept appointments in individual voluntary arrangements or bankruptcy and will assist within formal negotiations with creditors.
In any event we will always encourage our individual clients to take immediate positive action.
ACTION:
If you would like more information or would like to ask us a question then contact your nearest office. To ask us a question online click here.
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