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Our advice to you or your company will be tailored to your specific circumstances.
The earlier you seek our advice, the better we can help. Talk to us as soon as possible to minimise risk of director liability and to reduce losses to creditors. The services we offer include: |
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Voluntary liquidation
Liquidation involves the closure of your company. This does not necessarily mean that the business your company ran cannot trade in the future, but the company itself will not trade following liquidation.
Liquidation takes the pressure off by stopping unsecured creditor claims in their tracks. The liquidator will deal directly with your creditors, giving you breathing space to consider your future and that of your business. For a solvent company, a members’ voluntary liquidation is a tax efficient way of extracting profits from a company after its trading ends. The liquidator will satisfy creditor claims from the company's assets, then effect a distribution to shareholders. |
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Administration
Administration is an intermediate insolvency procedure which may or may not result in the closure of the company. Administration is useful where the goodwill value of the company’s business would be diminished were the company to cease trading, as in liquidation. Administration is most often used to achieve a better return to creditors than would be yielded by liquidation alone. It can also be used to give a company breathing space before proposing a company voluntary arrangement, or simply as a temporary measure to give the company time to recalibrate its financial position.
Administration is of particular use to a company’s debenture holder, enabling qualifying secured creditors to take control of a company’s affairs, thereby protecting their investment. |
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Company Voluntary Arrangement (CVA)
Where a company believes it can continue to trade but temporary cash flow problems are making this difficult, proposing a CVA to the company’s unsecured creditors may be the answer. A CVA is a non terminal insolvency procedure, offering the company’s creditors a percentage in the pound return to satisfy existing debts, usually by way of monthly payments. A CVA can relieve current creditor pressure while enabling the company to continue to trade.
The terms of the CVA depend on creditors’ agreement and the value of the company's assets. |
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Business Recovery
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HMRC Time To Pay Arrangements
If you have fallen behind with HMRC payments we can take the pressure off by helping you set up Time to Pay (TTP) arrangement.
A TTP is designed to help businesses which are fundamentally viable, but are experiencing temporary cash flow problems. If HMRC believes your company to be insolvent, it may act quickly to recover its debts. It is essential therefore that directors act as soon as possible rather than allowing debts to HMRC to mount up. A TTP arrangement will not affect your company’s credit rating. |
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Creditor and Director Support
We advise and assist all parties on all aspects of corporate insolvency.
If you are owed money by a company which is unable to pay, let us know. We may be able to negotiate a settlement, or a winding up petition may be your best chance of getting paid. We also advise on director disqualification. |
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