What we can do to help you or your business.
The company assists and explains to directors the formal winding-up procedures of an insolvent
limited company – both creditors voluntary and compulsory liquidations – and how to deal with creditor pressure and the rights of employees.
Under the various provisions of the Insolvency Act 1986, struggling companies may obtain the protection of the Court whilst negotiations can take place for the possible re-financing or re-organisation of the company, in order to achieve its survival, or part of it, as a going concern, or to obtain the approval of creditors to an Arrangement in satisfaction of their debts.
As an alternative to formal bankruptcy proceedings, the legislation allows an individual, or a sole trader, who is experiencing financial difficulties, to submit proposals to creditors for an Individual Voluntary Arrangement in satisfaction of his debts, and thus bankruptcy being avoided.
In certain situations it is possible to arrange an informal Debt Management Plan with creditors and thus avoid formal insolvency proceedings.
- Members Voluntary (solvent) winding-up proceedings, generally for the closure or the re-organisation of the company, whilst maximising returns to shareholders.
- Undertake a financial review of the business and advise upon appropriate procedures, with emphasis placed strictly upon identifying and implementing schemes for the rescue or part, or the whole, of the business.
- Advise upon director’s responsibilities in respect of wrongful and/or fraudulent trading and upon their legal responsibilities towards creditors, employees, shareholders and their co-directors.
- Advise individuals facing bankruptcy proceedings, upon completion of the bankruptcy forms, explaining their rights and duties whilst bankrupt, provide information in relation to the requirements of the Official Receiver or Trustee in Bankruptcy, to assist them to take steps to rebuild their lives following a Bankruptcy Order being made against them.
- Representing creditors’ interests at creditors’ meetings, and reporting on the outcome.
- Working closely with other professional to guide their clients through the relevant insolvency procedures and to provide the specialist advise their clients’ troubled business may need.
Once the financial position has been assessed, we will work with you and your clients throughout to find the best solution.