Restructuring insolvent businesses

Insolvency is often unfamiliar territory and causes stressful dilemmas for responsible business owners.

With early advice, there are many options available to help save businesses and to preserve value for those involved.

It is a fact of life that within the life-cycle of a business, there will be successes and also challenges. When businesses are stressed for whatever reason, we are here to provide practical help, pragmatic advice and tailored solutions.

With early advice, there are many options available to save businesses and to preserve value for those involved. Sometimes it is not possible to rescue a company or a business without the use of the options provided by insolvency legislation.

We provide free consultations on the options available if your business is experiencing challenges and, through dialogue with the relevant stakeholders, we can ensure the best outcome.

Here are some of the areas we can advise you:

Administration

We can look at whether an administration is the right option for your business. An administration can enable the rescue of the whole or part of the business as a going concern in order to give a better outcome for stakeholders as a whole.

Company voluntary arrangements (CVA)

We can advise on the possibility of a CVA which can assist with business cashflow difficulties. With this process the directors maintain control with the business continuing to trade under a CVA. An Insolvency Practitioner acts as a supervisor monitoring the business and allowing a dividend to be paid to historic creditors at an agreed rate from ongoing profits.

Voluntary or Compulsory Liquidation

We can help with Voluntary Liquidations or a Winding up by the Court. This will be needed when your company is insolvent on a balance sheet or cashflow basis.

Solvent Liquidation (MVL)

We can help you to use this process for a tax or restructuring purpose when the business is solvent but needs to be wound down.

Individual Voluntary Arrangement (IVA)

We can help individuals in financial difficulties with an IVA where an agreement is reached with your creditors to write off an agreed proportion of their debts and to receive agreed payments over a period of time. This can be a flexible solution which also allows you to avoid bankruptcy.

Creditor services

As well as acting in a formal capacity, we can also support clients who are impacted by the insolvency of one of their customers or another stakeholder in their business:

• Attending creditors meetings on your behalf;
• Helping you with the recoverability of a debt;
• Advice regarding pension deficits;
• Landlord support where there has been non-payment of rent;
• Training services to businesses that deal with non-payment or with companies facing financial difficulty.

Contact our specialists confidentially if you would like to discuss and understand how these procedures may help your business circumstances.

Our insolvency practitioners provide information to help creditors understand the processes which they are involved in. The information can be found here.