Restructuring ᛫ Rescue ᛫ Insolvency
Our highly qualified and experienced team have a unique and proven method to identify the optimum route forward for a business facing financial challenges. We will take time to listen, fully understand your business and methodically work through the difficulties you are facing. We will then provide you with an independent overview and a range of solutions to allow you to choose your preferred next steps.
We pride ourselves on never giving fee driven advice and are always happy to explore your needs in an initial consultation free of charge.
As part of our commitment to help businesses adapt to the challenges created by the Coronavirus pandemic we have launched BusinessSupport.co.uk. The site brings together best practice advice, checklists, case studies and how-to guides addressing many aspects of business financing, planning and management within the context of the COVID-19 crisis.
OUR SERVICES
What is Insolvency?
When a company is falling behind with payments due to suppliers, HMRC, Financiers or staff-with no clear opportunity to get back on track then the company is likely to be insolvent. Evidence of this might be a tightening of cash flow, chasing letters from creditors, court enforcement or bailiff action.
What is the difference between Liquidation and Administration?
As Insolvency Practitioners, we’re often asked what the difference is between Liquidation and Administration.
They are both formal company insolvency procedures in the UK. The main difference is that a liquidation process is used to close a company down, whereas Administration is a business rescue tool that may help it to survive.
Can I use someone who isn’t licensed to undertake a formal Insolvency Process?
To undertake a formal insolvency process such as a Creditors’ Voluntary Liquidation or Members’ Voluntary Liquidation, you will need to use a Licensed Insolvency Practitioner.
A Licensed Insolvency Practitioner is the only person who can deal with a voluntary liquidation of your company.
You would be wise to speak directly to the Insolvency Practitioner who will act as liquidator of your company. If you don’t how else will you know what to expect once you’ve appointed them as liquidator. After all they will be responsible for your director’s conduct report in a CVL and will be in control of your assets in an MVL.
What is the difference between Cash Flow and Balance Sheet Insolvent?
When a company is falling behind with payments due to suppliers, HMRC, financiers or staff – with no clear opportunity to get back on track – then the company is likely to be insolvent. Evidence of this might be a tightening of cash flow, chasing letters from creditors, court enforcement or bailiff action.
There are two tests that can be applied to assess an organisation’s financial viability: the cash flow test and the balance sheet test.
NEWS
Is the 2m social distancing rule viable in the UK – especially for the hospitality industry?
