Bankruptcy
Bankruptcy is a formal declaration of insolvency but made by an individual, rather than a company. It’s used if you’re unable to pay existing, unsecured debts.
Company Administration
Company Administration and Pre-pack Administration are used to rescue a company that’s insolvent now but may be profitable in the future.
Company Voluntary Arrangement (CVA)
A Company Voluntary Arrangement (CVA) is the formal process of freezing historic debts in order for a company and its creditors to come to a new agreement.
HMRC debt management
We’ve helped 1000s of limited companies deal with their HMRC and business debt management in a fast and cost-effective way.
Individual Voluntary Arrangement
An Individual Voluntary Arrangement (IVA) is a contractual agreement between you and your creditors regarding new payment terms for outstanding debts.
Pre-pack Administration
If you have a core business that works, a pre-pack administration could save it – and leave behind your old company’s debt.
Cash-flow problems
When we’re approached by a business that’s suffering from cash-flow problems, we like to deal with the source of the trouble, not just the latest issues.
Compulsory Liquidation
Compulsory Liquidation is the court-ordered liquidation of a company. It’s generally a last resort initiated by a creditor who want to get their money back.
Members’ Voluntary Liquidation (MVL)
A Members’ Voluntary Liquidation (MVL) is an easy way to close a solvent business. Any assets are quickly liquidated and the cash distributed tax-efficiently.
Creditors’ Voluntary Liquidation (CVL)
A Creditors’ Voluntary Liquidation (CVL) is an insolvent liquidation process. The company is closed. Its assets are turned to cash and used to pay creditors.
Business insolvency
FA Simms specialises in providing essential help and advice on business insolvency to micro-, small- and medium-sized companies in the UK.
Business Rescue
It’s normal for a business to experience financial challenges. If these are causing you worry, we could ease the burden and get you back on track.