When directors face solvency concerns we can assess the business’ current and short-term financial position, identify the risks to all stakeholders and assess the capacity to restructure and trade out of difficulties.
If restructure is not possible, we provide formal corporate insolvency procedures including:
We implement formal processes to facilitate arrangements that offer creditors a commercial compromise of their debts. This provides the best chance for a business to continue in existence, but also the opportunity for a smooth transition into liquidation if that is not possible.
We implement procedures enabling the winding up of a company's affairs to meet the claims of creditors when a company cannot pay all its debts in full. This process is initiated by either the Court or the members and ensures all the assets of the company are realised, appropriate investigations are undertaken and statutory reporting is conducted so that residual assets can be distributed to the creditors in payment of their debts.
We work with a secured creditor of a company (i.e. a bank) to take control of the assets covered by its security for the purposes of realising those assets to repay the bank’s debt.
Members' Voluntary (Solvent) Liquidation
When a company is no longer operating, we can implement procedures to transfer its remaining assets to its shareholders in a tax effective manner. This reduces the cost to shareholders/parent companies when dormant or redundant entities can continue to waste unnecessary time and money.