Business rescue procedure available to insolvent companies.
Formal winding up of an insolvent company.
Formal time to pay agreement with protection of the court.
Intermediation and advice to players, coaches, clubs and agents.
Winding up for solvent companies allowing return to shareholders.
Negotiation with creditors on your behalf.
Exploring the options available and negotiating terms.
Analysis of corporate structures and implementation of appropriate measures.
Fixed charge and LPA Receiverships on behalf of fixed chargeholders.
Highly experienced M&A team who are involved in the marketing and disposing of distressed businesses.
Formal Insolvency Procedures
Administration is a procedure available to a company that is insolvent. The statutory purposes of Administration include rescuing the company as a going concern, producing better result for the creditors than if the company were wound up without being in administration and realising property in order to make a distribution to secured or preferential creditors. Whilst a company is in administration, creditors are prevented from taking any legal action. There is a one year time limit within which the administration must be concluded, but this period can be extended with the agreement of the creditors or the permission of the court if more time is needed to achieve the purpose of administration.
At the conclusion of an administration… Read more about company administration.
Creditor’s voluntary liquidation is the formal insolvency procedure used to close a company that has reached a position of insolvency. It may be used as a business rescue procedure by giving the directors the opportunity to purchase the business assets and goodwill at market value to trade from a new company. Voluntary liquidation gives the director more control over the appointment of the liquidator than if the company were to be wound-up via the court.
Procedure for CVL
Read more about Creditors’ Voluntary Liquidation (CVL)
When is it used?
To rescue a company as a going concern
To effect an orderly wind-down of a company (without the company first being put into liquidation)
Following on from an administration.
The usual terms of a CVA include:
Read more about Company Voluntary Arrangement (CVA).
What do I have to do?
You will be asked to produce a schedule of all assets and liabilities. This is known as a Declaration of Solvency.
You and your fellow directors will then have to pass resolutions at a Board meeting and the members (shareholders) will attend an Extraordinary General Meeting
At this point, the company would cease trading if it had not already done so.
Directors consult Licensed insolvency practitioner
Read more about Members’ Voluntary Liquidation (MVL).
Other Insolvency Procedures
Under certain circumstances, HMRC may agree to a proposed repayment of tax debt (Corporation Tax, PAYE and VAT) over an agreed period of time. This arrangement is suitable for companies experiencing temporary cashflow problems but which have viable businesses, and are therefore able to repay the debt in full.
HMRC will generally accept an extended period of around 6-12 months to satisfy the outstanding debt. The exact amount of time will depend upon the applicant’s circumstances, previous history of payments and the level of risk perceived by HMRC.
Some of the conditions that need to be met include:
Read more about Time To Pay Arrangements (TTP).
Raising funds to finance your business growth is critical. As is determining the right type of finance.
We can help you identify the most suitable form of finance based on your needs. We work closely with a wide range of finance providers and can assist throughout the process, from preparing the application through to completion of the contractual paperwork.
Read more about Raising finance.
Simply put, corporate simplification is the process of removing subsidiaries from a group structure. Some of the reasons for doing this may include:
• Dissolution of redundant entities
• Operating and compliance costs reduction
• Free-up capital
• Cost of capital optimization
• Tax and price transfer optimization
Read more about Corporate Simplification.
We can provide commercial advice to lenders in the form of pre-lending recommendations, viability reviews and risk analysis.
Read more about Secured Lender Services.
Who we work with
If you are concerned about the financial position of your business, contact us for advice.
We provide advice and assistance to secured lenders in relation to mortgage arrears and enforcement of security.
We can advise on improving credit control and assist with enforcement of debts.