Once the application
is granted, all assets are sold and the proceeds divided amongst
the creditors. Any creditors not paid, must write off all outstanding
amounts, which can never be claimed from you again.
governs aspects of financial debt. Insolvency occurs when a
company is no longer able to pay debt due. The two main types
are that of the inability to pay debt when due and is thus related
cash flow problems and balance sheet insolvencies when the liabilities
of a company far exceed the assets.
had the chance to restart your business without any debts, could
you make it successful next time?
that as a business owner you have worked day and night to ensure
your business is successful. But sometimes even
most successful businesses face situations which are outside of
We will prepare
a series of options for your business and explain the following
to you: continuing your business in its current form & the
implications, a company liquidation and restarting a new company,
CVA – Company Voluntary Agreement, pre pack administration
or simply a Business liquidation and minimizing or eliminate your
Being prepared for
all eventualities makes good business sense for all stakeholders
and should mean fewer surprises.
The crucial factor
in rescuing a business and protecting creditor’s rights
is the early involvement of trained specialists. We have comprehensive
experience of planning and executing formal insolvency processes,
across many sectors and businesses ranging in both complexity
So you can understand
how we review businesses and make conclusions on what changes
should be implemented.