Insolvency (Liquidations & Sequestrations)
Businesses liquidate and Individuals sequestrate
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.
Insolvency Law 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.
If you had the chance to restart your business without any debts, could you make it successful next time?
We understand that as a business owner you have worked day and night to ensure your business is successful. But sometimes even the most successful businesses face situations which are outside of their controls.
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 liabilities totally.
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 and size.
So you can understand how we review businesses and make conclusions on what changes should be implemented.