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If an informal procedure is the best option for you we are able to give advice and recommendations which will help you in your decisions should you require any assistance in obtaining professional help in obtaining these solutions.
If, after fully evaluating your circumstances, it is apparent that a formal insolvency process is required to help you with your financial problems, then as insolvency practitioners we are able to fully advise you on the process of the best option for you and ensure that you fully understand any consequences that may be involved.
Please note – The following is only a brief outline of the solutions available. There are advantages and disadvantages to all options and it is therefore important that you obtain professional advice in order to find out which solutions are the best for you in your circumstances. Please call us for a FREE INITIAL CONSULTATION on 01993 707860 or alternatively Contact Us via the page on this site.
Factoring of Book Debts – Time To Pay Arrangements – Refinancing of Assets
This provides a company with the protection of the court and places it under the control of an insolvency practitioner, the Administrator. Creditors are prevented from commencing or continuing any form of legal action except with the permission of the court. The Administrator can be appointed by an order of the court, the company, its directors, a QFCHolder, creditors, or its liquidator (if it is in liquidation). The procedure can enable a company to continue to trade whilst it’s business is restructured or sold; assist an orderly closure of the business providing maximum realisation of assets for creditors; or provide directors with time to prepare a proposal for a voluntary arrangement.
Company Voluntary Arrangement
This enables a company to propose an arrangement with its creditors to make repayment in full or to make payment of a dividend in full and final settlement. The arrangement usually lasts between 3 and 5 years. An insolvency practitioner acts as the company’s supervisor receiving contributions from the company, for the period of the arrangement, for distribution to its creditors. The arrangement provides the company with protection from its creditors and binds all creditors to it.
Company Voluntary Liquidation
Often referred to as ‘winding up’ this is the most common corporate insolvency procedure. A liquidator is appointed by the company’s shareholders and the appointment is ratified by a meeting of creditors, commonly known as a S98 meeting. It is usual for the company to have ceased trading prior to or upon the appointment of the liquidator, who will realise the company’s assets and distribute the proceeds to creditors.
A court procedure. Upon the making of the winding up order the company’s assets vest in a Trustee who is responsible for realizing those assets and making a distribution in full and final settlement to the company’s creditors.