Corporate Business Recovery Options
Our business recovery solutions for corporates are split into 4 mains areas:
Creditors Voluntary Liquidation
This is a process instigated by the company directors, when the company is insolvency and unable to continue to trade.
Shareholders are required to consent to the Liquidators appointment and creditors are actively involved in the process.
The role of the liquidator is to realise the company assets, carry out investigations and make any distributions to creditors.
This process involves the company being wound up by the court. Whilst generally it’s a creditor who petitions the court to wind up the business, it can also be the contributories.
Presenting a winding up petition is the ultimate action which can be taken in pursuing a debt. If a petition is received by a company, please contact us so we can advise on the available options to ultimately avoid a winding up order being made.
The Insolvency Practitioner (IP) is authorised to deal with companies affairs, and their role usually involves taking steps to sell the business and assets as a going concern, with the view to preserving jobs and looking to increase returns to creditors than through the Liquidation process.
Frequently the directors of the company instruct the IP, though any charge-holders are required to consent to the appointment and process.
One of the duties of the Administrator is to prepare proposals for the approval by the creditors of what he/she intends to achieve and the purpose of the Administration.
Members Voluntary Liquidation
This is the liquidation of a company that is solvent, which has already or has sufficient assets to pay all of its liabilities in full.
Essentially it is an exit route for shareholders, allowing the distribution of capital which otherwise would have to be paid to the crown. In many instances, the process also allows companies to utilise certain tax benefits which can be more advantageous than simply applying to strike off a company.
There are number of criteria which need to be fulfilled and we are happy to discuss these with you.
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