If you or your business is in financial difficulties, creditors are pressing for payment and insolvency is on the horizon, our specialised insolvency team may be able to help.
There are various options available to insolvent companies. Even when a company is placed into formal insolvency proceedings all is not lost.
We will first look to see if there is anything that can be done to preserve the business and jobs. The rescue procedure may involve:
- Company voluntary arrangement
- Turnaround and restructuring
If it is not possible to save the business, the final option is liquidation, which is a terminal process for a company. There are two types.
Creditors’ Voluntary Liquidation – instigated by the directors and shareholders of an insolvent company, where other options are not appropriate.
Compulsory Liquidation – this procedure is initiated by a petition to the court, usually by a creditor, that the company be wound up on the grounds that it is unable to pay its debts as they fall due.
Contact Megan Wallis at email@example.com to find out how we can help you.