BUSINESS RECOVERY AND INSOLVENCY SPECIALISTS
16 OXFORD COURT
MANCHESTER M2 3WQ
0161 228 3028
0161 228 2335
Peace of mind is just a phone call away
At P&A we understand that business problems can cause a lot of worry for owners and directors, and that making that initial phone call to ask for advice can be difficult.
That’s why we make sure that, wherever possible, one of our experienced Partners is on hand to take your call and offer free confidential advice. Sometimes that 15-minute conversation is all you need to put your mind at rest, get the problem into perspective and start thinking about the best solution.
We will initially undertake a review of your business, often in conjunction with your accountants, to understand the critical issues. We can then assess the future viability of the business and provide you with clear and concise recommendations.
No one wants to see a company fail and we usually find that stakeholders will work with us to try and maximise the outcome for all concerned. We also have close working relationships with the high street banks, HMRC and invoice financiers who, in the right circumstances, are often prepared to consider refinance.
The sooner you make that call the more options will be available to you and the greater the possibility that your company can be rescued.
If a formal insolvency procedure turns out to be the best solution for you, we will guide you through the process. Options include:
A quick, effective procedure to re-structure your company and save any sound core business. An Administration can be initiated by the floating charge holders or directors, and generally offers a better result for creditors than Liquidation.
A Voluntary Arrangement (VA) enables you to come to a formal arrangement with your creditors to repay any debts over a fixed timescale. It requires the support of 75% of creditors voting at a meeting of creditors. A VA enables the business to continue so that creditors can benefit from your ongoing trade and receive a better return than in a Liquidation.
Creditors’ Voluntary Liquidation
Sometimes it will be necessary for a company to close down. We have proven expertise in guiding directors through the Liquidation process, helping them to understand their responsibilities and avoid any potential pitfalls.
Under a Creditors’ Voluntary Liquidation, the company will cease to trade and the Liquidators’ primary objective will be to realise the company’s assets and distribute them among the creditors.
Members’ Voluntary Liquidation
A Members’ Voluntary Liquidation can be instigated by shareholders if your business is still solvent. The shareholders will appoint a Liquidator to realise the company’s assets and settle all outstanding creditors’ claims within 12 months. Any surplus funds are then distributed to the shareholders.
For more detailed information about the attractions of a Members’ Voluntary Liquidation see our news article here.
As a director you have critical responsibilities if your company becomes – or is likely to become - insolvent. Company law states that, once insolvency has been identified, you must take every step to minimise the potential loss to the company's creditors. If you don’t you could incur personal liability and may also be disqualified from acting as a director.
We have extensive experience of handling insolvency situations and can give you all the guidance you need to make sure you meet all the legal requirements.
For more information please contact us on 0161 228 3028 to arrange a meeting (free of charge) or to request our factsheet for directors.