Debt Corporate Insolvency Bankruptcy Administration IVA CVA

You are here: Corporate Debt Help

Corporate Debt Solutions

Administration

AdministrationBenefits of Administration

  • Offers full legal protection from all creditors whilst a strategy is formulated in respect of the future of the company
  • Gives directors or third parties an opportunity to buy back the business as a going concern
  • Offers vital breathing space whilst a business recovery or restructuring package is implemented
  • An administrator can be appointed very easily merely by filing the necessary documentation in court.
Read more...

Pre-Packaged Administration (Prepack)

Prepack AdministrationBenefits of Pre Pack Administration

  • Pre-pack administration can result in a quick and relatively smooth transfer of a business.
  • Pre-packs can protect the goodwill of the company as they have a minimal impact on customer confidence that any insolvency proceedings inevitably cause.
  • Pre-packs can save more jobs than in a normal administration.
  • Because the process is relatively quick compared to a normal administration, the costs of the administration process may be reduced, which  may result in a better return for creditors
Read more...

Creditor's Voluntary Liquidation (CVL)

Creditors Voluntary Liquidation (CVL)Benefits of a CVL

  • Allows you to step away from the insolvent company with no further liability (unless debts have been personally guaranteed)
  • A very quick, cost effective way of formally closing down a company and complying with your duties as a director
  • Can be funded using company assets such as cash at bank, sale of assets, book debts etc
  • It shows creditors you have done the right thing by taking professional advice and can steer you away from the implications of wrongful trading
  • Employees and potentially directors can make a claim from the National Insurance Fund and receive payments for outstanding wages, holiday pay, pay in lieu of notice and redundancy.
Read more...

Company Voluntary Arrangement (CVA)

Creditors Voluntary Arrangement CVABenefits of a CVA

  • Can quickly improve company cashflow
  • Stops pressure from creditors including HM Revenue & Customs and covers all tax arrears
  • Can be implemented quickly even if a winding up petition has been issued
  • Not advertised locally or in the Gazette
  • Directors and shareholders retain supervised control of the company
  • No requirement to report to the Insolvency Service on the conduct of directors
  • Significantly lower costs than Administration or Compulsory Liquidation
Read more...

Most Popular Reads

Contact Us

Skull House Lane, Appley Bridge Wigan, Lancashire WN6 9DW

 



Chamber of Commerce FSB and R3 Affiliations