Published: 9th January 2019
Whether due to overtrading, cash flow constraints, or an overall downturn in the market, it is an unfortunate part of business that not all companies ultimately end up being a success. When all other avenues for restructuring and refinancing have been exhausted there may be nowhere else left to turn other than to look at ways of facilitating the shutdown of an underperforming business.
Swift advice is crucial in protecting your personal position and limiting creditor losses when your company is facing the very real threat of insolvency. During these times it is vital that you have someone you can rely on to ensure your company’s affairs are brought to a close in an appropriate manner while minimising disruption and financial loss to creditors and directors alike.
RBR Advisory can provide industry-leading advice and support when you need it most. Options for restructuring and turnaround will be investigated and, if a recovery plan is deemed to be viable, implementing this will always be our primary aim. Should closure be the only appropriate solution to the company’s problems, however, we will put a plan in place to effect the shutdown swiftly while using our skill and expertise to maximise returns and limit damage to stakeholders all in full compliance of the Insolvency Act 1986.
With specialities spanning a variety of sectors, our experienced licensed insolvency practitioners can ensure the insolvent company is wound down in an efficient manner ensuring outstanding creditors are treated fairly all the while safeguarding your compliance towards your legal obligations as director. Our input can help mitigate allegations of misfeasance and wrongful trading which may otherwise arise through the issuing of preference payments, transaction at undervalue, or for trading while knowingly insolvent. Our partner-led service gives end-to-end support throughout the entire process from ascertaining whether the business is insolvent through to the company’s eventual closure.
Although a complete shutdown of your company may not be the preferred option, handled correctly it does give you the chance to move on to a new venture free from the constraints of an overburdened business. Should starting a new company form part of your future plans we can talk you through the rules and regulations surrounding this safeguarding you from falling foul of ‘phoenixing’ laws and seeking court approval if necessary.