With 40 regional offices located throughout the UK including Belfast, we are considered the UK's largest and most progressive group of business rescue professionals. As licensed insolvency practitioners we are required by law to provide accurate and applicable guidance in every scenario, and we're also legally obligated to act in the best interest of struggling companies and their creditors.
If you need answers quickly you can send us your questions online or call us on 0800 644 6080 for free advice.
Most directors of indebted companies are trying to do one of two things with the business – they want to get out of debt and facilitate a rescue, OR they want to close down voluntarily. Regardless of which route you'd like to take, we have the experience and expertise needed to help facilitate an optimal outcome with minimal effort and hassle on your behalf.
Here are some of the ways we help the directors and owners of distressed companies accomplish their business goals:
If your business is having trouble keeping up with monthly repayments, payroll expenditure and other operating costs, then entering into a CVA may be the most suitable course of action. This is a formal agreement between a company and its creditors, which, if approved, would provide revised repayment terms that allow for lower repayments, while also centralising debt obligations into a single, easy-to-manage monthly contribution.
Click here to learn more about the company voluntary arrangement process in Northern Ireland.
During a company administration you would appoint a licensed insolvency practitioner to act as the administrator of your business. The administrator would assume the role of interim chief executive officer (CEO), and would therefore have full control over the company's affairs, operating with the primary goal of raising the funds needed to repay the company's debts as much possible and bring about a complete rescue, if possible.
Company administration may provide an optimal outcome for your company if:
If the administrator feels that the administration is unlikely to result in the rescue of the business, and you're interested in saving some of the assets of the business so that they can be transferred to another company then it may be advisable to consider if a pre-packaged sale of assets during administration is appropriate . This procedure is commonly referred to as a pre-pack administration, and despite the fact that it has been a topic of controversy in recent years, it remains a legal and ethical way for the directors of an insolvent business to retain and transfer assets of the business, provided that they can afford to purchase the desired assets at fair market value using their own personal funds. Furthermore, the insolvency practitioner appointed as administrator will need to be able to show the Court that a pre-pack administration will provide the best outcome for all of your company's creditors.
If you'd like to put an end to a business with minimal effort and hassle then entering into voluntary liquidation may be a route to consider. In any company liquidation the primary goal is to sell the assets of the business (i.e. - equipment, tools, inventory, vehicles, bank account funds, stocks, real estate, etc.) in order to repay creditors as much as possible. Following the sale of assets the company is dissolved and struck off. There are two types of voluntary liquidation:
Click here to learn more about company liquidation in Northern Ireland.
If your company owes a creditor or HMRC an undisputed debt of more than £750 then it is at risk of being forced into compulsory liquidation, during which all assets would be sold before the permanent dissolution of the company. As a general rule of thumb you'll only have seven working days to take action after receiving a winding up petition before the end or your company becomes highly probable.
Click here to learn more about stopping a winding up petition and avoiding compulsory liquidation in Northern Ireland.
If you have defaulted on a debenture agreement that contained a security which was created before 15 September 2003 then you could be in danger of being put into administrative receivership, during which a receiver would be appointed to take control of your company in order to realise its assets into funds that will be used to repay your creditors. Unfortunately, if the value of your assets cannot cover the total amount of debt you owe then this process will end in the complete liquidation and permanent dissolution of your business. Fortunately, if you take action quickly it may still be possible to stop a creditor from exercising their right to appoint a receiver.
Click here to learn more about administrative receivership in Northern Ireland.
Personal Insolvency Solutions
If you're struggling with overwhelming personal debts and are on the verge of being declared bankrupt we can help. We offer a diverse range of personal insolvency solutions, including individual voluntary arrangement (IVAs) and debt management plans, both of which can help you recover from a debt load of tens of thousands of pounds while only having to pay what you can realistically afford each month.
If you need advice on any matter related to personal or corporate insolvency in Northern Ireland, feel free to send us your questions or call us on 0800 644 6080 for free advice. Call us today and let us help you like we have helped hundreds of other business. You can also schedule an appointment at one of our 40 regional office locations.
Unfortunately, Alatas was a victim of unforeseen changes in market conditions. However, with its strong reputation within the sector as a one stop shop for engineering and hydraulic repairs, we were confident that it had a viable future. “Having undertaken an accelerated marketing process, we were swiftly able to conclude a sale which not only enabled the business to continue to trade, so saving jobs and contracts for suppliers, but also realised the best return for creditors.Read the Case Study View all Case Studies
25th July 2017 Big companies could soon find themselves being fined for failings in relation to labour laws identified at businesses within their supply chains.
19th July 2017 Bolton Wanderers has been issued with a winding up petition from HMRC that marks the latest flashpoint in an apparently ongoing saga of serious financial difficulty at the football club.
18th July 2017 Confidence among UK business about their prospects for the coming year reached a six-year low in recent weeks amid concerns about Brexit and rising inflation.
14th July 2017 The process of chasing after overdue payments from clients is costing smaller businesses around the UK a collective total of around £2 billion per year.
30th June 2017 An unprecedented number of applications were made for judicial reviews against HMRC during 2016, according to the London-based law firm RPC.
Every day we help companies just like yours turn things around against seemingly impossible odds, regardless of your situation we can help. Find your nearest office today.