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Rescue, Recovery, and Closure Options for Student Accommodation owners
The provision of privately-owned student accommodation is set to overtake that provided by universities, if current growth rates continue. This sector has experienced strong development over recent years, both in terms of new investments, and also reinvesting in existing property assets.
Unfortunately, there are always going to be casualties in such a fast-growing market, whether due to financial mis-management, or a sudden loss of reputation, or general fall in demand.
If your property investment company is financially struggling, or has already become insolvent, you should make it a priority to seek expert help and advice as a matter of urgency. At Real Business Rescue we can assess your options for both turning around the fortunes of your company, and also bringing it to an orderly end should rescue not be possible.
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If your student accommodation company becomes insolvent, there may be no option but to consider closing the business down by way of a formal liquidation procedure. This can be done through a Creditor's Voluntary Liquidation - or CVL - a director-initiated process to bring an insolvent and ultimately unviable company to an orderly closure.
As part of the CVL process, the company will be closed in accordance with the Insolvency Act 1986, with all outstanding creditors and liabilities dealt with by the appointed insolvency practitioner. All company assets - such as the property the company owns - will be identified before being liquidated to pay creditors as far as possible. As the company is insolvent, there will be a shortfall in the amount raised when compared to the amount owed; the appointed insolvency practitioner will handle all creditors questions regarding this.
If you are looking to close your student accommodation business, you should make it a priority to consult a licensed insolvency practitioner at an early stage.
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In some cases, it may be possible to save a struggling student accommodation business from closure. This can be done through a range of formal and informal corporate insolvency processes which range from Administration, through to a Company Voluntary Arrangement (CVA).
As part of any rescue strategy, existing company liabilities can be restructured or refinanced, and negotiations can be entered into with creditors to relieve the financial burden your company is currently facing. It may also be possible to simplify the current structure of your company, divest it of unprofitable properties, or renegotiate current lease deals. A licensed insolvency practitioner will be able to help you understand your current options and propose a strategy going forward.
Real Business Rescue can offer professional advice if you own student accommodation and believe insolvency is looming, or you need help to understand the best way forward. Call one of our expert team to discuss your situation on a free-of-charge basis for the initial appointment.
We provide free confidential advice with absolutely no obligation.
Our expert and non-judgemental team are ready to assist directors and stakeholders today.