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Rescue, Recovery, and Closure Options for Theatres and Cinemas
The live theatre industry is made up of an extensive list of contractors, freelancers, cast and crew members supporting each performance and breathing life onto the stage. The sector drives innovation and supports the work of countless creative individuals, from artistic directors, theatre managers to box office staff. According to Arts Council England, the arts and culture industry contributes £10.8 billion to the economy and supports over 350,000 jobs per year.
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As cinema and theatre company directors continue to tackle mounting financial liabilities or risk closing their doors permanently, you may consider exploring liquidation options should the problems have taken it beyond the point of rescue.
A Creditor’s Voluntary Liquidation (CVL) is a formal insolvency procedure administered by a licensed insolvency practitioner, resulting in the closure of an insolvent business. If your theatre or cinema has no realistic prospects of survival, a CVL can help provide an exit path while ensuring outstanding creditors are treated fairly.
The CVL process involves appointing a licensed insolvency practitioner who will be responsible for overseeing the procedure. This route can only be entered upon recommendation of an insolvency practitioner and following agreement from directors and shareholders. Creditors will be notified of your intention to wind up your theatre or cinema and presented with a report summarising the financial position of your business. The liquidation process will commence, and will involve all company assets being identified before being sold to repay creditors in a prescribed order, as set out in the Insolvency Act 1986.
Our licensed insolvency practitioners will review the health of your business and advise on the best route forward, which may involve liquidation, or else an alternative process aimed at rescuing the business, such as Company Administration, a Company Voluntary Arrangement or alternative finance options. We can guide you through the business recovery or closure process, offering a free consultation with our business rescue experts.
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If your business can realistically recover from the financial problems it is currently experiencing, a Company Voluntary Arrangement (CVA) can help provide the necessary legroom. A CVA is a formal insolvency procedure administered by a licensed insolvency practitioner which enables you to renegotiate payment terms with creditors, cutting down payments into affordable instalments. This process typically allows you to spread payments across 3-5 years, subject to creditor agreement, providing you with the financial breathing space to repay creditor debts over a longer period.
If you are keen to avoid liquidation as your theatre or cinema has significant asset value, company administration can help protect your business from legal action while a licensed insolvency practitioner directs business recovery. The role of the insolvency practitioner will be to act as the administrator, overseeing company finances and assets with the view to generate creditor returns. Company administration can help shield your business against compulsory liquidation and preserve business viability.
Your theatre or cinema business may be struggling to adhere to its liabilities and financial commitments due to restricted cash flow. If a cash injection can help bring your business back on track, secure customers and generate more demand, commercial finance may be your answer. We work closely with leading finance lenders offering competitive rates, paving a direct route to a range of products for your theatre or cinema. Our dedicated finance team can source a selection of company finance solutions, such as invoice finance, asset finance or a business loan to improve company cash flow.
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