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Case Studies

FIRE ALARM AND SECURITY SERVICES COMPANY

customer background

The company was incorporated in the late 1990’s and traded successfully in relation to the supply of fire alarm and security systems, both commercially and domestically. However, the company’s success was subsequently overshadowed by an acrimonious dispute between the Shareholders’, which had a negative impact on the day to day running.
TBDA was approached by one Shareholder to provide advice as to the company’s financial position, and the options available. It was agreed that the company was solvent, and that, in the absence of any other workable agreement, the Shareholders’ could consent to the company being would up.

Beverley Budsworth was nominated as Liquidator and negotiated with all parties as to the proposed Members Voluntary Liquidation.  It was agreed that this would be the most appropriate strategy, and allow a Liquidator to deal with the company’s assets and liabilities in a fair and compliant way.  

It was resolved the Board would swear a statutory Declaration of Solvency, which would enable the Shareholders’ to pass the necessary resolutions.  TBDA assisted with the process and it was formally resolved that Beverley Budsworth should be appointed as Liquidator.  

approved Members Voluntary Liquidation solution

Significant funds have been received into the liquidation, which remains ongoing. It is estimated that the Shareholders’ will receive distributions of capital in accordance with their allotted shares in due course.

Careful consideration must be given to all options available to a financially distressed business. For more advice, fill out our Contact Form and we will be in touch. Alternatively, call our FREE ADVICE LINE on 0800 781 0990.