Is yours one of the many businesses that are struggling with cash flow problems?
- Is your business viable but suffering due to the economic climate?
- Has your business sustained bad debts?
- Do you need help to get your business back on track?
- Or has your business reached breaking point and you need an orderly closure?
If any of the above is applicable we are here to help.
We are here to provide FREE confidential advice on liquidation and alternatives to liquidation.
We will help you focus on the best course of action for dealing with your business debt. The solutions we can provide offer a practical and cost-effective solution to financial problems, whether you are looking for advice on liquidation or alternative options for your limited company.
How we can help?
- Confidential advice for business owners
- Dedicated team with over 40 years experience
- Free consultation
- Fixed fees
- Reduced stress arising from financial pressures
Alternatives to Liquidation
Alternative 1: Company Voluntary Arrangement (CVA)
If your business is viable and can trade positively, assuming that historic debt is frozen, a CVA could allow your company to carry on trading whilst making monthly contributions to creditors over a fixed term.
A CVA must be approved by at least three quarters of unsecured creditors who choose to vote on the proposal. If the proposal is approved by the correct majority then all unsecured creditors are bound by the agreement and cannot take action against the company.
The CVA will be managed by a licenced Insolvency Practitioner acting as Supervisor. The Supervisor will monitor the terms of the CVA are met until it has been fully implemented.
The amount repaid is different in every case, because it depends entirely on what your business can afford to pay. This could be a good alternative to liquidation if the core business is viable, but faced unforeseen obstacles.
Alternative 2: Business Survival and Administration
If your business is underperforming but has the ability to turnaround then Administration could be an appropriate alternative to liquidation.
The primary aim of administration is to rescue the company as a going concern. If this will not be possible then one of the purposes of administration is to achieve a better outcome than liquidation, or simply to return money to secured creditors or creditors with preferential status.
The administration process is most commonly used to achieve a sale of substantially the whole of the business and assets, with the debts remaining with the company to be dealt with by the administrator.
Administration offers protection from creditors who will be prevented from taking action to recover the debt. It can be the most appropriate alternative to Liquidation if your business is facing the threat of a winding up petition or other enforcement action.
Alternative 3: Dissolution
If your business is no longer trading then applying for the company to be struck off the register could be a good alternative to liquidation.
All (or a majority of) directors must submit an application form to Companies House, together with a £10 administration fee. The procedure can only be used if the company meets certain criteria and will not be a suitable alternative to liquidation if the company has outstanding debts, or is subject to any insolvency proceedings.
Before applying to strike off your company, you must adhere to your obligations as a director.
For tailored advice on business debt solutions, such as liquidation and the alternatives to liquidation, please fill out our Contact Form and we will be in touch. Alternatively, call our FREE ADVICE LINE on 0333 9999 600.
Careful consideration must be given to all options available to a solvent company and it is important to speak to a qualified insolvency practitioner.
Our team of business advisors are dedicated to helping distressed businesses and individuals, and focus on working with clients to achieve a practical, and cost-effective solutions to their financial problems.
We are a dedicated team of insolvency specialists , who can help you to resolve any financial difficulty your business may face. Our team has provided help to businesses operating across all sectors, and has a wealth of experience which makes us best placed to help a struggling company.
We will consider all of the options available to your business, and work closely with you to ensure that the best outcome is achieved, in the most cost-effective way.
Whether it’s liquidation or an alternative to liquidation you need, regulation by the Financial Conduct Authority (FCA) means that for business owners we can advise on, and deliver, both formal and informal solutions.
This ensures that you are provided with complete advice which enables you to make clear decisions.
Our team is proud to have helped many businesses rebuild and work hard to make the process as fast, simple and stress free as possible.
Alternatives to Liquidation
Our specialist team has over 40 years combined experience of helping distressed businesses. We are fully authorised and regulated by the Insolvency Practitioners Association (IPA) and Financial Conduct Authority (FCA) which means we are truly able to provide our clients with complete advice. Our caring approach is what sets us apart from the rest.
For a free consultation call us on 0333 9999 600 or click here.
Registered company number 06248441. Authorised and regulated by the Financial Conduct Authority (659920).