Administration is an option for insolvent companies, whereby the stricken business can buy time and hold creditors at bay.
By making an application to the Court you can appoint a licensed insolvency practitioner. Once this process begins, legal action against your company must be approved by Court order – an essential buffer if you’re faced with aggressive action on the part of creditors.
Although directors must hand over control of their company to the administrator, the breathing space administration affords can allow for crucial restructuring and will call a temporary halt to further decline.
Your business can continue trading and provide continuing employment for your staff. Call a Debt Advisory Services’ expert today to discuss whether administration is the right option for your business.
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The previous 5 years insolvency figures show that only 1 in 20 directors of companies that went into liquidation, administration or receivership were later disqualified as acting as a director. Put in another way, there is almost a 95% probability of not being disqualified if a company enters into formal insolvency proceedings. |
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At Debt Advisory Services, we have successfully provided solutions for hundreds of companies experiencing all types of business debt. Give us a call for your consultation today. |
If you have a limited company which is insolvent, it can use a Company Voluntary Arrangement (CVA) to pay creditors over a fixed amount of time. If your creditors agree, the limited company can continue trading.
Debt Advisory Services can get you a CVA through an insolvency practitioner. There is a charge for applying for the CVA and also to administer it, however this charge can be built in to your payment plan.
Once appointed, the insolvency practitioner will create an ‘arrangement’ outlining the amount of debt you can pay and a payment schedule. Writing to the creditors, the insolvency practitioner will invite the creditors to a meeting in order to vote on it. The CVA must be approved by creditors who are owed at least 75% of the debt.
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The previous 5 years insolvency figures show that only 1 in 20 directors of companies that went into liquidation, administration or receivership were later disqualified as acting as a director. Put in another way, there is almost a 95% probability of not being disqualified if a company enters into formal insolvency proceedings. |
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At Debt Advisory Services, we have successfully provided solutions for hundreds of companies experiencing all types of business debt. Give us a call for your consultation today. |
You can choose to liquidate your limited company or ‘wind it up’. The company will stop trading and employees’ contracts will cease. The company won’t exist once it’s been removed (or ‘struck off’) from the companies register at Companies House.
Your company’s assets will be used by the liquidators, selling them off and paying your creditors. Any money left goes to shareholders. You’ll need to restore your company to claim back money after it’s been removed from the register.
This sounds drastic, however it’s quite commonplace and Debt Advisory Services are here to help the whole process go smoothly
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The previous 5 years' insolvency figures show that only 1 in 20 directors of companies that went into liquidation, administration or receivership were later disqualified as acting as a director. Put another way, there is almost a 95% probability of not being disqualified if a company enters into formal insolvency proceedings. |
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At Debt Advisory Services, we have successfully provided solutions for hundreds of companies experiencing all types of business debt. Give us a call for your consultation today. |