We can explain the different procedures which may be available to a business in financial distress, and give practical guidance on preparing for a formal insolvency process.
Formal processes will always require the involvement of a licensed Insolvency Practitioner. We work closely with a number of Insolvency Practitioners so we will help you to identify the right individual or firm for your particular circumstances. We will then work with your preferred practitioner to implement the agreed process.
Not all the procedures will be available so we will advise which is likely to achieve the best outcome for the business and its stakeholders.
Pre-pack administrations, where negotiations for the sale of a business are carried out before the appointment of the administrators and then concluded shortly after the appointment, have been a regular and sometimes controversial method to rescue part or the whole of a business. We can take you through the steps required to achieve a pre-pack sale.
Company voluntary arrangements are a process which enables the incumbent management to continue whilst being lightly supervised by an Insolvency Practitioner. Once set up and, approved by the company’s creditors, it will protect the company from aggressive creditor action whilst the financial contributions proposed in the arrangement are maintained.