Sometimes a business comes under pressure from HMRC, a creditor, perhaps the bank or other lender, perhaps due to cash flow issues or a one-off unhelpful situation such as suffering a bad debt or losing a key staff member.
Our turnaround specialists can help put in place business improvement solutions, refinance options, creditor engagement and by solving complex problems.
We help by sharing expertise across our firm including – where relevant – drawing in the help of our consulting teams who are experts in financial and operational risk, people and processes and even robotic process automation.
Liquidation, or winding-up, is the formal closure of a solvent or insolvent company.
A solvent company can go through Members’ Voluntary Liquidation. An insolvent company can go through Creditors’ Voluntary Liquidation or the Court-driven process which is Compulsory Liquidation.
The directors and shareholders of a company can place the company into solvent or insolvent liquidation. Creditors of the company can apply to Court for a petition to wind up an insolvent company by Compulsory Liquidation.
Administration is an insolvency option that is available to struggling companies. It gives the company a breathing space from creditors and allows time for us, as administrators, to put forward proposals to rescue the business, sell assets or come up with alternatives that can lead to a better outcome.