Business Recovery & Insolvency

Business Recovery & Insolvency

We believe that Businesses facing financial pressures require effective advice and prompt action - which are both key to achieving a possible recovery. Whether it is the potential failure of a business, or facing liquidation, being involved at the earliest stages is essential to achieve the best possible outcome.

Whilst recovery is our prime objective there will be occasions regrettably, when a formal insolvency procedure is the only option available. We work with a number of Licensed Insolvency Practitioners (IP’s) who we are very happy to put you in touch with. They will be able to provide you with a very competitive quote which will be tailored to your individual needs. Their priority is to recover businesses where viable and maximise value for all concerned.

Please take a look at the various options below to get an overview of the services we offer, as well as how we will be able to assist you:


‘Going into Administration’ is designed to protect a company from its creditors while a restructuring plan is considered. This procedure can be very useful in situations where the company has an aggressive creditor(s) and you are looking to protect the company whilst allowing some breathing space to work out a rescue plan with an expert.
You may be able to continue trading with a view to the sale of the business and/or its assets as well as potentially saving jobs.

Entering into ad ministration can be done very quickly. The appointment of an administrator can be made by the Court, a qualifying floating chargeholder, the directors, the company or by one or more creditors.

The administration procedure usually lasts for a maximum of 12 months and is followed by an exit strategy (usually liquidation, dissolution or a voluntary arrangement).

A company may enter into administration with the aim of:

  1. Rescuing the company as a going concern; or
  2. Achieving a better result for the company’s creditors as a whole, than would be likely if the company were wound up (without first being in administration); or
  3. Realising property in order to make a distribution to one or more secured or preferential creditors.

We can advise you on the administration procedure and the possible effects it may have on the company, its directors and creditors.

Please contact one of our partners for more information on +44 (0)20 8861 7575. If you prefer, please complete the form on the right, and we’ll call you straight back (within 24 hours) and answer any questions you may have.

The CVL procedure is the most popular mechanism for closing down and winding-up a company that is insolvent and is unable to meet its liabilities. The procedure is used where a rescue is not viable, and the company's directors have chosen voluntarily to bring the business to an end.

A CVL is initiated by the director(s) of a company who, with its shareholders, nominate an Insolvency Practitioner to wind up the insolvent company. Creditors formally ratify the appointment at a meeting of creditors, usually held within 2-4 weeks of seeking professional advice.

The liquidator must be a licensed Insolvency Practitioner who will dispose of the company’s assets and share the proceeds (after costs) with creditors in accordance with their adjudicated claims and statutory priorities.

The liquidator will also report on the conduct of the directors in relation to the demise of the company. Directors must be mindful at all times that if their company is struggling, they should not continue to trade whilst knowingly insolvent, make any preference payments or enter into any transactions at an undervalue.

Directors often worry about being able to reuse the same or similar company or trading name. This can be done, but only through certain statutory procedures. We can provide you with the guidance required to enable you to do so without risk of personal liability.

We can walk you through all the options discussed above, your responsibilities and the consequences of opting for a CVL procedure. We will assist in the preparation of the company’s statement of affairs (effectively a balance sheet), together with a report to creditors outlining the company’s position.

Please contact one of our partners for more information on +44 (0)20 8861 7575. If you prefer, please complete the form on the right, and we’ll call you straight back within 24 hours) and answer any questions you may have.

Members' Voluntary Liquidation (MVL) is where the shareholders of a solvent company adopt a voluntary winding up resolution and appoint a licensed Insolvency Practitioner to realise the company’s assets in order to distribute the proceeds to shareholders (also called ‘members’). All MVL is often used to obtain certain tax advantages when a company naturally ceases to trade due to retirement or coming to its natural end.

To enter into an MVL the directors (or at least a majority of directors) of a company must make a sworn Declaration of Solvency, which states that they have thoroughly reviewed the company's balance sheet and finances and have concluded that it is solvent and able to reasonably repay all existing and prospective debts within a period of no more than 12 months, together with statutory interest.

If you have any questions about voluntary liquidation or any other matter related to the voluntary winding up of a company, please contact one of our partners for more information on +44 (0)20 8861 7575.

If you prefer, please complete the form on the right, and we’ll call you straight back within 24 hours) and answer any questions you may have.

When a struggling business still appears to be viable with the prospect of becoming profitable again, and the directors are confident of its future, a company voluntary arrangement (CVA) may be an ideal way to protect against potential legal action taken by creditors and acts as a rescue procedure avoiding insolvent liquidation or administration.
In addition, it allows the company to continue trading under the control of its directors and avoid redundancies. A CVA is a legally binding agreement between a company and its creditors, under the supervision of a Licensed Insolvency Practitioner.

The terms of a CVA proposal will specify the percentage of the debt that the creditors will be paid back during the period of the company voluntary arrangement. 

The CVA requires the majority approval of at least 75% (in value) of the voting creditors. If approved, the CVA will bind all creditors who were entitled to vote.

We are very experienced in providing practical advice on proposing a viable CVA and dealing with issues such as ongoing funding and future profitability. We will help in the preparation of all documents and deal with your creditors directly.

Please contact one of our partners for more information on +44 (0)20 8861 7575. If you prefer, please complete the form on the right, and we’ll call you straight back within 24 hours) and answer any questions you may have.

A company enters into compulsory liquidation following a Court order for the company to be wound up (a ‘winding-up order’). This follows a petition of an appropriate person, usually a creditor of the company who is owed more than £750.
An Official Receiver is appointed liquidator of the Company and may decide to pass the case over to an Insolvency Practitioner, usually where there are assets to realise.

If you are facing a petition for winding-up, or the threat of one, we can advise you on the best course of action. Other options are available to avoid a winding-up order being made.

Please contact one of our partners for more information on +44 (0)20 8861 7575. If you prefer, please complete the form on the right, and we’ll call you straight back within 24 hours) and answer any questions you may have.

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We are a member firm of the Institute of Chartered Accountants of England & Wales (ICAEW). Registered to carry on audit work in the UK and Ireland. Our Insurer is Manchester Underwriting Management, Centennium Court/East St, Chesham HP5 1DG (worldwide, excluding North America). Also an independent member of GGI, a multidisciplinary worldwide association of accountants, tax consultants & solicitors.