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Insolvency Practitioners in Aberdeen

Is your company running out of money? Whether your company is under pressure from its creditors or simply doesn’t have the cash to continue trading, it’s important that you seek help from a qualified insolvency practitioner immediately.

Insolvency is a serious situation for any company or individual. When your company becomes insolvent, or if you’re simply concerned about a potential insolvency in the future, seeking advice immediately can help you protect your company. 

  • Does your company need help?

     

    There are two types of insolvency: cash flow and balance sheet insolvency. In a cash flow insolvency situation, a company becomes insolvent when it lacks cash to pay its creditors and continue trading.

     

    A company is balance sheet insolvent when the total value of its debts is larger than the value of its assets. Both of these situations put your company at risk of receiving a winding up petition from its creditors, which could lead to its liquidation.

     

    How our insolvency practitioners can help

     

    If your company is insolvent, you need to take action immediately. Our insolvency practitioners in Aberdeen have assisted insolvent companies before, and we’re here to help you and your company find out its best options for financial recovery.

     

    FRP Advisory has 13 offices in the UK. As one of the country’s most trusted financial advisories, we can analyse your company’s financial situation and provide a range of options, from entering into administration to considering a CVA with your creditors.

     

    Every company’s financial situation is unique, and having a professional opinion can help you make the best decision for your company’s future. Our insolvency team has the experience, knowledge and perspective to help your company make a recovery.

     

    Administration

     

    Administration is a insolvency procedure established under the Insolvency Act 1986 that allows companies to continue trading while being managed by an administrator – a third party insolvency practitioner that takes over control of the company.

     

    While your company is in administration, it’s protected from legal action launched by its creditors. Successful administration can result in your company improving its financial position and eventually returning to solvency and normal trading.

     

    Company Voluntary Arrangement (CVA)

     

    A Company Voluntary Arrangement is an agreement between your company and its creditors regarding its debts. Under a CVA, your company can negotiate a reduction in its debts, known as “taking a haircut”, to reduce the financial pressure it faces.

     

    Proposing a CVA protects your company from being served with a winding up order by its creditors. A successful CVA gives your company extra time to pay off its debts, potentially allowing it to continue trading and return to financial stability.

     

    Liquidation

     

    If your company fails to pay its creditors, it could receive a winding up petition. This is a legal document that allows your company’s creditors to petition for liquidation in court – a process that eventually leads to the sale of your company’s assets.

     

    Company liquidations can be both compulsory and voluntary. If your company isn’t likely to recover from its current financial situation, liquidation could allow you to close the company and help creditors recover its debts via a liquidation sale.

     

    Contact us today

     

    Are you unsure about the steps your company should take to recover? Contact our experienced Aberdeen insolvency practitioners now to learn more about the options available to your company to avoid liquidation and facilitate a financial recovery.