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Insolvency Practitioners in Bolton

Is your company insolvent or about to become insolvent? If your business has large debts that outweigh the value of its assets, or it faces pressure from its creditors, it could be insolvent and in need of immediate financial advice.

When your company runs into a difficult financial situation, it’s important that you receive advice from experienced professionals immediately. Our Bolton insolvency practitioners can give you the advice you need to help your business recover. 

  • Does your company need financial advice?

     

    Many companies can be profitable one month and insolvent the next. Your company becomes insolvent when its liabilities are greater than its debts or when it’s unable to pay its creditors after receiving a legal demand for payment.

     

    Both balance sheet insolvency (the first form of insolvency listed above) and cash flow insolvency (the latter) are serious issues for your business. Our team of expert business recovery professionals in Bolton can give your business the advice it needs.

     

    How we can help your company recover

     

    When your business is under pressure from creditors, it can be difficult to work out the best steps to take. Our team of insolvency practitioners in Bolton can give you a detailed and actionable solution to help your company move forward.

     

    Our insolvency practitioners have a track record of success and have helped a wide range of businesses recover. We can provide advice and assistance on a variety of options for your company, ranging from administration to a CVA proposal.

     

    Knowing which steps to take for your company can be the difference between a full recovery and compulsory liquidation. With our insolvency practitioners beside you, you’ll know exactly which steps are required to help your business recover.

     

    Administration

     

    Administration was introduced under the Insolvency Act 1986. When a company is insolvent but viable enough to continue trading, entering administration allows it to appoint an administrator to manage the company’s affairs and facilitate a recovery.

     

    During administration, decisions related to your company are made with creditors in mind. In certain circumstances, entering administration could result in complete recovery for your company, allowing you to eventually continue trading.

     

    Company Voluntary Arrangement (CVA)

     

    Does your business have an excessive amount of debt that’s taking its toll on cash flow? When your business has the potential to succeed but is held back by its debt, entering into a Company Voluntary Arrangement (CVA) could be a good solution.

     

    A CVA allows your business to reach an agreement with creditors to repay back a percentage of its debt. This can be accompanied by an extended repayment period, reducing the strain that debt can place on your company.

     

    Liquidation

     

    Placing an insolvent company into liquidation is a common approach – one that is often referred to as “winding up” a company. When a company is liquidated, assets belonging to the company are sold in order to repay the company’s creditors.

     

    Since liquidation results in the closure of your company, it’s usually viewed as a last resort for creditors. If your company is insolvent, creditors can launch the Creditors Voluntary Liquidation (CVL) process in order to force the closure of the company.

     

    Contact us today

     

    Being under pressure from creditors is a stressful, difficult experience. Contact our expert insolvency practitioners in Bolton to learn more about the options available to your company and discover how our experienced team can help you.