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Insolvency Practitioners in Brentwood

Is your company struggling to pay its creditors? From paying back loans to making payroll, companies can run into a range of issues that prevent them from being able to make the payments required for continued trading.

If your company can’t pay its creditors or its debts have grown to a point that you think they may be greater than the value of the company’s assets, you should speak to an insolvency practitioner as soon as possible.

 

  • Is your company moving towards insolvency?

     

    If your company is struggling, it could be insolvent. Insolvent companies don’t have enough cash to pay their creditors, including lenders and staff. A company can also be insolvent if its debts are higher than the total value of the company’s assets.

     

    Do either of these situations apply to your company? If so, your company could be insolvent. As your company’s director, you need to act quickly during insolvency to avoid your company being wound up by its creditors in order to recover their cash.

     

    How we can help your company recover

     

    Our Brentwood-based insolvency practitioners have helped a diverse range of UK companies recover. If your company has insufficient funds to pay its creditors or it has become balance sheet insolvent, our team can give you the advice you need.

     

    As the director of an insolvent company, you need to act in the best interests of your company’s creditors. You have several options for facilitating a recovery or closing your company, including administration, liquidation or proposing a CVA.

     

    Our insolvency practitioners have dealt with a wide range of different companies in difficult financial situations, and no situation is beyond our abilities. If you need help and advice to turn your company around, we’re here to help you.

     

    Administration

     

    Do you think your business can be saved if it has the time and flexibility to facilitate a turnaround? If your business is viable but can’t repay its debts, administration is a proven way to save the business and eventually allow a return to normal trading.

     

    In administration, an insolvency practitioner is appointed as administrator of your company. The administrator then manages your company’s business with the goal of facilitating a recovery. If no recovery is possible, the company is liquidated.

     

    Company Voluntary Arrangement (CVA)

     

    Even viable, profitable companies can become insolvent when their debts outgrow the value of their assets or their cash flow. A Company Voluntary Arrangement is an arrangement between your company and its creditors to repay its debts.

     

    In a CVA, your company can request a reduction to its debts and a change to the time period in which repayment is required. Successful CVA deals can result in creditors writing off some of your company’s debts, making total debt repayment easier.

     

    Liquidation

     

    One of the most common approached to dealing with an insolvent company is the liquidation process. Liquidation, also known as “winding up”, involves the sale of a company’s assets as part of a liquidation sale and the closure of the business.

     

    The proceeds from an asset liquidation sale are used to pay back creditors, often in a specific priority. Liquidation is a common solution for insolvent companies that can not recover in order to repay their creditors through administration or a CVA.

     

    Contact us today

     

    Acting quickly and seeking expert advice could result in your company returning to profitability and paying back its creditors. Contact our insolvency experts now to learn more about how your Brentwood company can facilitate a recovery.