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Insolvency Practitioners in Wigan

Is your business running out of cash to pay creditors, staff and contractors? If your business has limited cash and upcoming expenses, it could soon become insolvent, or may already be insolvent.

When your company experiences serious financial issues, it’s important that you take immediate action. Our team of insolvency practitioners in Wigan can provide advice to help you understand the financial options available to your company. 

  • Could your business become insolvent?

     

    If your business frequently spends more than it earns and doesn’t have sufficient cash, either in the forms of savings or credit, there’s a high possibility that it could become insolvent.

     

    When your company becomes insolvent, it faces the risk of being petitioned by its creditors for liquidation. This results in the closure of your company and the sale of its assets.

     

    Our Wigan insolvency practitioners have helped a wide range of businesses analyse their finances and understand the options available to them. Take action quickly and you could prevent your company from being liquidated by its creditors.

     

    Our insolvency practitioners can help

     

    Our Wigan business recovery team has an excellent track record of helping small, medium-sized and large businesses recovery. If your business is insolvent or you fear it could soon become insolvent, we’re here to help you create a recovery.

     

    If your business is struggling with its bills or has become balance sheet insolvent, our experienced team can review its financial situation and propose a solution to prevent the business from being wound up.

     

    Our experience with insolvency procedures such as pre-pack administration and Company Voluntary Arrangements makes FRP Advisory a reliable choice for your business when it needs detailed, helpful and actionable financial advice.

     

    Administration

     

    Established as part of the Insolvency Act 1986, administration is a reliable option for companies that are burdened by large debts but have a fundamentally strong, effective business model that can work in the right conditions.

     

    When a company enters administration, an insolvency practitioner takes over as its administrator. As administrator, the insolvency practitioner manages the company in order to ensure its creditors are paid and facilitate a financial turnaround.

     

    Company Voluntary Arrangement (CVA)

     

    Many companies have a viable business but struggle to grow, or even operate, due to their debts. A Company Voluntary Arrangement is an agreement made between a company and its creditors to reduce the effects of its debt on its cash flow.

     

    A successful CVA can allow a company to renegotiate the time it has to pay its debts and potentially write off a portion of its debts altogether. This gives the company a greater deal of flexibility so that it can return to solvency and continue trading.

     

    Liquidation

     

    Companies that are insolvent and unviable are often liquidated. Liquidation involves the sale of a company’s assets in order to raise funds. These funds are used to repay the company’s creditors in a predetermined order of priority.

     

    Company liquidation can be voluntary or compulsory. Compulsory liquidation is a process by which creditors petition for a company’s liquidation through a winding up petition, which, if successful, allows the company to be struck from the register.

     

    Contact us today

     

    Do you have questions about your company’s finances? Would you like to find out which options are available to your company? Our team of insolvency practitioners in Wigan is here to provide advice and assistance to help you save your company.