Our Corporate Recovery and Insolvency Services Department headed by Vincent Simmons provides advice on business turnaround and liquidations.
- No company or individual wishes to be the subject of formal insolvency proceedings. We will explore every option available to try to find a solution to help avoid them.
- Bankers and other financial institutions do not want to force businesses out of business. However,they do not want to put loans at risk either- so we will work on finding creative solutions to best protect their interest. We recognise that clients need clear advice and we provide it.
- In contrast to both bankruptcy and liquidation proceedings, Voluntary Arrangements allow companies and individuals to compromise debts owed to creditors. Such Arrangements are not neccessarily public knowledge.
- We are able to act as Supervisor of such Arrangements which can be particularly useful to the company/individual whereby the business is generally capable of generating profits in the future but has suffered difficulties as a result of past events (eg. bad debts).
- In the event that a company is unable to continue, we can provide directors and shareholders with early advice and the procedures to follow. We are conscious of the stress caused to all involved in these situations and can explain fully the effects and consequences for directors and officers of such companies.
- We can also act as Liquidator to SOLVENT companies which require to be wound up for reasons of reorganisation or as part of a "tax-driven" scheme.
- We believe in working closely with an appointing bank/financial institution in order to develop and execute a strategy which yields the maximum recovery pursuant to the terms of their security.
- We can also offer advice to a lender wishing to obtain security in respect of its lending.
- This process can offer one of the best solutions to the preservation of a business.
- More recently, the use of this process has assisted in saving all or part of many businesses and as a consequence, many jobs.
- This firm has assisted many businesses in agreeing informal arrangements with creditors, in particular with HM Revenue & Customs which has provided much needed 'breathing space' in order to bring cash flow back into line.
A creditors guide to fees
Please click on the appropriate guide in order to download the document.
- A Creditors Guide to Administrators Fees October 2015
- A Creditors Guide to Fees Charged By Trustees in Bankruptcy October 2015
- A Creditors Guide to Fees in Voluntary Arrangements (E & W) November 2011
- A Creditors Guide to Liquidators Fees October 2015
- Schedule of Category 2 Distr's April 2016
The firm's contact details for any complaints which may arise is Mr. V. Simmons in the first instance. Further guidance is available here.