Corporate Insolvency

Thinking of a Corporate Insolvency? What Are The Options?

Corporate Insolvency describes a formal insolvency process undertaken over a limited company. It can include a receivership, which is when a bank appoints its accountants to take control of a company under the powers reserved to it under its debenture. These are very rare today.

Corporate Insolvency can also include administration. This is very popular at this time. In the fourth quarter of 2008, some 2,000 companies entered administration. Many of these have utilised a procedure known as a pre-pack which enables the ongoing business to be sold to a third party as a going concern prior to the limited company itself entering an insolvency procedure. This preserves value for creditors, and jobs for staff.

Corporate Insolvency also includes Liquidations. These can be CVLs or creditor’s voluntary liquidations, and compulsory liquidations. CVLs are started by the company directors, who ask an insolvency practitioner to call a meeting of creditors at which it will be proposed that the company be wound up. This will be a formality, as the company will be insolvent. Compulsory liquidations are based upon petitions filed at court, either by the directors, but more often than not by creditors.

The Inland Revenue are major petitioning creditors. We believe that it is far better to propose to wind up your own company than rely on a creditor to do it. Therefore if you have crown liability that you cannot discharge, please ccontact us and we’ll see if we can assist.

Corporate Insolvency also includes CVAs or Company Voluntary Arrangements, which are proposals which make offers of settlement of a proportion of the debt over a period of time. These are of interest to creditors because they offer the possibility of a better return than a liquidation.

If you would like to talk about corporate insolvency to a specialist with 17 years corporate insolvency experience then enter your details into the web form below for a no-obligation chat.

However, if you need help with personal debt (rather than business related debt) go to our free debt management plan application form.

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We specialise in the following:

business debt factoring
invoice discounting
business bankruptcy
business finance
company bankruptcy
voluntary arrangement

pre pack administration

voluntary liquidation
business liquidation
wrongful trading
business insolvency
business rescue
business turnaround

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