Our typical work includes the following:
"Admins" are a common procedure under UK insolvency law and result where a company is unable to pay its debts. The management of the company is usually replaced by an insolvency practitioner (referred to as an "IP" and often appointed under schedule B1) whose statutory duty is to rescue the company, save the business, or get the best result possible.
Winding Up Petitions
Your creditors can apply to the court to close down your company. They do this by making an application called a 'winding-up petition'. We can assist you in preventing your creditors from making a winding-up petition if you have been given a statutory demand.
A company is insolvent if it has insufficient assets to discharge its debts and liabilities. There are different tests to determine insolvency - our teams can advise you on these once you make contact.
The Corporate Insolvency and Governance Act came into force on 26 June 2020. It introduced new corporate restructuring tools and temporary easements to give distressed businesses time to get advice and seek a rescue.
Company Voluntary Arrangement(s) (CVA)
A CVA is a legally binding agreement with a company's creditors allowing a proportion of its debts to be paid back over time. Typically, 75% of the creditors (by value), who voted are required to support the proposal for it to pass. Once the repayment proposal has been approved then all unsecured creditors are carried along too.