0800 313 4331 consult@interco.com
Trouble Free Company Closure

Trouble Free Company ClosureInsolvency Solutions Liquidate Safely

If the scale of company debt is to great for a Director to continue trading Insolvency Solutions will effect a Safely Managed Closure, either by Negotiated Settlement with Creditors, or by a carefully and positively actioned Creditors Voluntary Liquidation (CVL).

Negotiated Settlement followed by Striking the Company Off the Record is an option where HMRC debts can be discharged in full and all other Creditors can be persuaded to agree a level of reduced or/and deferred payment which the Company or its Director(s) are able to pay.

With a Safely Managed CVL we keep you in control, as Director, but act on your behalf to handle such matters as HMRC, Landlord, Trade Creditors, Customers, Sale or Retention of Assets and Debtor Collections. We review company financials with you to help ensure regularity, minimise any personal liability and arrange appointment of a helpful proposed Liquidator.

If the scale of company debt is to great for a Director to continue trading Insolvency Solutions will effect a Safely Managed Closure, either by Negotiated Settlement with Creditors, or by a carefully and positively actioned Creditors Voluntary Liquidation (CVL).

Negotiated Settlement followed by Striking the Company Off the Record is an option where HMRC debts can be discharged in full and all other Creditors can be persuaded to agree a level of reduced or/and deferred payment which the Company or its Director(s) are able to pay.

With a Safely Managed CVL we keep you in control, as Director, but act on your behalf to handle such matters as HMRC, Landlord, Trade Creditors, Customers, Sale or Retention of Assets and Debtor Collections. We review company financials with you to help ensure regularity, minimise any personal liability and arrange appointment of a helpful proposed Liquidator.

APPOINTING A HELPFUL LIQUIDATOR

Unless you wish us to pursue a Negotiated Settlement, all statutory aspects of a Creditors Voluntary Liquidation will be undertaken by our colleague Licensed Insolvency Practitioners, who will circulate Creditors for a meeting to approve appointment of the Liquidator. Normally Virtual, occasionally there will need to be a Physical meeting.

PREPARING INFORMATION BEFORE LIQUIDATION

We work with you, as our Client, to assemble and present information that minimises any problems for you, or for the Liquidator, in safeguarding the interests of Creditors.

We review with you the causes of the Company becoming insolvent, review your own status, as creditor, or debtor, examine any accounting matters which may benefit from review or re-presentation, such as an apparently overdrawn directors account and help you author a Directors report. This report will already provide our Licensee colleague at GBR with explanations for Company failure and an account of proper conduct, for use with creditors and the insolvency service, when you then formally instruct him as the proposed Liquidator.

PROTECTING YOU AS DIRECTOR

Protection of client Directors from personal liability is the first priority of Insolvency Solutions. Before actioning a CVL, we will identify your vulnerability to such claims as wrongful trading, overdrawn directors account and personal guarantees and work with you to remove, or minimise, liabilities and challenge any claims.

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Avert claim of wrongful trading

When fighting off threats, Directors can sometimes break insolvency rules leading to disqualification as a Director or fines. Late repayment of a temporary cash injection can unexpectedly be classified as a fraudulent preference and- once insolvent- just “paying today’s Peter and not yesterday’s Paul” can lead to claims of wrongful trading !

We can often counter such matters by an analysis report, showing the Director was acting in the general interest of creditors, or before insolvency was recognised. No action would then be taken against you by the Liquidator, or Insolvency Service.

 

Remove an overdrawn directors account

This can be a serious liability. Shareholding Directors sometimes pay themselves advances during the year to be offset later against Dividends. But, what if trading collapses? Drawings become a debt, with repayment demanded by the liquidator.

In such a case we look to apply different possible solutions. These will depend on timing. It may be possible to re-work the company’s last period accounts and file a valid revision, or/and change current period management accounts before ceasing to trade. Where it is too late for such solutions, we apply our strong experience to negotiate a minimised settlement, as exhibited in past client references

 

Combat and defer personal guarantees

Many loan and lease agreements allow the lender to demand payment from the Director personally without waiting to process a company claim. Hence demands are made quickly. Our assistance includes pre-empting this and buying time for you to decide best action. Where clients do have substantial assets, it is still normally possible to negotiate some level of reduction and extended time to pay.

IMMEDIATE HOLDING ACTION

While awaiting formal appointment of a Proposed Liquidator Interco acts immediately as closure manager to defend against any hostile action. We act on your behalf to become the only contact point for Creditors and, if you wish, we act as Collections manager with Debtors and assist handling any Customers needs for work completion.

ASSISTING AT ANY CREDITORS MEETING

A physical meeting of Creditors normally will only occur if requested by 10% of Creditors by Value, or by 10 in Number. If this should occur an officer of Insolvency Solutions, normally the Director, will accompany our Client Director at the meeting to advise.

SUPPORT TILL ALL IS CONCLUDED

Once the Liquidator is appointed, we continue to help you with such further matters as collection of book debts, purchase of assets from the Liquidator, negotiating settlement of Personal Guarantees – whatever is needed to complete a safe completed closure. 

TROUBLE FREE CLOSURE?

Give me a call to discuss the “ins and outs” of our closing
your Company by Settlements, or a Safely Managed CVL
Michael O’Connor M.A
Interco Director

Bromley : 0208 468 1033
Horsham : 01403 839766
Chichester : 01243 624716

or email :

TROUBLE FREE CLOSURE?

Give me a call to discuss the “ins and outs” of our closing your Company by Settlements, or a Safely Managed CVL

Michael O’Connor M.A
Interco Director

 

Bromley :0208 468 1033
Horsham :01403 839766
Chichester :01243 624716
or email :

Insolvency Solutions Chichester, Bromley and Horsham

Interco Management Services Limited

Bromley BR7 6LH : 0208 468 1033

Horsham RH12 1TL : 01403 839766

Chichester PO19 7DN : 01243 624716

Insolvency Solutions Chichester, Bromley and Horsham

Interco Management Services Ltd

Bromley : 0208 468 1033

Horsham : 01403 839766

Chichester : 01243 624716