Youâ€™ve considered everything you can think of to save your business, but your creditors keep pressing and there is no immediate way of keeping them satisfied. If this is the case, now would be a good time to get in touch with a firm of experienced business recovery specialists, who will be able to advise you on the various insolvency options available to you.
These measures may include:
- An informal conversation with your creditors, whereby you reassure creditors that you are taking measures to redress the balance, for example through cost reduction, better financial controls, capital restructuring and selling part of the business. They may allow you to settle your debts over a longer period of time
- A company voluntary arrangement (CVA) – which is a formal and legally binding agreement between you and your creditors. A licensed insolvency practitioner will need to set up the agreement, which guarantees that you will repay the debt by a set time.
- Administration, (restructuring) – which will be undertaken by the business recovery specialists you employ
- Receivership – which will use your assets to repay your primary creditor
- Liquidation – which will divide your assets between your creditors according to their legal priority
Finding the right business recovery specialists
An experienced firm of business recovery specialists such as Stewart Hindley LLP will be able to explain all of these insolvency options to you in detail. There is not a one-size-fits-all solution, so the specialists you choose will need to examine the specifics of your business and find the best possible outcome for your company.
Stewart Hindley & Partners has many years of experience in dealing with companies that are in distress. Itâ€™s dedicated business recovery specialists will do everything they can to save your business. If this is not possible, they will advise you on the best way to wind up your company with minimal expense and fuss.
For more information about insolvency options, contact Stewart Hindley LLP today.