Business recovery and restructuring

Administration is the insolvency process where a financially distressed company is placed under the control of an insolvency practitioner. The goal is to rescue the company if possible whilst providing a legal shield from creditors allowing the company some breathing space to restructure or find a buyer.

We’ll work with you prior to making the application via pre-administration meetings to set out the strategy that will be implemented once the Administrators are appointed. We’ll also help determine the best approach for your company, whether a Trading Administration or Pre-packaged Administration is most appropriate for you and your business. Throughout the Administration your Insolvency Practitioners become responsible for managing the day-to-day activities of your business and will work to prevent further financial decline.

Liquidating a company is the formal process of bringing a company to a close and is commenced upon applying to the Court for a Winding Up Petition which is made by the Directors, Shareholders or creditors. The process is a legal one, but the application can include a nomination for an Insolvency Practitioner like KRE.

We have years of experience in assisting with liquidations of companies of all sizes, however it’s vital that directors of distressed businesses get in touch as early as possible to possibility explore other options and avoid liquidation.

A CVA is a legally binding agreement whereby a company and its creditors come to an agreement regarding debt repayments. Designed to help companies avoid insolvency or liquidation, a CVA must be administered by a Licensed Insolvency Practitioner who will review the company’s history, understand how the company got into this financial position and submit a plan to the company’s creditors outlining assets and liabilities, offers for settlement debts and a timeframe for the CVA.

To begin a CVA three quarters of the company’s commercial creditors must accept the CVA terms proposed, at this point the agreement becomes binding for all creditors who cannot start or pursue legal action against the company for pre-CVA debts whilst bound by the agreement.

The company makes its repayments over an agreed time period directly to the insolvency practitioner who distributes the payments to the creditors.

Opting for a solvent liquidation is a tax efficient way to bring an orderly close to your company. It’s important to contact our dedicated solvent liquidation team well in advance so we can prepare your company for a quick and efficient liquidation. We’ll work with your existing accountants and bookkeepers and prepare all the documentation required to start the process, we’ll guide you through the whole process, ensuring everything goes smoothly.

Business isn’t always plain sailing and we’re here to help you through the good times and the bad times. If you’d like to get in touch for an informal chat, don’t hesitate to get in touch.