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WE ASSIST BUSINESSES OR INDIVIDUALS THAT ARE IN FINANCIAL DIFFICULTY, FACE COUNTY COURT JUDGMENTS OR EVEN WINDING UP PETITIONS, TO IDENTIFY AND IMPLEMENT STRATEGIES TO DEAL WITH THEIR FINANCIAL PROBLEMS.

We offer an initial confidential consultation free of charge and without obligation where we can discuss your situation and decide how to best to proceed.

In this meeting we will need disclosure relating to your income and expenditure, assets and liabilities in order to get a clear picture of your particular circumstances.

Having gained an insight into your situation, we will explain the different options available to you, the benefits and pitfalls of each, and will answer the many questions you will undoubtedly have.

We will also fully explain any costs associated with each option and what options there are if you have no funds or only limited funds available.

Some of these options may include;

Company Turnarounds

Management can find that, faced with the day to day pressures of running the business and probably of managing poor cash flow, fundamental financial problems are not addressed and are allowed to drift. In such circumstances we adopt a three-phase approach to trying to get the business back on the right track;

1. Cash Generation - a short term package of measures to free up working capital - typically comprising three elements - asset disposals, debt deferrals, and an injection of capital.

2. Enhancement of Performance - better management, marketing and financial support/advice.

3. Strategic Issues – longer term review of markets, marketing strategies, resources and organisational, financial and reporting infrastructure.

Individual Voluntary Arrangement or Company Voluntary Arrangement

Subject to your own personal circumstances, we may propose an Individual Voluntary Arrangement (IVA) or Company Voluntary Arrangement.

These arrangements are  legally binding arrangements with your creditors that we will help to put together in order to give you the necessary breathing space to get your affairs back in order.

The creditors will be given an opportunity to examine what is being proposed and if they agree to it, they will effectively give you time to implement the arrangement.

Administration
Normally follows a Court filing by the directors (or Company) for the appointment of an administrator, provided that upon consideration of a report from an independent insolvency practitioner that there is a reasonable prospect of the survival of the company or a part of its business as a going concern.

Liquidation
A liquidation brings to an end the life of a company, whether it is solvent or insolvent, and involves the realisation and distribution of all its assets for the benefit of the company's creditors and (if solvent) its shareholders. There are three types of liquidation - Members' voluntary (where the company is solvent and has come to the end of its useful life); Creditors' voluntary (where the directors recognising that the company is insolvent take steps to place the company in liquidation) and Compulsory liquidation (where a creditor petitions for the winding up of the company).

Bankruptcy
Bankruptcy involves going to your local county court to start the process. A bankruptcy usually lasts for 12 months but can be less in many circumstances, and often you can continue to work during it.

It is a common misconception that going bankrupt means you automatically lose your house.
This is not the case and the outcome will depend on the value of the house, the outstanding mortgage, the level of any other interest in the property and the circumstances of the case generally.