When your business is facing difficult financial issues, it is easy to become overwhelmed and disheartened about what to do next. That is why it is important to get the support of experienced advisers who can be there to talk through all matters of business debt and business insolvency, leading to business recovery and even renewal.
Business Rescue Service provides a trusted source of on-going support and advice all the way from addressing the problems through to complete recovery and stabilisation. Some of these solutions can be short-term, and some can be longer; it all depends on your individual circumstances and what our experts deem to be the best course of action.
If your business is going through a difficult financial time, there are many options and initiatives you can take to ensure that any lasting damage is minimised and the business is able to settle its debts without necessarily ending in liquidation. Our service is available to businesses of any size, from sole traders through to medium sized enterprises and our experienced advisers are always at hand to provide impartial and expert advice.
Your business rescue plan will follow an initial conversation where we will determine what your financial troubles and business debts are, and begin formulating the plan. We will work closely with you to find the best solution for your situation and through on-going support and communication, moving from business insolvency through to business recovery and getting you debt free.
Liquidation is one of the most common ways for a business to handle severe problems with debt. It is the process where a company is wound up and the assets and property of the company are distributed amongst stakeholders and creditors. For businesses facing problems with debt there is type of liquidation called voluntary liquidation which allows a company to voluntarily apply to liquidate the business. The advantage of a voluntary liquidation lies in that once a company has been liquidated, all outstanding debt is written off by creditors, leaving a clean break for directors who want to start fresh.
There are two main types of voluntary liquidation:
- Creditors Voluntary Liquidation (CVL) – This is the process where the directors of a business, along with a licensed insolvency practitioner, choose to put an insolvent business into liquidation.
- Members Voluntary Liquidation (MVL) – This is the process that takes place when a company is solvent, but is no longer viable and needs to be wound up.
Creditors Voluntary Liquidation
Also known as a CVL, Creditors Voluntary Liquidation is one of most used solutions to business debt. As described above, a company goes into CVL when they cannot pay their debts and the directors and shareholders decide to liquidate the company because it is insolvent. An insolvency practitioner is appointed to oversee the process and organise the collection and distribution of the company assets. A CVL is appropriate when the insolvent business is no longer viable and the directors do not want to continue trading.
Business Rescue Service has experienced and impartial business turnaround practitioners who have helped businesses identify problem areas and create plans on how to mitigate and improve their effects. Working closely with all aspects of your business, our turnaround practitioner will liaise with creditors on your behalf and put together and implement an effective turnaround plan.
If you feel like your business may be heading towards company insolvency, please do not hesitate to contact us for free, impartial advice. The sooner you contact us, the more we will be able to assist you.
Whatever your financial or debt problems may be, we will guide you through every step of the way, minimising stress and confusion during a difficult and stressful time.
As well as voluntary liquidation we can help businesses in the following areas:
- Commercial Finance
- Pre Pack Administration
- Advice for Directors
- A fresh Start
- Company Voluntary Arrangement
- Tax Arrears
To find out about how BRS can help you and your business, please complete our contact form.