Corporate Recovery and Insolvency
Whether you are an individual, limited company, partnership or sole trader, financial difficulties can create immense personal distress.
It is important to realise that the sooner business debt problems are treated, the better the prognosis. Even when people think their distressed business or personal cash flow problems are past the point of no return, they are frequently surprised by the proactive advice and debt solutions we provide.
Symptoms are very similar in causation and nature, regardless of the size of business or individual situation. Overextended customer credit terms resulting in stagnating cash flow, unpaid tax and VAT, pressure from the bank, reduced credit options and staffing difficulties are just a few of the common business problems we come across.
The Mitchell Charlesworth Business Recovery team comprises specialist insolvency professionals with many years' experience of working with both large and small businesses, as well as the Official Receivers Office. We don't offer 'off the peg', impersonal business debt solutions. Instead, we work together with our clients to assess and understand their specific circumstances, and recommend the swiftest and most effective action plan. In doing so, we often catch the symptoms early enough to achieve a positive outcome, often allowing business owners to regain control of their finances.
The team is led by Partner, Jeremy Oddie who has been named on Insolvency Today's Power 100 List. The Power 100 represents the top 100 individuals in the UK working in the insolvency profession.
How can Mitchell Charlesworth's Business Recovery Team Help You?
There are a number of ways in which we can work with you to rejuvenate your business, or wind things up in such a way as to ensure the best possible outcome for key stakeholders. We can advise you on a range of company difficulties and insolvency solutions, including business rescue and turnaround, debt management and restructuring, financial remedies or selling your business as follows:
If you have business cashflow problems
We will identify your business cashflow sticking points, proactively advise on debt management and work with creditors on your behalf. We can also source alternative lines of credit (such as invoice finance and asset based lending) most appropriate to your circumstances.
If your business is in administration
We will lift the burden from your shoulders by taking control of your affairs to ensure the best possible outcome. We may offer restructuring advice, pre-pack administration advice, or may recommend a company voluntary arrangement.
Businesses in receivership
An alternative, less common insolvency option than administration due to recent changes in law, but could still apply should your company have outstanding debentures pre-2003.
Selling a business in administration or receivership
We will advise on the best option for you – an open sale may be best to if there is the likelihood of the business returning to profitability in the future. Selling a business as a going concern has the benefit of maximising creditor payouts and can safeguard jobs. Or, a pre-packaged sale may be more appropriate.
Company in liquidation
We can deal with both voluntary and compulsory liquidations (see our article “Liquidation: Advantages v Disadvantages”)
Creditors Voluntary Liquidation (‘CVL’)
If your company is insolvent and you wish to proactively place the business into liquidation, we can deal with this process on your behalf and ensure that the Directors of the company abide by their legal obligations. Careful consideration should be given prior to entering into this process – priorities must be given to creditors rather than the business.
Members Voluntary Liquidation (‘MVL’)
If the business has reached the end of its natural lifespan, then this may be the best route for closing down a solvent company as there may be tax benefits to the directors and shareholders, depending on cash available, as any funds distributed are subject to Capital Gains Tax, rather than Income Tax. There may also be Entrepreneur’s Relief available. We have a large, competent tax team who will ensure that any monies extracted from the company are distributed in the most efficient and effective method.
Should you be on the receiving end of a Winding Up Petition (‘WUP’), and you do not want your company to be forcibly wound up, then you need to get in touch with us as soon as possible as strict timelines apply in these circumstances.
Contact a member of our team to discuss your Business Recovery and Insolvency needs, or complete the confidential form to the right/below:
- Business Recovery & Insolvency Advice
- Personal Insolvency Solutions
- Insolvency Glossary
- What is a Creditors Voluntary Liquidation?
- The difference between administration and liquidation
- Company debt management - is your business struggling with business debt?
- Insolvency Articles
- Documents for Download