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Insolvency - what are the options?
A company is in insolvency if it either does not have enough assets to cover its debts, or if it is unable to pay its debts as they fall due.
Even when a company is placed into insolvency all is not lost. There are a range of options available, some of which may result in the company rising out of insolvency and returning to solvency:
Of these three options for addressing insolvency, the first two may be used as vehicles for business rescue. Liquidation, however, is a terminal process and may also mean company winding up and the end of the business.
At BDO Stoy Hayward we have extensive experience of working with directors of businesses threatened by insolvency and our specialists deal with both debtor and creditor led assignments.
Our experience is that the earlier you seek professional advice about insolvency, the more likely a rescue or turnaround strategy can be put in place. This avoids the need for liquidation or company winding up.
If however liquidation or company winding up are the only options then BDO Stoy Hayward’s team can provide the knowledge and expertise to put the necessary process into place. Our discerning approach has also led to the development of long term working relationships with all the major banks, many other leading UK financial institutions and a range of government departments and regulatory bodies who value the straight forward yet sensitive style which underpins our service. |