Business Recovery and Insolvency
A great accountant should help you through the good times and the bad. The Hughes Partnership are experienced in dealing with businesses that aren’t sure where to turn for help, whether they’re experiencing cash flow difficulties or coming out of insolvency.
In conjunction with a Licensed Insolvency Practitioner, we offer a full range of services and support for companies experiencing any type of problems.
Maintaining excellent judgment when you’re in a pressurised situation is very hard for any business owner. It’s important not to deny any business problems and instead, to have the strength to ask for help in solving them. Our experience has shown that most problems are highly solvable, so let us assist you in determining your best options.
By making the right decisions quickly, we’ve found that making changes to the way you operate can, in many cases, return a business back to profitability.
The Hughes Partnership encourages early, free of charge meetings with business owners who are concerned about any aspect of their business. With complete confidentiality and professionalism, we’re here to offer trusted practical support and advice.
Here are some options to consider:
Informal agreements involve securing agreements with creditors in regards to repayment, to help rescue the company. In such situations, we can assist with raising the appropriate finance, restructuring management teams and other required actions.
A Company Voluntary Arrangement or CVA enables a business to reach a formal, binding arrangement with creditors. This agreement is based on a 75% majority vote and becomes a legally binding agreement on all creditors. In this way, a company can effectively prioritise the creditors and amounts they need to pay.
One a company is in administration, it’s protected from creditors whilst the Insolvency Practitioner works with the business to devise proposals acceptable to them and to creditors. Together, the business and the Administrator can determine a company’s future, before the control of the business is handed back to its owners.
Liquidation and Restart Liquidation
Unfortunately, if a company cannot be rescued, liquidation is often the best solution. Procedures that could be used include Creditors Voluntary Liquidation, Compulsory Liquidation and Members Voluntary Liquidation. The Hughes Partnership is accustomed to dealing with these situations with sensitivity and can expertly advise you through every step of the liquidation process, whilst also helping assess the next steps for your business.