Business Rescue & Insolvency Tools

Testimonials

"The most important thing about Ruth's approach is she is professional, not pompous. She is sympathetic to clients who have problems, listening and finding solutions."

"Ruth and her team helped me through a difficult time in a caring and supportive way. I know I can always go to Ruth for advice and guidance which will be given impartially and fairly for all parties concerned. This is very much an open, clear and professional relationship which I appreciate."
"I found Atherton Bailey to be patient and approachable as they were always at the other end of the phone to answer any questions that we may have thereby providing us with comforting assurances as much as possible. They were also frank and candid in telling us where they did not have an answer."

"I can therefore recommend Atherton Bailey to other companies and I believe that you can count on them to do their part if you do your part." - Mr L. Company Director

"Atherton Bailey's communication was superb as they communicated clearly and promptly with all interested parties which included our company's creditors, notably HMRC, the board of directors and shareholders and used appropriate means of communication. They certainly managed the process from the beginning to the end satisfactorily and secured for us an acceptable CVA arrangement"

"I found your firm's overall approach to be very professional; his initial concerns as to the complications of liquidation were speedily allayed and all questions of a technical nature were answered with professional care and patience. The outcome was achieved with a minimum of fuss and all loose ends were meticulously dealt with." - Mr W. Co-Director.

Company Voluntary Arrangement (CVA)

A Company Voluntary Arrangement (CVA) is a deal between an insolvent company and its creditors. The company agrees to repay some or all of its debts from future profits or asset sales over an agreed period (usually three to five years). A CVA can allow for the balance of debt to be written off where it cannot reasonably be paid. Atherton Bailey's turnaround experts often save companies by creating innovative, but realistic payment plans.

Informal Schemes

For smaller businesses or where problems are temporary, an informal arrangement with creditors may be suitable. Informal schemes minimise bureaucracy and costs. They often give creditors a much better return and avoid the negative publicity of a formal insolvency scheme. Atherton Bailey has a lot of experience negotiating informal schemes with creditors.

Section 1003 Strike-off

Under S.1003 Companies Act 2006, directors are entitled to request that a company be struck off if it has ceased trading, even if it is insolvent. It can be a cost-effective way of dealing with a small company where the costs of liquidation are prohibitive. The company has to have ceased trading for three months and have no assets. There are statutory forms to complete and known creditors receive notice and can object. HMRC may object if it believes directors have overdrawn accounts or if dividends have been paid to the detriment of creditors. The process is straightforward, although best managed by an insolvency practitioner, since there can be pitfalls.

Receivership

Now almost entirely replaced by administration, receivers can still be appointed by secured lenders, such as banks, to recover debt due to them. Receivers usually wish to work with management to sell the business as a going concern and maximise the funds realised. Banks can now appoint administrators instead of receivers, but the administrators' duties are to all creditors, not just the bank.

If you require any business recovery advice, information or assistance, please contact us.

Company Insolvency

Testimonials

Follow us on:

Company Voluntary Arrangement (CVA)

Informal Schemes

Section 1003 Strike-off

Receivership