Support for business
If your business is in a financial crisis, it is important to act quickly and seek professional advice.
R3, the Association of Business Recovery Professionals, can assist you in obtaining expert advice from qualified professionals.
Getting the right advice
Are suppliers or your bank unhappy? Are you starting to receive final demands for payment? If so, now is the time to seek professional advice about your financial situation.
You may have already been approached by a number of organisations offering you help. However, it is important that you seek advice from the right person for your business needs.
Administration is a procedure available to a company that is insolvent, or is likely to become so, which places the company under the control of an insolvency practitioner.
Liquidation (or ‘winding up’) is the most common type of corporate insolvency procedure. Liquidation is the formal winding up of a company’s affairs entailing the realisation of its assets and the distribution of the proceeds in a prescribed order of priority. With few exceptions, liquidation is the end of the road for a company and following liquidation it will be removed from the companies register. Liquidation may occur following a receivership or administration.
Company Voluntary Arrangements
A company voluntary arrangement is a procedure which enables a company to put a proposal to its creditors for a composition in satisfaction of its debts or a scheme of arrangement of its affairs.