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When a company is facing financial difficulties, the sooner action is taken, the better. Bailey Ahmad has been working with accountants since 2007 to help their clients, providing them with the right advice and affecting the most appropriate solution for them.
We would love to do this for your clients too!
As a company’s accountant, you are best placed to anticipate when a client is going to face financial difficulties. As your trusted partner, they will look to you for help in overcoming these difficulties, whether that leads to a restructuring or a formal insolvency process.
As specialists in corporate and personal rescue, recovery and insolvency, we can help your clients understand their options and then do what is best for them, and their stakeholders.
Creditor’s Voluntary Liquidation (CVL) is a solution for companies (and LLPs) that are in financial difficulty, are unable to pay their debts, and where despite the best efforts of the company directors, there is no chance of recovery.
Members’ Voluntary Liquidation (MVL) is a solution for a company that has fulfilled its purpose, has stopped trading, can pay all its debts in full, and allows the company’s shareholders to realise their investment in a tax-efficient way.
A Company Voluntary Arrangement (CVA) is a solution for viable companies that are struggling to pay their debts. It is a formal agreement between a company and its unsecured creditors whereby the company commits to pay back all or part of its debts over an agreed time period.
Administration is a formal insolvency procedure available to an insolvent (or soon to be insolvent) company. An Insolvency Practitioner can be appointed as administrator of the company and should aim to rescue the company as a going concern.
An individual can propose an Individual Voluntary Arrangement (IVA), which is a scheme to creditors for repayment of all or part of their debts over a period of time. An IVA is used as a means of avoiding bankruptcy.
This strategy requires an individual or their representative to negotiate with each creditor a rescheduling of debt repayments. This approach is only possible when an individual has a small number of creditors.
Where an individual has income and possibly assets which they can offer as security (e.g. their home), refinancing may be an option.
Bankruptcy is a procedure designed to deal with the affairs of an insolvent individual for the benefit of their creditors.
If you have a client you know needs help, call us now, on +44 (0) 20 8662 6070 and we can talk more about what can be done quickly.
If you would like to know more, so that you are prepared for the future, contact us.
Paul Bailey FABRP, Tom Ahmad FABRP ACA, Matt Reeds MABRP and Kirren Keegan MABRP are licensed to act as Insolvency Practitioners in the UK by the Institute of Chartered Accountants in England & Wales
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c/o SIC, 12 – 16 Addiscombe Rd, Croydon CR0 0XT
c/o SIC, 12 – 16 Addiscombe Rd, Croydon CR0 0XT