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AABRS

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Langley House,
Park Road,
London,
London,
N2 8EY,
United Kingdom

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Creditors’ Voluntary Liquidation

A Creditors’ Voluntary Liquidation is a process which enables Directors to formally close an insolvent company voluntarily.

It’s often chosen by directors as a means of taking control in the face of continued creditor pressure and the imminence of a Winding up Petition.

Compulsory Liquidation

A Compulsory Liquidation is a process whereby a company is wound up through the courts and the Official Receiver is subsequently appointed Liquidator.

Unlike in a Creditors’ Voluntary Liquidation when directors resolve to convene meetings of shareholders and creditors to wind the company up, a Compulsory Liquidation is usually initiated when a creditor commences the winding-up process by issuing a Winding-up Petition.

Members Voluntary Liquidation

A Members Voluntary Liquidation (MVL) is a process that enables shareholders’ to appoint a Liquidator in order to formally close down a solvent company. Once the Liquidator has realised all company assets and ensured that there are no outstanding company liabilities, a capital distribution will be paid to shareholders either in species or from funds held in the company.

Going into Administration

Administrations are primarily geared towards promoting the recovery of larger companies that are likely to become insolvent.

Read on to Learn More about this useful business rescue process

Company Voluntary Arrangements

In a Company Voluntary Arrangement (CVA) a Company makes a Proposal to its creditors offering to pay contributions from future profits or asset disposals.
The repayment terms may be an immediate lump sum payment or alternatively over a 1-5 year period. The CVA may require creditors to compromise on their debt to receive a pence in the pound distribution.

Pre Pack Administration

Very simply, a pre-pack Administration facilitates the quick sale of the assets of an insolvent business.

The struggling business sells all or some of its assets to a new company. The new company can have the same directors as the original company or be a completely separate business that has an interest in purchasing the insolvent company’s assets.

Individual Voluntary Arrangement (IVA)

If you’re considering an individual voluntary arrangement (IVA) to help manage your debt, this article aims to answer, as comprehensively as possible, the key facts you’ll need to know.

Bankruptcy

What is bankruptcy?

A creditor can issue a bankruptcy petition against an individual if they are owed a debt of more than £5,000. Alternatively, an individual can present their own bankruptcy petition by applying online and declaring themselves bankrupt. Once a bankruptcy order is made, the individual’s assets vest with the Trustee in Bankruptcy and these may include the bankrupt’s interest in the matrimonial home. The Trustee once appointed will deal with the realisation of the debtor’s assets and should sufficient funds be available, distribute these to creditors.

HMRC Debt Advice

Directors can sometimes struggle to keep their business afloat through tough times and keeping up with tax responsibilities can be even more challenging. If you are finding that your company is finding it difficult to keep up with their tax payments you will find some useful information in this HMRC hub. Please feel free to contact us at your earliest convenience for a free confidential meeting on your situation.

Liquidation Advice

If you’re a company director seeking advice about liquidation, the process involved, or how this would work for your company, please contact us with any questions you may have. We have many years experience with insolvency, and can help you navigate this potentially stressful subject to make it as easy as possible.

Winding up Petition Advice

Here at AABRS, we are specialists in helping businesses deal with the threat of a Winding up Petition, one of the most serious which can affect any company. The crucial point to remember is that from the moment a Winding up Petitions is issued, you have just seven days to take action. If you do not, the judge may issue a Winding up Order which will mean your company will be compulsorily wound up or shut down.

VAT Arrears Advice

Are you facing VAT Arrears? Here at AABRS we have many years experience advising limited company directors in this situation.

Late Payment of VAT is something HMRC take very seriously,so we recommend you keep in regular communication with them to ensure the situation is not escalated.

About us

Here at AABRS, we offer a range of bespoke insolvency solutions to a vast array of businesses across the UK, no matter how large or small.

Whether your needs are personal or corporate, our company is devoted to ensuring our clients that their current financial struggles will be dealt with in an efficient and professional manner.

We at AABRS work with accountants and solicitors to find the best solution for our customers, using a variety of dynamic and innovative methods that are guaranteed to have a long lasting effect on your business.

We work closely with our clients from start to finish, ensuring that their needs are met quickly and efficiently.

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