Business Recovery & Insolvency
Finding answers to financial problems
Be they corporate or personal. Sympathetic yet thoroughly objective, our services are focused on producing the best outcome for creditors and owners or individuals in circumstances that are always trying.
Business Recovery & Insolvency
Administrations and Company Voluntary Arrangements
Insolvency doesn’t always mean liquidation. So, wherever possible, we’ll provide advice and assistance on alternative options such as Administration or Company Voluntary Arrangements.
We can represent the holders of Floating Charges and provide pre-receivership assessments and reports including assessments of the potential recoveries.
Voluntary and other liquidations
Where there are no viable alternatives, we can utilise our extensive experience in both solvent and insolvent liquidations. This could involve a timely, cost-effective winding up to maximise the returns to shareholders. However, should the business be insolvent, our aim is to maximise the returns to the creditors in as short a time as possible. We can also provide advice and assistance to anyone involved, either directly or indirectly, as a shareholder, director, creditor or employee.
We provide realistic impartial advice on the possible options - and the implications of their success or failure. This is given free of charge at an initial meeting, with the next steps entirely dependent on the circumstances of each case.
Viability reviews and investigations
These reviews can be carried out for any business or for their bank or funder. The scope will be dependent on the circumstances, but the general objective will be to provide a genuinely independent opinion on the future prospects of the business.
If introduced early enough, we can work with our colleagues in Corporate Finance to assess the viability of a business, determine the practicality of trading on and hopefully work towards a successful outcome for both the creditors and the shareholders.
Personal debt advice
If you’re in financial difficulty, our team will provide advice that is both insightful and realistic. We’ll outline the options available to you and the implications of their success or failure. This advice is given free of charge at an initial meeting, with the next steps entirely dependent on the circumstances of each case. For further information, please see our debt advice website www.firststepdebtadvice.co.uk.
Representation at creditors' meetings
Our team will attend creditors' meetings to represent your interests and provide you with: a copy Statement of Affairs; details of significant matters arising at the meeting; and an independent, realistic opinion on your dividend prospects.
On the other side of the coin, we can provide services to creditors who are unfamiliar with this area and assist you in serving Statutory Demands. This document is a relatively inexpensive procedure and often generates the settlement of a debt. We’ll represent your interests with other Trustees, preparing and, where appropriate, lodging claims on your behalf.