Bennett Verby - Accountants, Tax, Business Advisors

INSOLVENCY

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DEPARTMENT PROFILE

Our Corporate Recovery and Insolvency Services Department headed by Vincent Simmons provides advice on business turnaround and liquidations.

SERVICES

Business Turnaround
        No company or individual wishes to be the subject of formal insolvency proceedings. We will explore every option available to try to find a solution to help avoid them.

Independent Reports
        Bankers and other financial institutions do not want to force businesses under. However,they do not want to put loans at risk either- so we will work on finding creative solutions to best protect their interest. We recognise that clients need clear advice and we provide it. 

Voluntary Arrangements
        In contrast to both bankruptcy and liquidation proceedings, Voluntary Arrangements allow companies and individuals to compromise debts owed to creditors. Such Arrangements are not neccessarily public knowledge.
        We are able to act as Supervisor of such Arrangements which can be particularly useful to the company/individual whereby the business is generally capable of generating profits in the future but has suffered difficulties as a result of past events (eg. bad debts).

Liquidations
        In the event that a company is unable to continue, we can provide directors and shareholders with early advice and the procedures to follow. We are conscious of the stress caused to all involved in these situations and can explain fully the effects and consequences for directors and officers of such companies.
        We can also act as Liquidator to SOLVENT companies which require to be wound up for reasons of reorganisation or as part of a "tax-driven" scheme.

Receiverships
        We believe in working closely with an appointing bank/financial institution in order to develop and execute a strategy which yields the maximum recovery pursuant to the terms of their security.
        We can also offer advice to a lender wishing to obtain security in respect of its lending.

Administration
        The recent use of this process has been limited due, primarily, to the expense involved. However, this process can offer one of the best solutions to the preservation of a business.

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