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Rescue your business!

 

Running a business today can be a complicated and lonely matter for anyone and if things go wrong it is difficult to know where, or who turn to. Unfortunately, unless you are a member of an association of some kind, being the owner of a business – the buck stops with you and as we all know, ignorance of a law is no defence. Obtaining the right experience at the right time can make the difference between success and failure. Whether you believe your business can do better but you are not sure how, or you need advice with company insolvency call now to speak to a specialist.

 

Given the choice, most directors would want to save the company as opposed to closing it and that is what our first choice will always be, subject to the directors’ objectives.

 

It can be comforting sometimes to have someone at the end of the phone who can provide ongoing experienced and informed counsel acting, if you like, as a member of your team. This can be arranged for less than you think and whether it is insolvency, or a commercial matter, we can often provide your options and a solution within minutes.

Company Rescue Tool
  • Total Debt*Estimated Amount of Debt
    None
    Under £10K
    £10K - £50K
    £50K - £100K
    £100K +
    Im Not Sure

    0

  • Your Goal*Desired Outcome

    1

  • Company*Company Name

    2

  • Name*Your Name

    3

  • Phone*Contact Number

    4

  • Email*Your Email Address

    5

  • 6

 

 

Start Taking Control of Your Business Debts Before They Take Control of You!

 

 

Taking that first step in calling us is often the hardest. Once you know your options, you will have a clear direction of what needs to be done to save your business. Get in touch to find out how we can help save your limited company today.

 

Get Started

 

 

Company Rescue Tool
  • Total Debt*Estimated Amount of Debt
    None
    Under £10K
    £10K - £50K
    £50K - £100K
    £100K +
    Im Not Sure

    0

  • Your Goal*Desired Outcome

    1

  • Company*Company Name

    2

  • Name*Your Name

    3

  • Phone*Contact Number

    4

  • Email*Your Email Address

    5

  • 6

Start saving your business today!

 

  • Save Your Business

    We can implement well placed business rescue solutions to help save your business from liquidation. If you have been suffering with the stress of business debts and you wish to continue trading then give us a call to see how we can help you.

  • Help Reduce Business Debts

    With the use of some of our business debt solutions we can often negotiate with creditors and dependent on the success of our proposal we can help to arrange a reduction of business debts.

  • Free Advice for Directors ’ debt advice

    You pay us nothing for the advice we provide on your situation. You can get all of your options up front by speaking with one of our specialist consultants in confidence and at no cost to you, or your company.

  • No Obligations

    Once you have your options there is absolutely no obligation to commit to anything unless you are completely satisfied that you wish to go ahead.

  •  

     

 

Take Control of Your Business Debts

 

We will help remove the stress that may be hindering you and we will set out a plan to get you and/or your business back on track with our specialist UK business advisors, who have a wealth of experience and knowledge when addressing business debt problems. Pick up the phone, or send us an email to see how we can help you today.

 

 

Get Started

 

Testimonials

 

SEE WHAT OUR CLIENTS SAY!

" We had problems with HMRC and a major creditor threatening to take legal action against the company. We contacted you guys and you have helped guide us through the situation and finally resolve the matter…. Great help and advice and support. Helped my sleep to no end!!!!!! "

Julian R, Technical Architect

" After several years of recession we fell behind with our VAT payments, the Business Debt Centre negotiated with HMRC on our behalf and aided in a full restructure of our business. THANK YOU!. "

Jack E, Tattoo artist

Company Administration

What is company administration? In very simple terms it is a speedy legal process in which a director may stop creditors taking action against his/her company whilst a rescue package is pulled together.

 

The administration via a moratorium can stop serious legal action taking place against the company very quickly and this allows the company proposal to be pulled together within 28 days. For example if HMRC are threatening a winding up petition this may be prevented – fast!  So company administration can be a powerful tool if your company has been threatened by a winding up petition.

 

If you are a director of a company and you believe that the creditors’ action against your company is too great to fight off, but you believe that the company has a future if it can obtain more time – company administration may be for you.

 

Typical examples may be where the company has a pending contract that could save the company but the creditors are pressing with legal action; the company may have had cash-flow problems but also has significant assets such as property to sell and an offer may be on the table, so you just need time.  Equally, it may just be that the company has fought its way through the recession, but has substantial historic debts stopping the company securing major contracts.

 

Whatever the reason, company administration is the most popular way of saving a company. To speak to a specialist now give us a call.

Pre-Pack Administration

What is pre-pack administration? Pre-pack administration allows potential purchasers of a company in distress to buy it as a whole package without taking on the company debts. Potential buyers of the company may be the directors in situ, so the process has received some controversy as it can give the impression to a company’s creditors that they were being treated unfairly. Guidelines were put in place in 2009 via SIP 16 to ensure potential administrators have clearer direction of what was required from them in justifying the pre-pack administration sale.

 

As long as these guidelines are followed the pre-pack administration can be very effective in providing continuity of business for staff, clients and suppliers. If done correctly there should be a greater return for creditors than there would have been had the company simply been liquidated.

 

The sale of the company via a pre-pack administration can also be completed even before the administration has been publically announced. This can be extremely useful when trying to secure major suppliers and revenue producing contracts.

 

So if you believe your company has a future but are held back by substantial company debt then get in touch to speak to a company rescue consultant today.

Phoenix

What is a phoenix? A Phoenix is in fact the liquidation of a limited company where assets may be bought piecemeal as opposed to buying the company as a whole.  The same guidelines would apply from SIP 16 to ensure that the creditors’ rights are not neglected, but as long as these guidelines are followed the directors in situ may buy the company assets. This will usually involve an independent valuation of the assets in most cases to ensure a fair commercial price has been paid for the assets. A new company is formed and the company, often with the same director or other connected party, buys some of the old company assets.

Assets that may be bought for a commercially fair value can be intangible assets such as the company name or trading name; company telephone numbers, intellectual property, URL, websites, revenue producing agreements and so on. Any of the company’s tangible assets such as plant and machinery, desks, chairs, cars, vans, etc. may also be bought as long as they have had an independent valuation and the procedures followed.

You are provided with a step-by-step guideline telling you how to set up again to ensure you are compliant and within the law. If you believe the core of your business is viable but the company debts are too great then please get in touch to find out more.

 

Wrongful Trading

Many directors are concerned about being accused of wrongful trading, but what is wrongful trading? It is important not to confuse wrongful trading with fraudulent trading.

 

Wrongful trading is where a director may continue to run the limited company in the normal way despite the fact that the company is insolvent, but with no malicious intent or agenda. This is what is known as wrongful trading. The director has normally made the wrong decisions through lack of knowledge.

 

Fraudulent trading is quite different, this is where a director continues to trade, but also has the intent to defraud the company or its creditors, usually with no intention of repaying debts. This is what is referred to as fraudulent trading.

Company Voluntary Arrangement

What is a company voluntary arrangement? A company voluntary arrangement is a formal statutory agreement between the company and its creditors, allowing it to continue to trade as normal. The arrangement is legally binding on all parties and a moratorium may be used to stop legal action whilst a proposal is prepared for its creditors – so you can buy precious time to rescue the company. As long as 75% of creditors accept the proposal the proposal is successful. The proposal is based on the affordability of the company and as long as the proposal offers more than liquidation then a lesser amount may be proposed and accepted. For example; where creditors may be owed £250,000 by a company at a rate of 100p in the £1 and if liquidated may produce 0.35p in the £1 an offer of 0.45p in the £1 may be made. The amount paid back to creditors would then be £112,500 at a rate of 0.45p in the £1. The proposal can spread payments over a five year period if required, so this can make a huge difference to the cash-flow forecast of a company and help to ensure its survival.

 

In the right circumstances a company voluntary arrangement can be a tremendously useful insolvency tool to ensure your company’s survival and even growth. If you would like to speak to a specialist consultant now regarding a company voluntary arrangement and see how it may help you please get in touch today.

Company Voluntary Arrangement (CVA) vs Creditors’ Voluntary Liquidation (CVL)

What is the difference between the two? What are the deciding factors that will help you choose which of these, is the best option for your company?

 

It is not a simple consideration for many directors – do I close, or do I trade on? Often it is not this straight forward and many of the directors we help are very surprised when we tell them what they are allowed to do within insolvency law.

 

The key difference is that a company voluntary arrangement allows you to continue you trade with the same company, whereas, a creditors’ voluntary liquidation closes the company down. You may, however, be surprised to learn that liquidation does not necessarily mean the end of your business – though it might be the end of your company – see the Phoenix summary above.

 

The critical difference will usually come down to whether the company will obtain the support of 75% of the creditors? Does it have a strong cash-flow? If the answer is no to both of these questions then the likelihood is that you may need to think about a creditors’ voluntary liquidation or Phoenix.

 

To speak to a specialist who can help you now just pick up the phone and we will be happy to talk you through it.

Directors’ Disputes

Directors’ disputes are a fact of company life and can happen at any time. Simply having someone providing an independent view, or acting as an arbitrator can resolve the difference of opinion.

Whether it’s a dispute over the direction of the company, or you believe that the directors need to go their separate ways, we can help.

Creditors’ Negotiations and Company Rescue

As company rescue consultants we spend quite a large part of the job calming, or negotiating with creditors. If the company is struggling and we believe that with a little more time it can repay its debts then we can usually step in and help. Often creditors lose confidence in directors who have been struggling to pay and simply don’t believe them. A phone call from us will usually buy a little time so we can provide sales/cash-flow forecasts, business plans and whatever is needed to regain confidence and rescue the company. This is not rocket science – we are passionate about your brand, as we become part of your team within hours of appointment.

 

Whether you want to turn your loss making company into a profitable one, or simple buy more time to recover, call us today and speak with a specialist business rescue consultant.

Interest Rate Swap Mis-Selling & Compensation

Most business people or high earners may have at some point taken out a large loan and this loan may have been secured or unsecured it doesn’t really matter. What does matter is that the product and associated risks should have been explained to you clearly and unfortunately, in some cases this does not happen. The problem here is a compliance breach, not a legal issue, so it does not mean you automatically need a lawyer, but you are likely to need professional help. We have identified a number of clients who were miss-sold interest rate swap products and some were driven near to bankruptcy by the very banks who helped cause the issue in the first place. Don’t be caught out!

The banks have been told by the Financial Conduct Authority to investigate the sale of these very complex interest rate swap products which were sold under a variety of names – so you may not recognise the term interest rate swap, you may have been sold an ‘insurance against rising interest rates’ or an ‘interest rate collar’. If your bank has written to you inviting you to an interview – DO NOT attend without seeking professional and experienced counsel.

If you were sold a loan and a policy/product to stop interest rates increasing, but when the Bank of England interest rate fell your payments increased dramatically then you could very well have been mis-sold an interest rate swap. Give us a call now to speak with someone who can provide specialist and experienced advice on interest rate swaps.

Company Administration

What is company administration? In very simple terms it is a speedy legal process in which a director may stop creditors taking action against his/her company whilst a rescue package is pulled together.

 

The administration via a moratorium can stop serious legal action taking place against the company very quickly and this allows the company proposal to be pulled together within 28 days. For example if HMRC are threatening a winding up petition this may be prevented – fast!  So company administration can be a powerful tool if your company has been threatened by a winding up petition.

 

If you are a director of a company and you believe that the creditors’ action against your company is too great to fight off, but you believe that the company has a future if it can obtain more time – company administration may be for you.

 

Typical examples may be where the company has a pending contract that could save the company but the creditors are pressing with legal action; the company may have had cash-flow problems but also has significant assets such as property to sell and an offer may be on the table, so you just need time.  Equally, it may just be that the company has fought its way through the recession, but has substantial historic debts stopping the company securing major contracts.

 

Whatever the reason, company administration is the most popular way of saving a company. To speak to a specialist now give us a call.

Pre-Pack Administration

What is pre-pack administration? Pre-pack administration allows potential purchasers of a company in distress to buy it as a whole package without taking on the company debts. Potential buyers of the company may be the directors in situ, so the process has received some controversy as it can give the impression to a company’s creditors that they were being treated unfairly. Guidelines were put in place in 2009 via SIP 16 to ensure potential administrators have clearer direction of what was required from them in justifying the pre-pack administration sale.

 

As long as these guidelines are followed the pre-pack administration can be very effective in providing continuity of business for staff, clients and suppliers. If done correctly there should be a greater return for creditors than there would have been had the company simply been liquidated.

 

The sale of the company via a pre-pack administration can also be completed even before the administration has been publically announced. This can be extremely useful when trying to secure major suppliers and revenue producing contracts.

 

So if you believe your company has a future but are held back by substantial company debt then get in touch to speak to a company rescue consultant today.

Phoenix

What is a phoenix? A Phoenix is in fact the liquidation of a limited company where assets may be bought piecemeal as opposed to buying the company as a whole.  The same guidelines would apply from SIP 16 to ensure that the creditors’ rights are not neglected, but as long as these guidelines are followed the directors in situ may buy the company assets. This will usually involve an independent valuation of the assets in most cases to ensure a fair commercial price has been paid for the assets. A new company is formed and the company, often with the same director or other connected party, buys some of the old company assets.

Assets that may be bought for a commercially fair value can be intangible assets such as the company name or trading name; company telephone numbers, intellectual property, URL, websites, revenue producing agreements and so on. Any of the company’s tangible assets such as plant and machinery, desks, chairs, cars, vans, etc. may also be bought as long as they have had an independent valuation and the procedures followed.

You are provided with a step-by-step guideline telling you how to set up again to ensure you are compliant and within the law. If you believe the core of your business is viable but the company debts are too great then please get in touch to find out more.

 

Wrongful Trading

Many directors are concerned about being accused of wrongful trading, but what is wrongful trading? It is important not to confuse wrongful trading with fraudulent trading.

 

Wrongful trading is where a director may continue to run the limited company in the normal way despite the fact that the company is insolvent, but with no malicious intent or agenda. This is what is known as wrongful trading. The director has normally made the wrong decisions through lack of knowledge.

 

Fraudulent trading is quite different, this is where a director continues to trade, but also has the intent to defraud the company or its creditors, usually with no intention of repaying debts. This is what is referred to as fraudulent trading.

Company Voluntary Arrangement

What is a company voluntary arrangement? A company voluntary arrangement is a formal statutory agreement between the company and its creditors, allowing it to continue to trade as normal. The arrangement is legally binding on all parties and a moratorium may be used to stop legal action whilst a proposal is prepared for its creditors – so you can buy precious time to rescue the company. As long as 75% of creditors accept the proposal the proposal is successful. The proposal is based on the affordability of the company and as long as the proposal offers more than liquidation then a lesser amount may be proposed and accepted. For example; where creditors may be owed £250,000 by a company at a rate of 100p in the £1 and if liquidated may produce 0.35p in the £1 an offer of 0.45p in the £1 may be made. The amount paid back to creditors would then be £112,500 at a rate of 0.45p in the £1. The proposal can spread payments over a five year period if required, so this can make a huge difference to the cash-flow forecast of a company and help to ensure its survival.

 

In the right circumstances a company voluntary arrangement can be a tremendously useful insolvency tool to ensure your company’s survival and even growth. If you would like to speak to a specialist consultant now regarding a company voluntary arrangement and see how it may help you please get in touch today.

Company Voluntary Arrangement (CVA) vs Creditors’ Voluntary Liquidation (CVL)

What is the difference between the two? What are the deciding factors that will help you choose which of these, is the best option for your company?

 

It is not a simple consideration for many directors – do I close, or do I trade on? Often it is not this straight forward and many of the directors we help are very surprised when we tell them what they are allowed to do within insolvency law.

 

The key difference is that a company voluntary arrangement allows you to continue you trade with the same company, whereas, a creditors’ voluntary liquidation closes the company down. You may, however, be surprised to learn that liquidation does not necessarily mean the end of your business – though it might be the end of your company – see the Phoenix summary above.

 

The critical difference will usually come down to whether the company will obtain the support of 75% of the creditors? Does it have a strong cash-flow? If the answer is no to both of these questions then the likelihood is that you may need to think about a creditors’ voluntary liquidation or Phoenix.

 

To speak to a specialist who can help you now just pick up the phone and we will be happy to talk you through it.

Directors’ Disputes

Directors’ disputes are a fact of company life and can happen at any time. Simply having someone providing an independent view, or acting as an arbitrator can resolve the difference of opinion.

Whether it’s a dispute over the direction of the company, or you believe that the directors need to go their separate ways, we can help.

Creditors’ Negotiations and Company Rescue

As company rescue consultants we spend quite a large part of the job calming, or negotiating with creditors. If the company is struggling and we believe that with a little more time it can repay its debts then we can usually step in and help. Often creditors lose confidence in directors who have been struggling to pay and simply don’t believe them. A phone call from us will usually buy a little time so we can provide sales/cash-flow forecasts, business plans and whatever is needed to regain confidence and rescue the company. This is not rocket science – we are passionate about your brand, as we become part of your team within hours of appointment.

 

Whether you want to turn your loss making company into a profitable one, or simple buy more time to recover, call us today and speak with a specialist business rescue consultant.

Interest Rate Swap Mis-Selling & Compensation

Most business people or high earners may have at some point taken out a large loan and this loan may have been secured or unsecured it doesn’t really matter. What does matter is that the product and associated risks should have been explained to you clearly and unfortunately, in some cases this does not happen. The problem here is a compliance breach, not a legal issue, so it does not mean you automatically need a lawyer, but you are likely to need professional help. We have identified a number of clients who were miss-sold interest rate swap products and some were driven near to bankruptcy by the very banks who helped cause the issue in the first place. Don’t be caught out!

The banks have been told by the Financial Conduct Authority to investigate the sale of these very complex interest rate swap products which were sold under a variety of names – so you may not recognise the term interest rate swap, you may have been sold an ‘insurance against rising interest rates’ or an ‘interest rate collar’. If your bank has written to you inviting you to an interview – DO NOT attend without seeking professional and experienced counsel.

If you were sold a loan and a policy/product to stop interest rates increasing, but when the Bank of England interest rate fell your payments increased dramatically then you could very well have been mis-sold an interest rate swap. Give us a call now to speak with someone who can provide specialist and experienced advice on interest rate swaps.

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