At SCRLUK Our qualified professionals will assist you in finding the optimal solution for your company, ensuring the best outcome possible. We provide you with all the available options and facts, and support you throughout the entire process, from business rescue to a full range of insolvency options. Rest assured that we are committed to guiding you to the best decision for your business.
Our team has been advising small and medium sized Companies and individuals for over 35 years.
We advise Company Directors and Sole traders in considering available solutions, when cash flow become unmanageable.
Examples of this are: Unable to pay wages; bank loans; trade suppliers and Customs and excise.
It is important that you act, when you cannot pay your creditors. Trading on whilst Insolvent can result in the Directors being personally liable for the Company debts.
Over the years we have seen many different cases, and we treat each one with an empathetic approach, appreciating the stress to the person and family that can result.
SCR also works closely with Accountants and Solicitors, offering advice to their clients.
We always look to find a solution that will enable the Professional to retain the client.
A financial health check will clarify your situation. We welcome the opportunity to sit down and go through your Company’s circumstances during an Initial Consultation. It’s free of charge, and by the end of the day you will know if you need help or if you’re doing well and don’t need assistance at this point.
Company Voluntary Arrangement (CVA) is a procedure which allows a Company to reach an agreement with its Creditors on how to repay its debts.
By agreeing on a debt-scheduling plan with its Creditors, a Company may be able to repay all or most of its debts over time. CVAs are often used where the financial problems are in the past and future profits are expected.
An Administrator (appointed by the Company or its Directors, or through Court by Creditors) takes over the running of the business as a going concern in attempts to secure funds for Creditors and save the Company from going into Liquidation.
Liquidation is the process in which a Company comes to an end as a going concern and all Company assets are realised for the benefit of Creditors.
Creditors Voluntary Liquidation (CVL) is a procedure which involves the Directors and Shareholders voluntarily placing the Company into Liquidation. The Creditors of the Company appoint the Liquidator who is to deal with the winding up.
Compulsory Liquidation (Comp) is a Liquidation procedure which is initiated by a party petitioning to the Court to place the Company into Liquidation. The petition is normally issued by a Creditor, who is owed a sum of money in excess of £750 and states that the Company cannot pay the debt. A petition can also be issued by the Company’s Directors or its Shareholders.
Compulsory Liquidation can often follow another insolvency procedure (e.g Administration, CVA, Administrative Receivership) where the affairs of the Company need to be wound up.
Bankruptcy is an individual’s equivalent to Liquidation. The procedure involves the realisation of all of the individual’s assets for the benefit of Creditors.
All assets will include any interest the Bankrupt may have in the matrimonial home, to possible interest in investments. The end result of Bankruptcy is usually a debt free individual. There is, however, alternative routes to becoming debt free which may be more appropriate, so it is important to seek advice.
