- Members’ Voluntary Liquidation
If you have a Company that is solvent that has reached the end of its trading life and there is to be a return to shareholders, M1 Insolvency can simply and quickly arrange the drafting of the Statutory Declaration of Solvency and the solvent winding up of the Company. Members’ Voluntary Liquidation is an economical and expedient way of dissolving a Company.If required we will work closely with existing accountants, solicitors and tax advisors to deliver the most cost-effective solution for you, thereby maximising your return.
- Company Voluntary Arrangement (CVA)
A CVA can provide a large degree of flexibility with minimum levels of disruption to the company allowing the directors to retain control throughout. This procedure allows a distressed business to reach an agreement with creditors about payment of all, or part of, its debts over an agreed period of time. We will work with you to construct the CVA proposal.When proposed, we will report as nominee to court on whether a meeting of creditors and members should be held to consider the proposal. The meeting decides whether to approve the CVA. 75% of the votes cast as the Creditors Meeting are required to approve the proposal along with a simple majority of votes cast at the members meeting.If approved, then all creditors who received notice of the meeting are bound by the terms of the arrangement. We will then act as the supervisor of the CVA and once completed the company’s liability to its creditors (who had notice of the meeting) is cleared.
- Pre-Pack Administration
Pre—pack administrations can often deliver the best results for creditors. Pre-packs are where the sale of the business, and/or assets, of an insolvent company are arranged prior to the onset of formal insolvency and the sale is effected immediately upon appointment of an Administrator. In relevant circumstances this can coincide with an Accelerated M&A process. Pre-packs are often considered in the case of owner-managed businesses or those where most of the value in the business may reside in key staff or assets that may leave or diminish in value in the event of a formal insolvency.
Since the introduction of the Enterprise Act in September 2003, Administration has become easier achieve. An Administration Order provides protection for a Company against actions being bought by creditors including those with Court Judgements. During the period in which the Company is in Administration, M1 Insolvency will work with the Directors of the Company to formulate a strategy for the survival of the Company or its business, possibly by entering into as Company Voluntary Agreement.
- Creditors’ Voluntary Liquidation
M1 Insolvency can explain your rights, duties and obligations under the Insolvency Act 1986 and assist you in convening a meeting of creditors in the event of the insolvency of your Company. Your rights as a Director will be fully explained, together with any concerns you may have regarding personal liability (e.g. guarantees provided to secure lenders or in respect of leases), whilst the interests of your creditors are protected. This is not the end of the road.!!!!…….The business can often be re-structured from the liquidation and can, if appropriate, be returned to the existing owners.
- Compulsory Liquidations
A Compulsory Liquidation is a court process. The court will make an order for the company to be wound up following a presentation by either the company, the directors, any creditor(s), a contributory or contributories or by all of these parties together or separately.
- Administrative Receivership
If you have given security by way of a fixed and/or floating charge in respect of monies advanced to a Limited Company, then in the event of default by the said Limited Company we can act as a Fixed Charge Receiver or Administrative Receiver to protect and realise your security. We will work closely with existing parties to maximise returns for all.