0161 907 4044

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Business Re-Start Specialists

Do you need cash for your struggling business?

If your business is struggling and looking for funds, we can help you.

Call us now (0161 907 4044) for free advice and/or to arrange a (free) appointment.

There are a number of different options available to you including:

Liquidate your struggling company and re-start the business, with new funds

Your duties as a director of a company which is insolvent

There are some key things which you should be aware of if you are a director of an insolvent company…

  • when a company is technically insolvent (i.e. cannot pay its liabilities as and when they are due) the directors of that company have a duty to show that they have taken all possible steps to minimise any losses to their creditors (i.e. the people they owe money to)
  • when a company enters a Creditors Voluntary Liquidation (CVL), the directors would be able to make an offer to the liquidator for the assets of that company
  • if a business is re-started in this way, there are restrictions on the re-use of company names
  • it is vital to balance the needs of the company director(s) with the legal needs of all the stakeholders (including employees and creditors) who are involved with the company.

As Licensed Insolvency Practitioners, we will help you through the whole process to ensure that you comply with all your duties and the relevant legislation.

We can help you through the process to ensure that all the legal requirements are met. Crucially, we can introduce you to those lenders who are keen to lend to business re-starts.

The goodwill, assets and customers of your struggling business can be separated from the limited company. This transaction will be subject to a professional valuation by a RICS regulated firm of chartered surveyors.

A new company can then be set up so you can continue trading, without the burden of the old debts. Trade creditors will usually be prepared to continue trading with you – albeit this may be on a pro-forma payment basis for the first few months. This is why it is so important to have full working capital finance in place.

We have helped numerous clients through this process and we can help you. Click here to see an example.

HMRC often insist upon a Bond for future VAT to be put in place when a company has been re-started and HMRC have suffered a loss. The cost of this Bond can cause problems at a time when cashflow is very tight. We have access to a number of factoring companies who are able to offer an over-advancement to cover this Bond.

** WARNING **

If an advisor tells you that they will look after just the interests of the directors and that you don’t need to worry about anyone else – then they are acting outside the law.

We act within the law to help you:

  • Deal with the Insolvency
  • Get your business back on track
  • Help you move forward

And, crucially, you can do all of this without having to look over your shoulder because you will know that everything has been done correctly and legally.

Factoring

Where you hand over your sales ledger to a third party who will offer an immediate advance of up to 85% of approved invoices – with the balance paid when the debtor pays the debt, less their fees.

Invoice Discounting

Similar to factoring, but you keep control of your sales ledger and debt collection.

Asset Refinancing

Raise funds by refinancing plant machinery and equipment.

This specialised field is different to traditional equipment finance and can be daunting for a business. We can ensure you get the expert advice as this can be a great way to help the long-term stability of your company.

Pension-led Funding Opportunities

You can release the value of your business Intellectual Property using your private of occupational pension fund.

Commercial Property-Based Lending

A commercial mortgage can be a great way to raise funds. High Street banks are often unable to help a struggling business due to the rigid parameters in which they have to operate.

We have access to a wide range of lenders who can help unusual or difficult situations.

Private Equity Investors

With our network of private investors we can put you in touch with people who are looking for business opportunities to invest in.

In addition, they can also provide a mentoring service so that you can benefit from their wealth of successful expertise.

Want to know more?

Call us now on 0161 907 4044 (or 0800 195 6768) for free advice and/or to arrange a (free) appointment.

Read more about the types of liquidation and rescuing your business.

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