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For financially struggling companies, it can be difficult to decide on the appropriate course of action. Bringing such a company back to solvency is a challenging task alone, but dealing with creditor pressure and looming legal action can sometimes dwarf operational difficulties. Two potential solutions are apparent for companies in such a position: a Creditors’…

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When introducing a process or change to your company, it is naturally important that you know what impact it may have. What is equally important, though sometimes not given due attention, is the impact these actions will have on directors. This is true for every meaningful action, for both solvent and insolvent companies, and is…

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For directors of insolvent companies, finding the right path forward can be challenging. Some companies in difficult financial situations would, for example, benefit most from closing through a Creditors’ Voluntary Liquidation (CVL). Other companies would benefit most from attempting to alleviate the financial pressure, rather than completely winding down operations. A Company Voluntary Arrangement (CVA)…

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When a creditor is owed money by a company and their payment demands have gone unfulfilled for more than 21 days, they are entitled to issue a winding-up petition to the court. The winding-up notice asks the court to liquidate the company as it is believed that it is insolvent. Once liquidated, the proceeds and…

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11 June 2021

When a business is insolvent or experiencing financial difficulties, there are several options open to it. From liquidation, which liquidates and dissolves the company, to options for business rescue, such as a Creditors’ Voluntary Arrangement (CVA.) A CVA is an agreement made between company directors and creditors to pay back the company’s debts (or a…

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