Provides support to family businesses going through change, growth and planning.
Business Recovery and Insolvency
Bridge Newland Business Recovery and Insolvency are Insolvency Practitioners, who specialise in business recovery, solvent restructuring, formal insolvency processes (such as Bankruptcy, CVA, Insolvent Liquidation, Administration, Pre-Packs & IVA) together with debt advice and finance. We have experienced insolvency staff that are highly qualified and given our family set up, we can also offer a personal approach which some competitors do not offer. It is our aim to provide the cheapest solution to all our clients, tailored to help them resolve the financial problems they face, in this difficult time of recession and economic depression. Together with our extensive network of specialist advisers and business partners, we strive to find a way forward for our clients from the issues which are troubling the vast majority of businesses and individuals alike; with no problem being too big or small.
Debt Advice & Company Turnaround
Our first and most important piece of advice to our clients is to take time to spot early warning signs. Seeking our debt advice sooner can mean the difference between turning around your failing business (retaining control of it, in the process) or financial ruin. Often clients will deal with their debt issues when it is too late. This results in the options available for them being severely reduced. However, had notice of the early warning signs been acted upon earlier, many problems can be prevented and often money would be saved.
- Testimonials:- I wouldn’t hesitate to refer anyone to you, having worked with other ‘insolvency practitioners’ there is something unique and special about your service and the way you deliver it, nobody else comes closeSarah McDade, Business Balance
Provides support to family businesses going through change, growth and planning.
- Testimonials:- We have recommended Ben Robson of Bridge Newland to several clients who were in financial difficulties. He is extremely knowledgeable and the advice and assistance he has been able to provide has enable them to carry on trading. Their fees are reasonable compared to many business recovery experts and the feedback from clients is that he was very easy to deal with and that he explained the options clearly.Rob Howell, Howell & Co (Leicester) Limited
Accountants from Lutterworth, Leicestershire
- Testimonials:- I would have no hesitation in recommending Ben to help any size of business that may require a Liquidation & Administration specialist or a business recovery expert. I know that he will advise and do the best for all concerned he is personable and easy to understand along with knowledge and experience of a high standard.Colin Oswald, CPA Paid
UK Credit Management & Collection Specialists.
- Testimonials:- Ben is a very professional, straightforward practitioner with a no nonsense approach which makes the sensitive subject he deals with much clearer and easier to handle. I have no hesitation in referring my clients who need this specialist help to him.Linda Pentland, All Figured Out Limited
Bookkeeper from Market Harborough.
Summaries of Main Processes...
- Members Voluntary Liquidation
- Creditors Voluntary Liquidation
- Compulsory Liquidation
- Pre Pack Administration
- Company Voluntary Arrangement
- Personal Insolvency
The process is quick and straightforward, as long as the company’s tax affairs are in order. The directors call a meeting of shareholders to pass resolutions to wind up the company and appoint a Liquidator. Once in Liquidation the Liquidator sells all the assets and will seek to distribute the sales proceeds (after costs) to the shareholders as quickly as possible. For more information on MVL’s click here:- Learn more about MVLs
The directors resolve that the company is insolvent (HOW?) and then they inform the shareholders that the company is no longer viable. Meetings of the shareholders and the creditors are then held by the board, and a licensed insolvency practitioner is nominated to act as Liquidator. At the meetings, the shareholders further resolve to place the company into liquidation, to appoint a Liquidator and then at the creditors meeting (held on the same day) the creditors agree to appointing the Liquidator chose by the shareholders, or they appoint a Liquidator of their own choosing. The process can take as little as two weeks, and is a fast, practical and straightforward route to close down a business which cannot afford to pay all of its debts in full.
For more information on what happens once the Company is in Liquidation, the CVL process generally and how the assets of the company are dealt with, click here:- Learn more about CVLs
In a compulsory liquidation a government agent called the Official Receiver (the “OR”) becomes the liquidator. The OR will investigate the company’s affairs and the conduct of the directors where investigations are often more stringent than in a CVL. Investigations are considered to be more stringent primarily because directors who do not take the responsible step to cease trading and wind up their loss making company voluntarily, are perceived to be in breach of their fiduciary duties.
If creditors are threatening to, or have already presented a winding up petition against your company, there are still options available to you. A licensed insolvency practitioner can request that the hearing to consider the winding up petition be delayed, and can negotiate with creditors to dismiss their petition allowing for a CVL instead. To find out more, click here:- Learn more about liquidations.
Administration can only be done if one of the following objectives can be followed:-
- Rescue the company (usually via a CVA)
- Achieve a better result for creditors (usually through selling the whole business to a new company for more than could be achieved in Liquidation)
- Realise property in order to make a distribution to secured or preferential creditors (realising secured assets in order to pay the bank/mortgage holder)
Administration is best used if the insolvent company still has the potential to be successful but where their debts are too large or long overdue and cannot be paid in full in the time being demanded. Administration is quick, offers complete court protection from creditors and is the best way to buy back your business as a whole. For more information about Administration or to read our Administration guide, click here:- Learn more about administration.
Pre-pack administration’s avoid bad publicity by ensuring a deal is in place before the company ‘goes bust’. By the time the deal is made public, the new company (“newco”) is already up and running.
Although the process can be perceived negatively by creditors, pre-packs have saved thousands of jobs and livelihoods, and often, creditors are keen to do business with the newco to avoid losing a customer and future revenue. To read our pre-pack guide or to find out more about the process, click here:- Learn more about pre pack administrations.
Bankruptcy is available to individuals, who can either petition for their own bankruptcy or be made bankrupt on the petition of a creditor (or by the Supervisor of a failed IVA). When the bankruptcy order is made, the OR (as Trustee) is appointed manager of the bankrupt’s affairs, and the bankrupt’s assets (including his interest in any property) are immediately under the control of the Trustee. The debtor no longer has control over his property, and has a statutory obligation to deliver up his assets to the Trustee. For more details on the bankruptcy process and how the trustee deals with your assets. Want to know more about Bankruptcy? if so, click here:- Learn more about bankruptcy
Where an insolvent individual owes in excess of £20,000 and has a stable income with surplus cash available after essential monthly expenditure, an Individual Voluntary Arrangement (“IVA”) may be appropriate. An IVA is a legally binding agreement with creditors to pay a proportion of the outstanding debt, by way of monthly contributions or through one or more lump sum payments. Contributions may also be made by third parties. An IVA is a less restrictive option than bankruptcy, and allows certain individuals to continue trading where bankruptcy would inevitably mean the loss of their business or licence to practice, and it enables debtors to keep their home, although re-mortgaging and an equity contribution is expected. However, it requires long term commitment, as the typical IVA lasts for five years (60 months), and if the arrangement fails, the individual may end up being made bankrupt anyway. An IVA must be supervised by a licensed insolvency practitioner. Want to know more about IVA’s? if so, click here:- Learn more about IVAs
Where an individual has debts of less than £15,000 and surplus income of less than £50 per month, a Debt Relief Order (“DRO”) may be appropriate. The DRO can only be applied for on the individual’s behalf by one of the registered Competent Authorities (including the Citizens Advice Bureau and various debt charities), and a licensed insolvency practitioner is not required to be involved.