Rugby Insolvency Practitioner for Liquidation or Administration
If you are looking for an insolvency practitioner based in Rugby, you have come to the right place. Bridge Newland are licensed insolvency practitioners, established in May 2011 and our head office is situated in Rugby, Warwickshire.
Bridge Newland specialise in assisting directors of distressed companies, to liquidate their business through the formal creditors voluntary liquidation process (being the process most commonly used to close down a company which cannot afford to pay all of its creditors in full).
An Insolvency practitioner’s primary objective is to maximise the recoveries of the creditors and therefore, when instructed, they work with the director, to realise the Company’s assets (if any) and repay the creditors as much as can be afforded, in accordance with priorities of payment laid down by the Insolvency Act.
Our staff have many years of experience and in addition to Liquidation, can provide advice and assistance on all insolvency processes, such as CVA’s and Pre Packs. We also have experience of assisting clients informally whereby we assist in seeking repayment plans, or obtain finance, allowing insolvent businesses to trade out of trouble and return the Company to profit and achieving full business recovery. Sadly, directors most commonly leave it too late to obtain advice and so a closure and re-start through a formal insolvency process is often the only option.
We are happy to provide all clients with free initial insolvency advice and only charge if instructed formally. No issue is too little or too large and our ethos of providing a personal approach, at a low cost, is formed as a result of our director’s own personal experiences of dealing with debt when his mother business was forced into Liquidation by her bank, costing her thousands in personal guarantees when all could have been avoided. This experience offered him a unique insight into dealing with debt and still guides him today.
Liquidation and Administration Specialists
Even the most capable director, can experience periods when their business runs them and/or being able to advise everyone they meet what they are best to do to maximise profit and reduce costs but not make the right decisions themselves. We can all be busy fools at times or suffer hardship through no fault of our own and more often than not, the temptation is to bury our head in the sand and hope things get better. Unfortunately, this isn’t always possible and therefore the Liquidation and Administration processes are available to save a business even if the Company itself must close.
The Liquidation and Administration processes allows for a director, or third party, to buy back the best parts of their business and trade again with these through a new (or already established) company, allowing the liabilities of the insolvent company to be repaid, as best as possible from the estate realisations. These Company liabilities then do not fall upon the director or shareholder to pay, unless they have been personally guaranteed.
If you think that a liquidation or Administration may be suitable for your Company, feel free to give us a call. Our prices are competitive and therefore offer our clients one of the cheapest solutions to their Company debt issues.
Pre Packages Sales
You may have heard the term pre pack administration, or been advised that a pre-pack would be good for you. This term is simply the process of placing your Company into Administration or Liquidation and then buying back your assets in a packaged sale. There are huge benefits to this as it allow directors to continue the same business and can often allow them time to pay for the assets over a deferred period. However, if done formally through an administration, the process is a court driven process and so requires considerable works to produce the paperwork required to gain court approval and the purchaser must also seek approval to the sale from a prepack pool. If done through a Liquidation, this is an out of court process and it can still be done providing the sale is the best outcome for creditors that can be achieved and providing an Administration is not achievable.
Should you feel that your business cannot afford to pay all of its creditors, but you have a desire to buy back your assets, please call 01788 544 544 and Ben or one of the team in Rugby will go through your options in detail and advice you if a pre-pack is suitable for your Company.