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SGP professionals have the experience of working on highly complex insolvencies, bankruptcy matters and corporate recovery as well as restructuring matters across the globe.
SGP would take over the management of the company ensuring that all current orders were paid for on terms as agreed at the time and that all sales were accounted for and also paid for in a timely fashion.
How can SGP Help
We at SGP are a firm of Accountants and Consultants who work with many other specialists, some of whom are qualified Insolvency Practitioners (IP) with years of experience. We have the expertise to organise company paperwork and book-keeping in the manner that enables the IP to prepare their reports for the court and the creditors with ease.
A team from SGP will, on day one, come into the office and start work on your books and records; including stocks on hand and ordered to give an accurate and up to date position of the affairs of the concern; including the likelihood of debtors in paying in full and discussions with creditors explaining the situation.
We are here Together for the Long Run
Contacting the creditors to advise what is to happen.
Contacting debtors to make enquires about payment.
Contacting the relevant authorities to seek their support.
This can only apply to individuals (including sole traders and individual members of a partnership). …
Bankruptcy petitions may be presented to the court by the individual, by creditors who are owed more than £750, or by the supervisor of an individual voluntary arrangement. A bankruptcy order is made by the court.
Individual Voluntary Arrangement (IVA)
Where an individual will come to an arrangement with creditors to pay the debts in full or in part over a period of time as an alternative to bankruptcy.
This arrangement must be set up by a licensed Insolvency Practitioner and presented at a meeting of creditors. Once the proposal is accepted by the creditors or representatives at the meeting, the agreement reached with the creditors will be legally binding.
In some cases an Interim Order is sometimes issued by a court and will immediately protect the debtor from any legal action by creditors.
Company Voluntary Arrangement (CVA)
CVA is a form of composition similar to IVA and in the case of a company, the company will come to an arrangement with its creditors to pay the debts in full or in part over a period of time.
A CVA begins with the company directors or financial advisors drawing a formal proposal at a Creditors’ Meeting to pay part or all of the debts. If the proposal is accepted by the creditors, the arrangement will become legally binding and the directors will retain control of the company.
In most cases the company will settle debts by paying only a proportion of the amount that it owes to creditors.
Compulsory Liquidation and winding up
Is a court-based procedure (a winding up order).
The most common reason for a winding-up order is that the company is insolvent. At the end of the liquidation.
The Official Receiver becomes liquidator when the order is made but an Insolvency Practitioner will be appointed to take over if the company has significant assets. The liquidator’s role is to realise the company’s assets, pay all the fees and charges arising from the liquidation, and pay the creditors as far as funds allow in a strict order of priority.
Administration applies to limited companies and partnerships and is intended to get the company out of trouble and trading again if possible.
Going into administration is when a company becomes insolvent and is put under the control and management of a Licensed Insolvency Practitioners or administrator. Who could appointed by the courts (on application from a creditor, directors or partners).
An administrator’s primary goal is to rescue the company as a going concern. If this isn’t possible, the administrator will try to get a better result for the creditors than would be possible if the company was wound up. If neither of these is possible, the administrator will sell the company’s property to make at least a partial payment to one or more secured or preferential creditors, such as employees or the bank.
Creditors' Voluntary Liquidation (CVL)
CVL is a formal procedure where the directors/shareholders pass a resolution to wind the company up and bring the business to an end without the need for a court order. There are two test to determine whether a company is insolvent:
The balance sheet test and the balance sheet test.
A Creditors’ Meeting must be held to appointment of a liquidator and consider a statement of affairs. Creditors can appoint a committee to work with the liquidator, His roll during the insolvency process is primarily designed to ensure a fair distribution of an insolvent company’s assets for the benefit of its creditors.
There are many insolvency options available to help rescue you and your company.
To move forward with SGP Consultancy is move forward with your business.