Company Rescue and Support
Company Rescue and Support, the method of improving a struggling company (potential insolvent business), while advised by a licensed insolvency practitioner.
A company rescue is like a business rescue. The only difference is that a company rescue refers to an incorporated entity. A business may also include the rescue of a ‘partnership’ or’sole trader‘.
Many processes may be adopted, including the IP managing the company’s daily affairs.
Recent changes due to the Coronavirus COVID 19 include protecting the company from creditors legal action using a moratorium. This allows the company to attempt to get back on its feet financially and operationally.
Company Rescue and support options available?
1. Company Finance
2. Invoice Finance to Kick-start your Cash-flow
3. Time to pay arrangements
Introduce a formal insolvency rescue process
1. Company Voluntary Arrangement (CVA)
2. Company Administration
The timescale of a Business Rescue?
The response depends upon the:
- Procedure opted for used,
- Size of the company and
- Complexity of its financial circumstances.
A company voluntary arrangement might take a few weeks to propose and agree on approval.
Placing a company into administration is typically a more protracted procedure, requiring six months or more depending on its ultimate aim and complexity.
Company rescue and support free insolvency advice.
Owning a limited company has many areas directors need to focus on during a company rescue.
Cash flow problems within your business are a priority if you remain to trade.
During the present Coronavirus COVID 19 Pandemic. It isn’t easy to plan your way forward. Concerns over the solvency of your business introduce you to words like:-
How then do they affect you if at all?
Viewing the pages attached to our website will then answer any many questions asked by worried directors.
Our website offers FREE CONFIDENTIAL support online, in the privacy of your own home or workplace. If you wish to arrange
An online meeting view book a virtual meeting to discuss further, a Company Rescue.
For further guidance on the COVID19 situation, please view UK companies affected by Coronavirus COVID-19.
Our team has over 40 years of Insolvency and Turnaround expertise. We have licensed Insolvency Practitioners, Members of the Insolvency Practitioners Association , who are therefore qualified and experienced commercially. To explore and plan a solution acceptable to you while securing creditors of your business. Directors, however, require assurance throughout any process.
HBG Advisory provides directors with business insolvency advice & support.
Initial Process of a Company Rescue
To help you during these difficult times, we outline what our initial support will involve covering company rescue & recovery.
- Due to the current Coronavirus situation, we then arrange a virtual meeting to ensure confidential advice is safe and secure.
- HBG Advisory strives to understand your company’s position financially. Are you under legal pressure? How is COVID 19 affecting you and what is your cash flow?
- Once we have concluded our questions, we shall respond in writing (confidentially) with a “for your eyes only” report. The report outlines what is required to either put your business back on a level footing or cease trading and close correctly, safeguarding everyone.
- Finally, once you have decided on what action you wish to take, we may then support you moving on.
What Results When a Company Rescue Fails?
Liquidation ceases a company as an entity, and it is removed from the registrar of companies. All company employees will be made redundant, along with the company’s assets being sold.
A pre-pack administration offers the directors the option to therefore buy assets required out of the insolvent company. Once paid for, they would then rest in a new company. Often referred to as a ‘phoenix’ of a business. The process therefore saves jobs and the continuation of the trade-in a new company.
To view members of our senior management team, please view The TEAM at HBG Advisory.
Assistance with rescue advice:
To arrange a free meeting with HBG Advisory, and discuss a Company Rescue, please: