An insolvent business is one which cannot pay its debts as and when they fall due or one whose assets are outweighed by its liabilities.
Liquidation is very often the only prospect for the company and in the right hands can be a far less stressful tool than most Directors would imagine.
Liquidation, or Creditors Voluntary Liquidation to use the full name is the most utilised insolvency process. Used correctly it is a clinical tool to sever all ties with the defunct company and give the Directors the opportunity to create a fresh start for themselves. Whilst Insolvency Practitioners are adept in ceasing to trade a business, BCIA Recovery & Turnaround provide a full package to enable the Directors to salvage a business from the Liquidation in a fully professional and legal manner.
There are all sorts of hoops to jump through and legal barriers along the way. To undertake the journey without specialist advice can lead to Directors breaking the law and finding themselves personally liable for debts of either limited company.
The assets of the defunct company are often worthless to the general public and hence the best realisation for the creditors comes from selling the assets back to the Directors in a Newco. It is not uncommon for the assets to be purchased by a new company whilst at the same time transferring the secured element of debt (normally the Bank) across to the new company to maintain financing or protect personal assets used as secondary security.
Our services are available for clients throughout Derby, Chesterfield, Sheffield and the entire UK (except Scotland) and with over 40 years of experience you can rest assured that we put you first at every stage. If you choose to liquidate your assets we have lawyers, accountants and insolvency experts on hand to assist you.
To discuss your individual circumstances with our professional team and have an initial analysis carried out, contact us today. We’ll talk you through your best options and orchestrate the process to make things as easy as possible throughout.
Want to know more about Liquidation? Read more in our resource centre.
I have dealt with Jamie Buchanan and BCIA for a number of years and have always found him and them excellent value. That is, they are very competent, hard working, reasonably priced, capable of lateral thinking, not stuck in traditional ruts.
They have a wide range of connections and know the right person for the job if a specialism they do not have is required.
Above all, they are positive and constructive and look for a good outcome.Alex Bevan, Mediator
BCIA could not have been more helpful with their guidance in assisting us in a pathway to reconstructing our business and our lives. If you are thinking of using a recovery company, in my opinion, you could not use a more professional or helpful practice. Always answering a call when you need them most and if engaged, responding as promptly as they possibly can. If you are a small or large company they can tick every box that you require.Trevor & Heather Webber, Directors, Brake & Service World Ltd