Corporate Insolvency FAQs
Is that why you have a Business Angel Network and a Turnaround Interim Manager Network?
Yes. We have successfully turned around many businesses that would have otherwise been threatened with closure.
For more info on T-IM click here.
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Will I be able to claim for wages owed to me by the company?
Yes, and in order to help employees of insolvent companies the DTI runs a scheme to pay creditors unpaid wages, holidays not taken, pay in lieu of notice and redundancy up to a limit (currently £380 per week). The appointed insolvency practitioners will deal with the forms to help you make these claims.
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Do you only handle insolvencies?
No, we welcome the chance to advise clients in areas outside insolvency, including turnaround and restructuring. The earlier we can get involved, the more chance there is of avoiding insolvency.
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What type of companies do you usually deal with?
We mostly deal with owner managed businesses, which make up the bulk of businesses across East Anglia in all sectors.
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What size of companies have you dealt with?
Ones with assets upto £5,000,000, turnover upto £40,000,000, upto 200 staff and bank lending upto £2,000,000.
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Are there any other types of insolvency?
No, but there are solvent liquidations called Members Voluntary Liquidations ("MVL") to wind up the affairs of a solvent company, eg a profitable business that has been sold and the limited company is no longer required. Whilst such companies are not insolvent you have to be a licensed Insolvency Practitioner to do them.
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What type of insolvencies do you deal with?
- Provisional liquidations
- Creditors voluntary liquidation
- Compulsory liquidations
- Administrative receiverships
- Receiverships
- Administrations (and new style Enterprise Act administrations)
- Company voluntary arrangements with and without a moratorium
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