Liz McKeown & Co's focus is on business rescue and recovery. As a member of R3 we are recognised for our efforts in providing financial advice to financially distressed businesses. We can offer advice and support with two corporate insolvency options; a company voluntary arrangement or administration.
COMPANY VOLUNTARY ARRANGEMENT (CVA)
The CVA is a process which was introduced as an alternative to liquidation
for companies who are experiencing difficulty in paying their debts. The main advantage of this being the possible survival of the company as a going concern.
ADMINISTRATION
Administration is a process for control, where a company is insolvent and facing serious threats from its creditors. The Court may appoint a licensed insolvency practitioner as administrator; this places a moratorium around the company and stops all legal actions. The administration must have a purpose and the Government encourages the use of proposing a CVA after administration.
Under the administration option it is possible for the company and its directors (or a creditor like the bank) to put the company into administration using a streamlined process, by applying to the High Court.
LIQUIDATION
In the event of a business still struggling to meet debt repayments afterrescue measures have been taken, it will be forced into liquidation. Liquidation is also a voluntary option for shareholders. Liz McKeown & Co can act as an insolvency practitioner in both these circumstances and will always act in a confidential and client focused manner.
CREDITORS VOLUNTARY LIQUIDATION (CVL)
The sale of the assets of an insolvent firm by its shareholders, initiated when the shareholders adopt a resolution for voluntary winding up of the business. The unsecured creditors have the right to appoint the liquidator.
MEMBERS VOLUNTARY LIQUIDATION (MVL)
The liquidation of a solvent firm by a resolution for voluntary winding up of the business by its shareholders, who also choose and appoint the liquidator. As the company is not insolvent it requires a statutory declaration of solvency by the firm's board of directors .
We understand the stress and pressure that you are experiencing during times of financial difficulty and will always offer our fullest support and professional advice.
COMPULSORY LIQUIDATION
The sale of the assets of a firm on a court order which is issued at the request of a company's creditors. In a compulsory liquidation, the unsecured creditors generally have
the right to choose and appoint the liquidator.
If your business is struggling
to pay off debts then call a licensed
insolvency practitioner on
028 9092 3335