My Insolvency provide cash flow solutions to businesses through corporate finance and the facilitation of credit management solutions. When My Insolvency are involved with an instruction, we like to get under the skin of the business, by meeting with the directors. This allows us to understand the real business, it's management structure, the concerns of the board and the pressures the company is under from the bank or the creditors.
We then like to understand the business plan and aspirations of the individuals involved for the future and their exit strategy. Only once My Insolvency has a fully rounded view of the business, are we then able to provide our clients with our expert advice. This is, surprisingly, not necessarily insolvency, even when a company might have more liabilities and assets.
We then like to understand the business plan and aspirations of the individuals involved for the future and their exit strategy. Only once My Insolvency has a fully rounded view of the business, are we then able to provide our clients with our expert advice. This is, surprisingly, not necessarily insolvency, even when a company might have more liabilities and assets.
Services
My Insolvency was established in 2014 by directors, Stan Coltman and Sean Husband. This was also the beginning of the My Invoice Group consisting of My Insolvency, My Debt Recovery and My Invoice Finance. My Insolvency was created following a long established relationship between both Stan and Sean.
As with anything in life nobody truly wants to fail, otherwise why start out in the first place. You would have to be extremely naive to believe that there was not an element of risk when starting out in any business, even if you did have the best business plan since sliced bread.
A business may be facing an insolvency procedure for a wide variety of reasons, some may have been in the control of the board and some may be beyond the control of the company and its directors.Usually, it is not one catastrophic event that causes the failure of a business, although this does occur from time to time i.e.
A business may be facing an insolvency procedure for a wide variety of reasons, some may have been in the control of the board and some may be beyond the control of the company and its directors.Usually, it is not one catastrophic event that causes the failure of a business, although this does occur from time to time i.e.
A compulsory liquidation ("Compulsory Liquidation") is initiated by the presentation of a petition to the court for the company to be wound up by order of the court. This is a formal insolvency procedure whereby a company is forced to close. This process can be instigated by various parties who may issue a petition.
Creditors voluntary liquidation (CVL) is a formal insolvency procedure where the directors of an insolvent company have decided that their business is no longer viable and wish to wind the company up. A business is classified as insolvent if it is unable to pay its debts or has more liabilities than assets.
A company voluntary arrangement (CVA) is a legally binding agreement between an insolvent company and its creditors. The CVA begins as a proposal that is sent to the creditors and shareholders of the insolvent company for their formal approval.
The agreement demonstrates why the creditors and shareholders would be better off approving the CVA proposal versus rejecting the CVA for an alternative insolvency method (such as creditors voluntary liquidation).The terms and obligations of the agreement are detailed within the CVA proposal and detail how much and when the insolvent company is required to pay contributions to the supervisor of the CVA.
The agreement demonstrates why the creditors and shareholders would be better off approving the CVA proposal versus rejecting the CVA for an alternative insolvency method (such as creditors voluntary liquidation).The terms and obligations of the agreement are detailed within the CVA proposal and detail how much and when the insolvent company is required to pay contributions to the supervisor of the CVA.
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