Condies Business Recovery & Insolvency Limited is a niche financial advice, debt solutions, restructuring and insolvency practice providing a customer driven, focused approach to distressed financial situations. Our three directors have between them over 45 years experience in offering advice to businesses and individuals who find themselves in financial difficulty.
Whenever their services are needed our team can offer a free non judgemental consultation with an individual or business and will provide structured advice in what is often an extremely emotional and distressing situation. Due to the extensive experience of our team they have dealt with the majority of issues which an individual or business may face.
Whenever their services are needed our team can offer a free non judgemental consultation with an individual or business and will provide structured advice in what is often an extremely emotional and distressing situation. Due to the extensive experience of our team they have dealt with the majority of issues which an individual or business may face.
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If your limited company is insolvent, it can use a Company Voluntary Arrangement (CVA) to pay creditors over a fixed period. If creditors agree, your limited company can continue trading. A company or limited liability partnership (LLP) can apply if all the directors or members agree. The insolvency practitioner will work out an 'arrangement' covering the amount of debt you can pay and a payment schedule.
Is the liquidator liable for sums due under contracts entered into by the company subsequent to his appointment? If you have any further questions with regards creditors' voluntary liquidations, please don't hesitate to contact us. This occurs where the shareholders, usually at the directors' request, decide to put a company into liquidation because it is insolvent.
A Compulsory Liquidation is a Court-directed method of winding up a company. The Liquidator will realise and distribute the company's assets, and then conclude the company's affairs. The company should not commence its business within a year or it should suspend its business for a whole year.
The application to wind up the company must be by petition, presented either by the company, its Directors, its shareholders or any creditors of the company.Once appointed by the Court, the Official Receiver has considerable powers of investigation into the company's affairs and the reasons for its failure.
The application to wind up the company must be by petition, presented either by the company, its Directors, its shareholders or any creditors of the company.Once appointed by the Court, the Official Receiver has considerable powers of investigation into the company's affairs and the reasons for its failure.
A Members' Voluntary Liquidation (MVL) (or Solvent Liquidation) enables shareholders to put a solvent company into liquidation in order to unlock their capital. It can be used to secure an orderly winding up of a company or to close down a subsidiary (within a group of companies) that has outlived its usefulness.
Sequestration is the Scottish term for Bankruptcy. You can apply for your own Bankruptcy through the Accountant in Bankruptcy, if you meet the set criteria. Creditors can also petition for your bankruptcy; however this is done through the court. When you are bankrupt, a Trustee is appointed to look after your financial affairs.
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