Bailams is an independent firm of insolvency practitioners based in South Wales providing specialist advice to companies and individuals in financial difficulty. Bailams offers a range of services for both corporate and personal insolvency as well as turnaround recovery. Michelle Williams is a licensed Insolvency Practitioner and Chartered Certified Accountant and heads the team at Bailams.
Michelle has many years of insolvency experience and knowledge in assisting and supporting companies, individuals, debtors and creditors. If you have any concerns and wish to discuss any aspect of corporate or personal insolvency, please contact us for a free confidential discussion and/or meeting.
Michelle has many years of insolvency experience and knowledge in assisting and supporting companies, individuals, debtors and creditors. If you have any concerns and wish to discuss any aspect of corporate or personal insolvency, please contact us for a free confidential discussion and/or meeting.
Services
Creditors' voluntary liquidation (CVL or "winding up") is a formal process for insolvent companies which involves the realisation of the company's assets and, where possible, distribution to creditors and shareholders. Insolvency is defined as having insufficient assets to meet all debts, or being unable to pay debts as and when they are due.
An MVL is a solvent liquidation and a formal process. An Insolvency Practitioner is appointed liquidator by a company's shareholders to realise all of its assets and settle all of its debts in full, including interest, within 12 months. MVLs are useful in owner-managed businesses where it has not been possible to sell the business and owners seek to release the value of their shareholding.
CVA is a formal agreement with creditors that can overcome a company's short term cash flow problems and enable its long term survival. A CVA is effectively a compromise agreement between a company and its creditors. Creditors generally agree to write off a portion of their debt and receive payment over a set period of time.
We can write to all of your creditors to establish whether a mutually acceptable settlement can be reached. We can review the company's financial position and negotiate with creditors and HM Revenue & Customs to resolve any ongoing problems. As an independent third party, we can provide objective advice and reassurance to stakeholders to assist with future trading and funding options.
In certain circumstances, it may be appropriate for a company to consider an application for striking from the register (dissolution) at Companies House. Dissolution applications are considered at sections 1003 - 1008 of the Companies Act 2006. It is not a formal insolvency process and can be considered when a company has insufficient funds with which to fund the cost of a formal procedure.
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