Irwin Insolvency specialises in many insolvency services, corporate recovery, rescue and turnaround. The current legal framework for corporate insolvencies is provided by The Insolvency Acts 1986 and 2000.
Procedures we can help with include:
A company voluntary arrangement can only be implemented by an insolvency practitioner. This is an agreement between a business and its creditors to a plan of reorganisation that involves the delayed or reduced payment of debts.
Creditor’s Voluntary Liquidation or CVL are determined by the realisation that the business cannot pay debts as and when they fall due. Often referred to as a ‘voluntary winding-up, this procedure is initiated by the directors and shareholders of a business.
This procedure involves the appointment of a licensed insolvency practitioner as an administrative receiver by a bank or other secured lending institution holding a floating charge debenture. The administrative receiver is appointed by the debenture holder when the business is deemed to be in default under the terms of the debenture.
A licensed insolvency practitioner is appointed as administrator on the petition of either the company, the directors or one or more creditors. Administration is a constructive way of preserving a company’s business or achieving a better return for creditors than a liquidation.
This is often referred to as a ‘winding-up by the court’. This procedure is the ultimate sanction against a business that defaults on basic obligations to creditors. The compulsory liquidation is ordered by the court, typically following the petition of a creditor, the business or a shareholder.
With the exception of company voluntary arrangements, there is an obligation on the part of the insolvency practitioner to report to the Department of Trade and Industry (DTI) on the conduct of anyone who has been a director or shadow director within the preceding two years. This may lead to disqualification proceedings being brought against one or more of the directors by the DTI.
At Irwin Insolvency, we understand that a sustainable solution can only be achieved when the interests of the various parties involved in an insolvency procedure have been reconciled. We have the ability to blend considerable commercial expertise with more than a touch of realism.
Call us now on 0800 009 3173 if you are unsure on any of the above or purely to discuss your situation or requirements.