Business Insolvency

Running a business in the UK is a real challenge. Running a successful, profitable business is even harder.
With almost 60% of all businesses failing within the first five years, getting the right help and advice can make a huge difference to your business.

At Irwin & Company, our aim is to help you succeed. Keeping and growing your business is our first priority and if a successful turnaround can be achieved then we will help you do that.

We sit down together with you and consider all the aspects of your business, looking for ways that could generate improvements in cash flow and profits.

Corporate Recovery, therefore, is exactly as the name implies – the taking of positive and practical steps to restore a business to health and profitability.

Where a turnaround is not feasible, Irwin & Company will utilise highly creative and imaginative uses of established insolvency practitioner procedures, such as administration and company voluntary arrangements, in order to achieve a positive outcome for the benefit of all parties.

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The Right Solution For You

Advice to Directors

Any company director has a lot on their shoulders. Actions will more often than not reflect personally on you as a director, and with such an important role comes a demand for knowledge of all things legal and financial regarding your business.

Sometimes there will be challenges that demand difficult decisions from directors, decisions that cannot be taken lightly but must be taken all the same. It is unreasonable to demand that every company director understand the law on the same level as experienced legal practitioners, and that’s why we are here to help.

Irwin Insolvency is more than happy to provide a sympathetic ear and a shoulder to lean on for legal matters. We can offer guidance and advice on a range of company challenges both current and future, ensuring that your actions are taken with a full and thorough legal knowledge base behind
you.

Corporate Recovery

Corporate recovery might be undertaken by any business looking to improve its financial stability and overall long-term health. It doesn’t necessarily imply that a business is on the cusp of failure, but when early signs of trouble are detected, corporate recovery may be the best next step.

The goal of corporate recovery is to pull up from a decline and help a business survive difficult times. Early action yields more options to correct problems than leaving matters to the last minute, so it’s important for company directors to seek out the help of licensed insolvency practitioners as soon as the need becomes apparent.

Irwin Insolvency will sit down with your management and analyse your situation closely, understanding your business fully before working with you to define your best next steps.

Turnaround

Similar in nature to a corporate recovery, the need for turnaround is identified after an extended period of poor performance for a business. Turnarounds can happen at a pace that makes a business far less comfortable. Despite this, a competent turnaround may be the only thing that saves a failing company.

Turnarounds can sharply turn a company away from such fates as liquidation, but they take competent leadership and fast decision-making. Not only that, but they can mean making some hard decisions for both your business and its employees. This could mean harsh budget cuts, restructures, and potentially even job losses.

Turnarounds aren’t taken lightly – especially not in our hands. They need experience and wisdom to guide them alongside airtight legal knowledge.

Reconstructions

Corporate reconstruction often goes hand-in-hand with turnaround. For a company in severe trouble with its finances, reconstruction is the essential step for focusing on capital structure and pruning the parts that just aren’t working.

Reconstruction often involves voluntary administration. This may sound daunting, but it doesn’t mean the end of your business. It’s a means of avoiding liquidation and opening up negotiations with any of your creditors, so that agreements and solutions might be made whilst there’s still time to avoid harsher ends.

Such a delicate operation needs the experience of a qualified and experienced insolvency practitioner who can intermediate and advise you every step of the way.

Voluntary Arrangements

Company Voluntary Arrangements, or CVAs, are structured plans that can help a business pay off the debts it owes in more manageable instalments. CVAs can only be implemented by a licensed insolvency practitioner, and they require majority agreement from your creditors.

Proposals, however, can be made by a director or administrator, and your insolvency practitioner can assist with putting this proposal together and overseeing its distribution to your creditors.

CVAs can be an attractive avenue for insolvent – or technically insolvent – companies as they avoid administration or liquidation, whilst giving creditors some assurance that at least a portion of their debt will be cleared.

Administrations

If a company is unable to repay its debts, going into administration may be considered for certain protections and control whilst the next steps are deliberated.

Administration protects your company from certain legal actions by creditors and from applications for winding up. It requires the appointment of an administrator, who must be a licensed insolvency practitioner. Your administrator can make a number of decisions, such as moving to install a voluntary arrangement or to sell off assets so that creditors can be paid towards their debts.

The goal of administration is to avoid liquidation, which your administrator will oversee to the best of their ability.

Liquidations

Liquidating a company can happen for a number of reasons. Solvent, healthy businesses may liquidate if the owner wishes it to happen for reasons other than money. For many companies, though, it represents the end of trading and all business functions.

Just as administration requires an administrator, liquidation needs a liquidator, who is often an insolvency practitioner. They will take control of the business and set about settling disputes, selling off assets, and generally winding up the business for closure.

Anything left over after paying off creditors will go to shareholders. Directors will have no control over the process of liquidation.

Solvency Planning

Solvency is the state of having enough net business income to pay off your liabilities, which can be measured in a solvency ratio. In order to remain solvent, a business needs to plan for future growth and account for a range of factors that might affect that growth.

By understanding and contrasting your income versus your debts, you can gain a firm grasp of how comfortable your solvency sits and whether there are any impending challenges that might need to be planned for.

Irwin Insolvency can sit down with your team and help you figure out just what needs to be planned and accounted for, to ensure that your financial future is bright.

About Irwin Insolvency

A Reputation Built Over Time

Irwin & Company have been established for many years as insolvency practitioners and in that time we have built up an outstanding reputation for the quality of service we provide. We offer a compassionate and understanding approach to all our clients to ensure that their individual requirements are met during what can be a time of distress.

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Trusted by People Just Like You

Thank you for all your help in the liquidation. I will always pass on your details and recommend you.

Mr. J M

Just to say thanks very much for your professional assistance in the Liquidation. It was a pleasure dealing with you and I will be sure to pass on your details to anyone who should be requiring similar support. All the very best.

Mr. D M

Great Guys. Very Competent. Sat down with me and explained the law and all the proceedings without rushing me. Kept me up to date with everything. Great Service and would not hesitate to use again. 5 Stars !

Mr. Adam G

AACSB accredited Accredited Programme ACCA Accredited Cognia The CPD Group

Get in Touch

With over 25 years of experience, helping people just like you, we are committed to providing you with all the help and advice you need during these challenging times. Simply give us a call, drop us an email or fill in the form to find out how we can help you.

Our Office

Irwin & Company,
Station House,
Midland Drive,
Sutton Coldfield,
West Midlands B72 1TU

Call us
0800 009 3173

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