Written by Ingrid Thomason. Find the latest information on Liquidation UK as well as Liquidation Nottingham
If your Nottingham-based company is in situation that could result in liquidation, then you need to be aware of the alternatives. Perhaps the situation is not as horrible as it seems. There are three basic alternatives to consider: informal arrangements with creditors, company voluntary arrangements CVA) and administration. Let’s take a closer look at each of these. An informal agreement is just how it sounds. Company directors contact creditors to attempt to reach agreements on acceptable terms of repayment of debts.
This method, if successful, allows company directors to remain in control of finances and allows the company to continue attempting to generate profits. Production continues and the hope is to get back in black. A CVA, company voluntary arrangement, is a formalized version of the above. Company directors need to apply to the courts for the assistance of an appointed and licensed Insolvency Practitioner. The IP is placed to supervise the arrangement and also to ensure proper and timely payments to the creditors. An administration order is given by the courts. It is a procedure that offers the company some breathing room. Creditors are disallowed to initiate any legal action against the company once the order is in place.
A court-granted administration order can allow the company to survive in part or in whole as an ongoing business entity. Alternatives to liquidation should be carefully considered. Nobody wants their business to be wound-up. In Nottingham, as in the rest of the UK, liquidation marks the end of a company. Be proactive. Act today to seek advice and begin exploring the alternatives that are applicable to your given situation. Perhaps there is an alternative that can turn everything around with a little time, effort and disciplined budgeting. Not to mention, it’s always preferable to not have the courts involved in your business.
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