AUTOMOTIVE

The car industry can experience a huge decline when the economy is under pressure consumers spend less, rents and rates can increase meaning a once profitable business falls insolvent.

If you start to struggle you need to act quickly to have the business module assessed for viability, there is lots of support and help accessible to Sole Traders and Limited Companies and their Directors. The key is not to bury your head in the sand but to act decisively this is where we can assist.

We can advise on your options going through the potential outcomes of each solution availble, attempting to keep away from a formal indebtedness strategy where conceivable.

At the point when formal indebtedness is unavoidable we can control you through the procedure to guarantee matters are managed legitimately, limiting the dangers to Directors.

Available solutions we can advise on are:

Liquidation
Pre Pack Administration
Administration
Company Voluntary Arrangements (CVA)
Receivership
Informal Arrangements
Individual Voluntary Arrangements (IVA)
Bankruptcy
Debt Relief Orders

Advantages of entering into a CVA

You stay in control of your company, even while it’s in a CVA

Pressure from creditors and HMRC ends while you prepare a CVA

Entering into a CVA can improve your company’s cash flow

While in a CVA, your company is protected from creditor legal action

In many cases, a CVA is the best option for avoiding liquidation

Entering into a CVA is far less public than other options

In a CVA, your company can make important restructuring changes

Both your company and its creditors benefit from a CVA

Disadvantages of entering into a CVA

Entering into a CVA can affect your company’s access to credit

If you break the terms of a CVA, your company could be liquidated

At least 75% of creditors need to approve your CVA proposal

A CVA is not a short-term solution and can take several years to complete

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We are business recovery professionals and will help solve your problems.