0208 221 8282
CHELMSFORD: 0845 299 3031
COLCHESTER: 01206 867551
IPSWICH: 01473 359720
Some Examples of work we have undertaken:
We were asked to shut a business and liquidate the company so that the shareholders could extract capital and reserves for their retirement.
Efforts had already been made unsuccessfully by them to sell the business, but at a balance sheet value. We advised that if they were prepared to let the business go for only £1, it would save £¼ m in redundancy payments if the staff were transferred with the business. This would mean a further £¼ m available for the shareholders pockets.
In addition, continuity of business enabled us to realise unfinished work in progress and retentions, which would also have been lost. Even more for shareholders!
A builder client operating a group of companies with interlinked trades needed to avoid the publicity of a formal administration or arrangement with creditors, because suppliers credit insurance would probably have prevented them from continuing supplies, contract clients would have panicked.
An informal offer was made and accepted by all creditors to pay them off in full over a 12 month period using our recommendations and monitoring. We controlled the monthly payouts and provided the confidence that creditors sought, and we did our best to ensure that there were no nervous and descending creditors threatening the survival of the arrangement.
We advised a bankrupt to establish an IVA (Individual Voluntary Arrangement) with his creditors so that he could pay them in full over two years rather than lose his house to the bankruptcy. He did not earn enough to finance a loan against the house to satisfy the Trustee in Bankruptcy, but because his earnings were planned to increase dramatically in the future, we were able to convince creditors that an IVA was in their interest.
As part of the deal, we were able to convince the creditors to waive statutory interest on their claims.
LB Insolvency Solutions Ltd registered in England © 2015 Company Number: 04715415