Scottish rescue and recovery options in Scotland?
Our Services for Scotland based Companies:
- HMRC VAT PAYE
- Creditors Voluntary Arrangement
- Winding Up Petition
- Personal Insolvency
Corporate insolvency deals with companies in financial distress, while the business is unable to pay its debts, and the company’s liabilities are higher than the value of its assets.
If your business is having a financial crisis, the company would be insolvent. Therefore, consider if you are ‘trading insolvent’ and ‘wrongful trading’; the main difference is, can the company still pay its bills and debts on time. If not, continuing to trade would be deemed wrongful’.
Corporate Insolvency in Scotland
Various issues force the company to consider an insolvency. Usually, they are out of the control of the business and its directors.
Once you understand your business is in trouble, act fast. Consult HBG Advisory who are Licensed Insolvency.
We can explore the options available to rescue your business.
Time though is important.
Ensure you always deal with Licensed Insolvency Practitioners.
Several possible insolvency solutions are available to you. Relieve the pressure you are under and get your business back on track.
It is an opportunity to review your business, fix that what is not working, and revise your business plan moving forward.
Our team at HBG Advisory are suitably qualified and experienced to help.
The solutions available in Scotland are: –
Company Administration in Scotland
The terms “Administration” and “pre-pack administration” are widely known in the UK retail rescue plans. Usually used to assist an insolvent company trade as a going concern and provide a more significant return for creditors, save jobs and generate a more substantial return if sold on for creditors. Usually, when the company is liquidated.
Receivership in Scotland
a licensed insolvency practitioner, who will be known as the Receiver is appointed to recover monies that may be owed by a business to a creditor it may owe money.
When a company has failed to pay monies, it owes which is secured by a legal charge then a receiver may be appointed by the charge holder.
The Receiver will be empowered to sell charged assets to repay the debt. While the Receiver collects monies due, they will handle the management of the company.
Should a company be struggling financially and has no hope of recovery. A Creditors Voluntary Liquidation (CVL) is used. The licensed insolvency practitioner, as with administration, realizes assets from the company, then uses the raised funds to pay the creditors and then shut the company.