Company Rescue, Advice & Liquidation Services
We work with the directors and owners of small and medium sized companies in Cardiff, Newport and South Wales. Our Insolvency Practitioner can advise directors and provide insolvency services – whether a Company Voluntary Arrangement (CVA) to rescue a company or manage the Liquidation.
Contact us for a free and confidential discussion to take our professional opinion.We will talk through your options and arrange a face to face meeting. If the company can be rescued and you wish to continue the business then this will always be our focus.
Contact our licensed Insolvency Practitioner Chris Whiteoak for free professional advice, all provided without any obligation.
We offer the following services:
Company Voluntary Arrangement (CVA)
A Company Voluntary Arrangement (CVA) is a way for a company to enter a financial agreement with its creditors. The most common type of CVA provides for the company making monthly payments over a fixed period of time. The CVA process can also be used to make a one-off payment to settle a company’s creditors.
A Company Voluntary Arrangement (CVA) allows a company to consolidate its debts. The terms of the CVA are an offer made to the creditors for the company to pay what it can reasonably afford against the debt.
The most common type of CVA provides for the company making monthly payments over a fixed period of time. The CVA process can also be used to make a one-off payment to settle a company’s creditors or can offer to introduce third party funds as part of the settlement deal, if beneficial to do so.
A CVA is a way for a company facing financial difficulties to redraw its credit obligations to make them manageable. The process begins by discussing the viability of your business to ensure the financial arrangement can be achieved.
A CVA proposal is then drawn up with Whiteoak Morris and issued to creditors to vote on. If the proposal is accepted the company is protected by the CVA as long as it meets it’s obligations under the agreement.
Only a licensed Insolvency Practitioner can arrange a Company Voluntary Arrangement (CVA). Whiteoak Morris arrange CVAs for clients in Cardiff, Newport and across South Wales.
Click the link below for further information:
Creditors’ Voluntary Liquidation (CVL)
A Creditors’ Voluntary Liquidation (CVL) is a way to wind up a company which is no longer viable. As with all of our new enquiries we will discuss your options with you and examine whether the company can be rescued, possibly through a Company Voluntary Arrangement (CVA).
When the directors of a company recognise the company may be unable to trade on they have a duty to the creditors to act responsibly. The normal rules limiting the personal liability of directors are adjusted when a company is facing closure and is unable to pay its creditors in full. The insolvency legislation includes sections requiring those in control of a company to contribute from their personal funds where they did not act ‘properly’ in the eyes of the law.
At Whiteoak Morris we provide a free service to directors to advise them on their circumstances and how they should carry out their duties to avoid any questions of misconduct.
How much does a CVL cost?
It is a common misconception that directors or shareholders must fund the liquidation process personally. In most cases the assets of the company are sufficient to meet both the costs of putting the company in to liquidation and also the liquidator’s fees and expenses.
Advice should be sought early before the assets of a company are depleted through unprofitable trading. The earlier advice is sought, the more likely it is that the company could be saved through a Creditors’ Voluntary Arrangement.
Contact us today for a free and confidential discussion.
The link below provides a more detailed Guide to Creditors’ Voluntary Liquidations:
Members’ Voluntary Liquidation (MVL)
A Members’ Voluntary Liquidation (MVL) is a tax efficient way to close a solvent company and release its equity to the shareholders. The funds are paid out as a capital distribution, rather than as salary or dividends. Shareholders can benefit from tax reliefs not otherwise available, including Entrepreneur’s Relief at the 10% tax rate.
The Members’ Voluntary Liquidation process is commonly used when the company has been successful but is no longer required. It is often used when the owners of a company decide to close the business, possibly due to personal circumstances, or when a subsidiary is no longer required and the equity it is holding can be released back to the parent company.
An MVL is a particularly low cost procedure when the affairs of the company have been finalised by the directors and the surplus funds are held in the company bank account ready to be released. Your accountant can provide you with independent tax advice about the savings to be made by receiving the equity held in the company as a capital distribution, against the cost of the liquidation.
The process begins by contacting us for a free and confidential discussion about your requirements. We will provide a quote for the cost of the Members’ Voluntary Liquidation and you can decide whether to proceed, all without cost or obligation.
Only a licensed Insolvency Practitioner can arrange a Members’ Voluntary Liquidation. Whiteoak Morris arrange MVLs for clients in Cardiff, Newport and across South Wales.