McAlister & Co are one of the top licensed insolvency practitioners in the UK, offering a range of corporate recovery and personal insolvency solutions across England and Wales. With over 20 years of experience, our comprehensive range of services covers business rescue and recovery, restructures, company liquidations, voluntary arrangements, and bankruptcy.
How we can help
At McAlister & Co, we understand the pressures that directors and sole traders face when running a business – and we know that this pressure can increase exponentially when faced with financial difficulties. That’s why our team is on hand to assess each unique situation and provide practical, personalised advice about what to do next.
What’s more, because we don’t charge for initial consultations, you can start taking steps toward rescue, recovery and peace of mind right away.
Business insolvency services
If your company is facing financial difficulties and you don’t know where to turn, rest assured that our team of licensed insolvency practitioners will identify pragmatic and commercial solutions that work for you. Whether you’re looking to clear the decks and start again, close a business that’s run its course or rescue a business with a viable future, seeking advice early will maximise your options and provide much-needed peace of mind for both you and your employees.
Deciding which business insolvency option suits you best will depend on your individual circumstances and what you are looking to achieve, which is why our expert team is on hand to provide help and advice every step of the way.
If your business must close its doors and your assets sold to pay your creditors, a creditors’ voluntary liquidation (CVL) is a way to tie up loose ends and close your business in a managed way. We will guide you through the process in order to reduce the stress and heartache involved in closing your business, whilst helping to protect you from any personal liability. We will also focus on making your liquidation self-funding, paid for through the sale of your company assets. Find out about how the process works here.
If your business is solvent but you want to close the doors and walk away, a members’ voluntary liquidation (MVL) is a way to formally close a solvent company. MVLs are commonly used in instances where directors are retiring, groups are restructuring or when a company has no further purpose. Additionally, when assets accumulate to over £25,000 a MVL can also be an effective method for tax planning. Find out about members’ voluntary liquidation and how the process works here.
With expertise in company administration and the pre-pack sale of companies, McAlister & Co’s team of licensed insolvency practitioners can help any business entering administration. If your company is struggling to pay its debts but would be viable if it could be restarted, then a pre-pack administration might be the right solution for you. A pre-pack administration is essentially a way to close down and restart your company without the debts. Find out more about how to close down and restart your company with pre-pack administration here.
If your company is currently facing financial difficulty but you believe it is still viable, a company voluntary arrangement (CVA) is an insolvency solution that can help your business to recover. A CVA is a business rescue and restructuring option which enables you to ring-fence your business and continue trading whilst paying creditors out of any future profit. So, if your business has a future, it could be the right way for you to continue trading and keep your employees in work. Find out more about company voluntary arrangements here.
Personal insolvency, Sole Traders and Partnerships
As personal insolvency experts, we also offer a range of personal insolvency, sole trader and partnerships solutions. A partnership or individually owned business earns the right of privacy over the business’s financial affairs, but the owners are held personally liable for all the business debts and liabilities. This is fine when things are going well, but if a business takes a turn for the worse, it can lead to the nightmare scenario of losing all your assets.
But rest assured, our personal insolvency team can help. We understand that each situation is unique, which is why all of our solutions are tailored to you and your individual needs and are designed to help you and the interests of your business going forward.
Individual Voluntary Arrangement
If you owe more than £15,000 and need to reduce your unsecured debt because you’re struggling to make the payments, an individual voluntary arrangement (IVA) could be the right solution for you. An IVA is a legally binding agreement that protects you from legal action by creditors. When you enter an IVA, a repayment plan will be drawn up based on what you can afford, and after the set period any remaining debt is written off. What’s more, with an Individual Voluntary Arrangement, your home and other assets are usually protected too. Discover more here.
Do you have a large amount of debt that you need to write off? With bankruptcy, large amounts of debt can be legally written off and you will usually be released from restrictions after 12 months, allowing you to make a fresh start without the debt. At McAlister & Co, we will guide you through the bankruptcy process, helping with paperwork, providing professional advice and accompanying you to meetings and appointments. Please note that a one-off fee of £700 is payable. Find out more about how bankruptcy works here.
Debt Relief Order
If you need to make a fresh start financially, but have very little income and no assets, a debt relief order could be right for you. Also known as a mini-bankruptcy, debt relief orders were introduced for individuals with little or no assets and very little disposable income whose debts are under £15,000. A Debt Relief Order works in a similar way to bankruptcy in that you will be released from the debt you owe once the time period is over. Discover the debt relief order process here.
Expert advice from McAlister & Co
Times of financial uncertainty can be incredibly stressful, but rest assured you don’t have to face financial difficulty alone. Call us now on 03300 563 600 or contact us here for free initial advice. Rest assured, we don’t need personal or company detail to answer initial questions, and all our advice is completely confidential.
As one of the top licensed insolvency practitioners in the UK, there’s nothing we don’t know about business and personal insolvency. Remember, early intervention will maximise the options available to you, so if you are struggling to repay your debts and need advice, the sooner you seek advice the better.