McAlister & Co, one of the top licenced Insolvency Practitioners in the UK, are a progressive corporate recovery and personal insolvency practice with offices across England and Wales. We offer a comprehensive range of services covering business rescue and recovery, restructures, company liquidations, voluntary arrangements, and bankruptcy.
We know that directors and sole traders can be under pressure when running a business and this pressure increases when faced with financial difficulties. At McAlister & Co, we do not charge for initial consultations. We will assess your situation and in the first instance provide a letter of recommendation about your options and what steps to take to minimise the risks and provide much-needed peace of mind.
In company matters, our licenced Insolvency Practitioners will seek to identify pragmatic and commercial strategies to the financial difficulties facing our clients. Whilst realising that liquidation is unavoidable for some, options are available for companies with a viable future. We aim to provide our clients with detailed information about all the options available to them to ensure they make the best decision for their company. So, see below an overview of the corporate options available.
Creditor’s Voluntary Liquidation (CVL)
When trading has to cease and assets are disposed of for the benefit of creditors, the company can be closed in a managed way, reducing the stress and heartache and helping protect you from any personal liability. With sympathetic staff who offer a personalised approach, our licenced Insolvency Practitioners will guide you throughout the process, and no matter if due to tax planning, inability to pay debts or court disputes, we will always focus on making a liquidation self-funding, paid for through the sale of company assets.
Member’s Voluntary Liquidation (MVL)
A Member’s Voluntary Liquidation (MVL) formally closes a solvent company. They’re commonly used in instances where directors are retiring, groups are restructuring or when a company has no further purpose. When assets accumulate to over £25,000, it can also be an effective method for tax planning.
Administration & Pre-Pack Sales
With expertise in administration and the pre-pack sale of companies, McAlister & Co’s licenced Insolvency Practitioners can help any business entering administration or a director that is looking to pre-pack their existing business. Through the use of a pre-pack a director may be able to start the company again, writing off existing debts and saving jobs. The pre-pack process is a legal minefield, however, our experienced team will make sure it is completed successfully.
Company Voluntary Arrangements (CVA)
A common problem many companies face is trading whilst in an insolvent situation. No matter what caused the deficit, McAlister & Co will always help viable companies recover. Company voluntary arrangements help companies focus on continuing to trade, making formal arrangements to pay creditors out of future profit, potentially writing off and reducing their overall debt. If the business has a future, a CVA may help any business continue trading and keep employees in work.
Services for Individuals, Sole Traders and Partnerships
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. When trouble occurs, formal procedures are available to help you and the interests of the business going forward.
Used to freeze business and personal debts, providing the necessary breathing space to get you back on track.
Administration for Partnerships
Used to ring-fence a business. Provides a three-month window to examine the issues, work out solutions and come up with the best proposal for dealing with the insolvency.
Bankruptcy could be suitable for anyone who has serious financial problems and is unable to repay their debts, however, bankruptcy is binding with future consequences and should not be seen as “an easy way out”. While it can be an effective way to solve personal debt it should be considered very carefully. The Court will expect you to have considered all the alternatives available to you before making a decision.
At McAlister & Co, our licenced Insolvency Practitioners will always look at the possible alternatives to any bankruptcy, often a different solution will yield far better long-term results.