Insolvency.

Transcription

1 Insolvency

2 About Myers Clark Established in 1912, Myers Clark is one of the largest independent firms of Chartered Accountants & Insolvency Practitioners in Hertfordshire. Known for applying integrity, clarity and innovation to everything we do, Myers Clark offers a broad range of tax, audit, insolvency and accountancy services for hundreds of national and local businesses and individuals. Contact us today and tap into years of experience of providing expert financial advice. Myers Clark Insolvency

3 About the Team The insolvency team has a combined total of over 75 years of insolvency experience and is led by Paul Shaw and Michael Goldstein who both hold Insolvency Licenses. Our aim is to save businesses and minimise collateral damage during what is often a stressful time for directors and individuals. By using a mix of common sense, strong ethics, a commercial outlook and an excellent understanding of the Insolvency Act we are able to assist companies, directors and individuals in dealing with their debts in an effective and straightforward way. Our Expert Paul Shaw, FCA FABRP Paul is a director and insolvency practitioner having held an insolvency license since He provides advice and guidance on insolvency matters to both individuals and companies. Paul joined Myers Clark in 1983 and has over 40 years experience in both accountancy and insolvency. Paul is a lifelong supporter of Liverpool Football Club. paul.shaw@myersclark.co.uk Our Expert Michael Goldstein, MABRP Michael is a director and insolvency practitioner at Myers Clark, providing advice on both personal and corporate insolvency across a wide range of industries. Michael holds a 6th Dan in JuJitsu and used to compete internationally. michael.goldstein@myersclark.co.uk

4 Corporate Recovery Company directors sometimes face difficult decisions. By working with them, we aim to recognise their experience and perspective; always looking to reduce the damage caused by financial hardship and company insolvency. We strive to rescue businesses rather than close them down; and by doing so we have saved hundreds of businesses over the last 30 years. Our services are accessible and our insolvency practitioners are both experienced and approachable. We work to make saving the business as pain-free as possible. Myers Clark Insolvency

5 Company Voluntary Arrangement (CVA) A flexible contract between a company and its creditors which enables the company to write off a proportion of its debts. This is often seen as a rescue mechanism for companies in financial distress. We have an extremely successful track record of assisting company directors in crafting bespoke CVAs. How can a company benefit from a CVA? Write off a proportion of the company s unsecured debts All interests and charges are frozen Directors maintain control of the company Seen as a rescue mechanism by creditors. The CVA proposal can be drafted within days, sometimes giving the company almost instant protection against recovery action by creditors.

6 Administration An insolvent company facing serious threat from aggressive creditors can sometimes be rescued by the process of an Administration. This offers immediate protection for the company which is then run by the Administrator. Seen as a rescue mechanism for distressed companies, this is a powerful tool often used for corporate restructuring. How can a company benefit from Administration? No legal action can be taken by the creditors or other parties against the company during the Administration Can often be used as a way to rescue the business The company assets are protected in an Administration Directors may be able to regain control of the business after the Administration. Myers Clark Insolvency

7 Creditors Voluntary Liquidation (CVL) A CVL is an out of court formal winding up of an insolvent company s affairs. A liquidator is appointed whose job is to realise the company s assets for the benefit of its creditors. On completion of the liquidation, the company will be dissolved and removed from the register at Companies House. How can a company benefit from a CVL? Company can be put into CVL almost immediately The timing of the CVL is controlled by the directors and shareholders Brings a swift end to the company s affairs The assets of the company may be purchased from the liquidator.

8 Members Voluntary Liquidation (MVL) Solvent Liquidation A solvent liquidation permits a tax efficient distribution of the company s assets to its shareholders. The liquidator will realise the company s assets and if applicable, the sale proceeds will be distributed to shareholders. Once all funds have been distributed the company will be dissolved. How can a company benefit from a MVL? Quick out of court process The timing of the MVL is controlled by the directors and shareholders Very tax efficient distribution to shareholders Tax paid on the company assets may be as little as 10% Myers Clark takes care of the structured winding down of the business Liquidator can be paid on a percentage of realisations or a fixed fee basis. Myers Clark Insolvency

9 Creditor Services If you or your company are owed money, you can often appoint an insolvency practitioner to assist you in recovering these outstanding debts. We are experts in the debt recovery process, representing our clients interests at creditors meetings, asking probing questions and drawing on our industry and insolvency sector knowledge. Where debts are concerned, speed is of the essence. We respond quickly to enquiries and apply systems and processes to ensure clients receive an efficient, cost-effective service. At the same time, we appreciate that one size does not fit all and we work hard to understand every client s particular situation and individual preferences. We frequently take insolvency appointments on behalf of concerned creditors in both corporate and personal insolvencies, often being appointed to act by the Secretary of State. We can help you to: Maximise debt recovery Bring matters to a swift conclusion Give you more control of the debt recovery/insolvency process.

10 Some of the businesses that we have helped in the past; Builders Cabinet makers Charities Dentists Electricians Gyms & spas Importers Independent contractors IT consultants Minicab companies Motor dealers Motor mechanics Plumbers Printers Pubs & restaurants Retail stores Scaffolders Schools Security companies Solicitors Taxi drivers Wholesalers Myers Clark Insolvency

11 Individual Voluntary Arrangement (IVA) A flexible contract between an individual (the debtor) and his creditors which enables him to write off debt. This may be a viable alternative to personal Bankruptcy. Every one of our IVAs is bespoke. Myers Clark has assisted many debtors in concluding successful IVAs. How can a debtor benefit from an IVA? Write off a proportion of the debtor s unsecured debts All interest and charges are frozen Debtor can continue to act as a company director Seen as a compromise by creditors Debtor may retain his house or exclude certain assets from the IVA The IVA proposal can be drafted within days, giving instant protection against recovery action by creditors.

12 Contact Us Please do not hesitate to contact us by telephone on , or by at: If you would like to meet with us, please call and we will arrange an appointment. Our office is located next to Watford Junction train station, just 15 minutes on the train to London Euston, with easy access to the M25 and M1. Myers Clark Chartered Accountants Iveco House Station Road Watford WD17 1DL Tel: Fax: