Valentine & Co provides a number of services to its clients, both corporate and personal.
Click on the following procedures for an overview and to find out how Valentine & Co can assist you.
Corporate Recovery / Insolvency
Businesses facing financial pressures require effective advice and prompt action. Valentine & Co are experienced in delivering comprehensive services tailored to each individual client. Our priority is to recover businesses where viable and maximise value for all concerned.
Administration >>
When Appointed Administrator, the affairs, business and property are managed by the Office Holder who acts as agent of the respective company without personal liability.
Administration is a useful procedure for companies which appear to be viable (at least in part) as a going concern.It is used as a rescue tool for insolvent businesses, allowing continued trading with a view to the sale of the business and/or its assets as well as potentially saving jobs.
Entering into administration can be done very quickly. The appointment of an administrator can be made by the Court, a qualifying floating chargeholder, the directors, the company or by one or more creditors.
The administration procedure usually lasts for a maximum of 12 months and is followed by an exit strategy (usually liquidation, dissolution or a voluntary arrangement).
A company may enter into administration with the aim of:
1. rescuing the company as a going concern; or
2. achieving a better result for the company’s creditors as a whole than would be likely if the company were wound up (without first being in administration); or
3. realising property in order to make a distribution to one or more secured or preferential creditors.
A company in administration is automatically protected from creditors commencing or continuing legal action against it, known as a moratorium.
A ‘pre-pack’ administration is where a purchaser is found for the business and/or its assets prior to the administration an effected immediately upon, or shortly after, the appointment of an administrator.
Valentine & Co will advise you on the administration procedure and the effects on the company, its creditors and the directors.
Call us now on 020 3959 9595 to discuss your options.
Creditors Voluntary Liquidation (CVL) >>
The CVL procedure is the most popular mechanism for closing down and winding-up a company that is insolvent and is unable to meet its liabilities as and when they fall due. The procedure is used where a rescue in not viable.A CVL is initiated by the director(s) of a company who, with shareholders, nominate an Insolvency Practitioner to wind up the insolvent company. Creditors formally make the appointment at a meeting of creditors, usually held within 2-4 weeks of seeking advice.
Valentine & Co will assist you in the preparation of the company’s statement of affairs (effectively a balance sheet), together with a report to creditors outlining the company’s position.
The liquidator must be a licensed Insolvency Practitioner who will dispose of all company assets and share the proceeds with creditors in accordance with their adjudicated claims and priorities.
The liquidator will also report on the conduct of the directors in relation to the demise of the company. Directors must be mindful at all times that if their company is struggling, they should not continue to trade whilst knowingly insolvent, unless they are very confident that the company’s fortunes will change.
Valentine & Co will advise you of all your options, your responsibilities and the consequences of the CVL procedure.
Call us now on 020 3959 9595 to discuss your options.
Members Voluntary Liquidation (MVL) >>
An MVL takes place when the director(s) swear a statutory declaration stating that the company has sufficient assets to be able to pay all of its creditors in full (together with all costs and statutory interest) within 12 months.This usually takes place when the director(s) of a company believe that the company is solvent and no longer wishes for the company to trade.
The statutory declaration will state that the directors have made a full inquiry into the company’s affairs. The declaration will include a statement of the company’s assets and liabilities as at the latest practicable date before making the declaration.
Call us now on 020 3959 9595 to discuss your options.
Company Voluntary Arrangement (CVA) >>
A CVA is a legally binding agreement between a company and its creditors. It is often in the best interests of an insolvent company’s creditors and can allow the company to continue trading under the control of its directors and avoid redundancies.The company proposes an agreement with its creditors detailing how its debt is to be repaid. The CVA proposal will be based on the level of debt the company can reasonably afford to pay over a given period and may provide for partial or full repayment.
The CVA requires the approval of at least 75%, in value, of the voting creditors. If approved, the CVA will bind all creditors who were entitled to vote.
Valentine & Co are experienced in providing you with practical advice on proposing a viable CVA and dealing with issues such as ongoing funding and future profitability.
Valentine & Co will assist you in the preparation of all documents and deal with your creditors directly.
Call us now on 020 3959 9595 to discuss your options.
Personal Insolvency
Individuals facing financial difficulties require expert advice and practical guidance. Valentine & Co can assist with your debt and financial difficulties and provide peace of mind.
Individual Voluntary Arrangement (IVA) >>
An IVA is a legally binding agreement between an individual and their creditors. It is often in the best interests of the creditors and can allow an individual to continue in their profession and remain as a director of a company.The individual proposes an agreement with their creditors, detailing how their debt is to be repaid. The IVA proposal will be based on the level of debt the individual can reasonably afford to pay over a given period and may provide for partial or full repayment.
The IVA requires the approval of at least 75%, in value, of the voting creditors. If approved, the IVA will bind all creditors who were entitled to vote.
Valentine & Co are experienced in providing you with practical advice on proposing a viable IVA, which usually involves a monthly contribution over a given period, typically 5 years.
Valentine & Co will assist you in the preparation of all documents and deal with your creditors directly.
Call us now on 020 3959 9595 to discuss your options.
If there is equity in your property, then this is likely to also be realised. Your bank accounts will be frozen and your credit cards stopped. There are a number of restrictions and obligations whilst you are an undischarged bankrupt, including, being unable to practice certain professions, act as a company director and taking further credit.
Any individual can go bankrupt, including individual members of a partnership. You may petition for your own bankruptcy or one of your creditors, owed more than £5,000, can petition to the Court.
Valentine & Co can provide you with expert advice and practical guidance.
Call us now on 020 3959 9595 to discuss your options.
