Financial Recovery for Limited Companies

ICS works closely with directors, accountants, stakeholders and business advisors to provide a fast, efficient appraisal and solution strategy with the ultimate aim of providing a bespoke financial restructuring of the company.

The full range of financial recovery services, for limited companies and partnerships includes:

Recovery procedures to enable the company's survival

The administration process provides a company protection from its creditors, allowing the company time to reorganise its affairs with a view to rescuing the company as a going concern or achieving a better return for creditors than would be available in a liquidation.

Company Voluntary Arrangement (CVA)

This is a procedure which could provide a solution to achieve the long-term viability of the business.

The CVA is a formal compromise between the company and its creditors which allows creditors to be repaid an agreed amount over an agreed period of time. The proposals must have the support of more than 75% of the creditors who are voting at the meeting.

Consultation with the main creditors is essential and we work closely with both directors of the business and creditors in order to agree a formal mutually beneficial solution.

Receivership

This is where the debenture holder or charge holder (usually a bank) appoint a receiver to assess the worth of the company and restructure, possibly selling all or part of the company in order to recoup its investment.

The receiver's aim is to recover the value of the lenders security, and for this purpose the receiver has the power to carry on the companies trade and realise its assets.

The receiver acts invariably as the agent of the company unless or until it goes into liquidation. The receiver will often seek an indemnity from the bank.

Liquidation

Should it not be possible to provide an alternative 'rescue' strategy, liquidation will be the only remaining formal procedure available to the directors of the company. It will bring to the end of the life of the company and can be appropriate if the company is solvent or insolvent.

We aim to deal with such matters efficiently and with the degree of understanding required in such difficult times. Our liquidation team will advise the directors of their legal responsibilities whilst maximising the realisation from the company assets for the benefit of the creditors.