Administration (ADM) is a formal insolvency procedure which can be used as a tool to rescue a business that is having financial problems. This action could ensure a better result for the creditors of the company as a whole than would be achieved were it to be wound up, or it could realise the company’s assets for the benefit of any secured and preferential creditors.
Company Voluntary Arrangement (CVA)
A voluntary arrangement (CVA) can offer formal protection for those with a viable business who are concerned about their current liabilities and who are struggling to negotiate revised payment terms.
Individual Voluntary Arrangement
In cases where existing creditors are putting individuals and businesses under increasing pressure over their debts, voluntary arrangements are able to provide business owners with formal protection and the breathing space needed to get affairs in order.
Creditors' Voluntary Liquidation (CVL)
Creditors’ voluntary liquidation (CVL) is a formal insolvency procedure whereby the directors/shareholders of an insolvent business take the decision to cease trading and ‘liquidate’ its assets so that they can be turned into cash, with the proceeds distributed amongst its creditors.
Compulsory Winding Up of a Company
A compulsory liquidation is a winding up process that results from an interested party (usually, but not always, a creditor) applying to the Court for a company to be wound up. This is in contrast to a voluntary liquidation where the directors and shareholders take the decision ‘voluntarily’ to wind up the company’s affairs.
Members' Voluntary Liquidation
The members’ voluntary liquidation (MVL) procedure is appropriate when a solvent company needs to put itself into liquidation. Examples include an established family business where the owners are due to retire, a situation where shareholders with a stake in the company are looking to retire, or the purposes of the company have now come to an end and it needs to be wound up.
Partnership Voluntary Arrangement
All partners are jointly responsible for any debt incurred by their business. Creditors can seek to recover debt from a partnership and all or some of the partners. Partnership solutions are specialist services offered by ICS.
Time to Pay Arrangements
An arrangement agreed with HMRC allowing you to repay outstanding taxes across an agreed time period.
Where a company is dissolved or struck off from Companies House. Typically used when the business and assets of the company have been transferred elsewhere within a group, or all the directors are retiring. Avoiding the need to incur the costs of a formal winding up/liquidation.