Licensed Insolvency Practitioners - Free advice on UK business insolvency law to help your company

Advice and Options - Through intelligent use of the Law found in The Insolvency Act 1986 & the related Rules

Please click on the following link if you are trying to access the Creditors Gateway:

                               www.creditorsgateway.purnells.co.uk  

While by background we are Chartered Accountants & Chartered Tax Advisers we specialise one hundred per cent giving advice as licensed insolvency practitioners.  We have many years experience in company and business rescue & personal insolvency related matters. With six qualified Licensed Insolvency Practitioners and from four offices we provide FREE debt restructuring, business & corporate insolvency advice throughout the UK. As insolvency practitioners we also specialise in interpreting the legislation set out in The Insolvency Act 1986 and The Insolvency Rules 1986 and the related voluminous case law. We derive a written plan for your company that should provide huge financial benefits.

We have offices in Newport South Wales, Plymouth, Truro, Falmouth and Helston providing insolvency advice in those areas and also covering the following locations, Barnstaple, Bideford, Bodmin, Bridgewater, Bristol, Bude, Camborne, Cardiff, Dorchester, Exeter, Exmouth, Honiton, Newton Abbot, Okehampton, Paignton, Penzance, Redruth, Sidmouth, Swansea, Tavistock, Taunton, Teignmouth, Tiverton, Torbay, Torquay and Yeovil.

However wherever you are in the UK one of our six qualified licensed insolvency practitioners can provide you with two hours of free and confidential  rescue & insolvency advice over the telephone.  We will explain in clear and plain english all of the options open to you to enable you to make an informed decision as to which route you wish to follow.

You may not yet know that there are many "business insolvency" options available to help rescue your company or its underlying business.  When you meet or speak on the telephone with one of our insolvency practitioners we aim to answer all of your questions. We provide you, free of any charge, with the insolvency options, advice, help and support to identify what option might be the most appropriate in the light of your company's particular circumstances. We discuss the pros and cons of each option with you. Our licensed insolvency practitioners will provide you with a written plan of action as to how to rescue the underlying business of your company. As an example your Company's business might be rescued by appointing an insolvency practitioner to implement one of the following company insolvency services: 

• an administration [Insolvency Rules 2.1 - 2.132 (The "Rules")].

• or a phoenix company [Rules 4.226 - 4.230 and Sections 216 - 217].

• or a company voluntary arrangement (CVA) [Rules 1.1 - 1.56] and Schedule A1 to the Act

• or by what is known as an administration prepack (or pre-pack) [Rules 2.1 - 2.132].

• or by a liquidation with a restart company [Rules 4.1 - 4.220].

Each of the above insolvency options and the rescue terminology used is explained in detail later on this website. You will also find case studies on each type of insolvency vehicle.

While by law you have a duty to consider taking action when your company is insolvent it may not occur to you that corporate recovery processes usually bring their own material benefits. For example huge financial benefits can arise from a planned company restructure via a liquidation, an administration or a company voluntary arrangement (CVA).

Most rescue processes involve the shedding of a large amount of debt. That results in your new company not carrying more debt than it has assets. UK law only allows licensed practitioners to act on your behalf to rescue your company. The following are some of the benefits that can arise from company rescue or corporate recovery processes.

-  A company restructure which eliminates or part eliminates the existing debt burden.of VAT, PAYE, Corporation Tax and trade creditors or

-  Closing unprofitable units or

-  Leaving behind burdensome property leases or

-  Leaving behind costly hire purchase, lease purchase, leasing, rental or contract hire agreements

-  Eliminating unprofitable contracts or

-  Reducing the staff headcount

-  A re-start company (if required) with or without a prepack (pre pack) or

-  In many cases you learn how to avoid your personal guarantees being called in following any company liquidation. This can be a very valuable benefit achieved, amazingly, at a much lesser net cost than if the personal guarantee had been called in.

Working together with you our insolvency practitioners plan to maximise returns to the existing company creditors and achieve the above benefits for you at the same time. Our small team work with you and the company creditors on a "value" basis when agreeing the basis of our cost and fee charges. We aim to provide identifiable, measurable financial benefits. 

Listed below are links to more detailed information on different insolvency and recovery services that can be underaken on your behalf through our practice by one of our insolvency practitioners:

• Limited Company Insolvency
• • Creditors Voluntary Liquidations (CVL's) & phoenix companies
  • Company Voluntary Arrangements (CVA's)
  • Administrations
  • Prepacks (Pre Packs)
  • Compulsory Liquidations
  • Dealing with statutory demands and winding up petitions
  • Administrative Receivership
  • Solvent liquidations (Sometimes known as Members Voluntary Liquidations or MVL's)

• Partnership Insolvency
  • Partnership Voluntary Arrangements (PVA's)
  • Partnership Administrations
  • Partnership Liquidations

• Limited Liability Partnership Insolvency (LLP's)

• Personal Insolvency & Sole trader insolvency
  • Individual Voluntary Arrangements (IVA's)
  • Bankruptcy

To achieve a rescue plan for your company licensed insolvency practitioners rely on the relevant UK law found in The Insolvency Act 1986, The Insolvency Rules 1986 and in the case law arising from that legislation. That body of insolvency law provides licensed insolvency practitioners like us with a toolbox of options to help your company to reorganise its financial affairs. The reorganisation usually involves eliminating existing debt through a debt restructuring and that could be achieved by either:

- a Company Voluntary Arrangement (CVA) [Sections 1 to 7B of The Insolvency Act 1986 (The "Act"].

- or an Administration with or without a prepack [Schedule B1 of The Insolvency Act 1986].

- or a liquidation with or without a phoenix restart company. [Sections 84 - 166 and 163 - 251].

- or assisting your company from not being wound up by the Court [Sections 73 -83 and 117 - 162].

From the above you can see that corporate (company) & business insolvency law provides many rescue options for your business rather than just putting your company into liquidation.