Truro & Newport - Purnells Insolvency Practitioners for Company Rescue

Insolvency Advice and Options and How to avoid Insolvency. Also insolvency advice on liquidations & administrations

Are you in Truro, Falmouth, Helston, Exeter, Plymouth, Cardiff or  Newport?  -  It does not matter, as wherever you are in the South West or Wales we will come to you to provide free insolvency advice.

You may not know all of the insolvency options available to rescue your company or the underlying business of your limited company.  We can provide you with the insolvency options, advice and support to identify those insolvency options appropriate to your company's circumstances. We will discuss the pros and cons of each insolvency option with you. As an example a Company's business might be rescued through the use of either:

• an administration 

• or a phoenix company 

• or a company voluntary arrangement 

• or by what is known as an administration prepack (or pre-pack) 

• or by a liquidation with a restart company

While by law directors of a limited company have a duty to take action when their company is insolvent it may sometimes not occur to those directors that the insolvency processes can bring their own material benefits. Huge benefits can arise from a planned company restructure via a liquidation, administration or company voluntary arrangement (CVA) that might include:

-  A company restructure which eliminates or part eliminates the existing debt burden.of VAT, PAYE, Corporation Tax, trade creditors etcetera and possibly the company bankers 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 the company liquidation (a very valuable benefit achieved, amazingly, at a much lesser net cost than if the PG had been called in)

Working together we plan to maximise returns to the existing company creditors and achieve some or all of the above benefits at the same time. We work with you and the company creditors on a "value" basis when agreeing the basis of our cost and fee charges. We aim for identifiable, measurable benefits for you and the creditors so that our fees and costs are seen in perspective. It is for you to say beforehand whether those costs and fees are perceived as being high or low.

Listed below are a few examples of some of the insolvency advice and services which we provide:

• 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

We are Chartered Accountants who specialise solely in insolvency related matters. With five qualified Licenced Insolvency Practitioners Purnells can provide FREE advice at your office, at your accountants office or at one of our four offices in the South West and Wales.

We have insolvency advice offices in Truro, Helston, Falmouth and Newport. Our insolvency work  also takes us all around the UK and Europe and we have taken formal appointments in London, Birmingham, Bristol, Cardiff, Lincoln, Birmingham, Manchester, Newcastle, Ireland,  Italy and elsewhere.