Licensed Insolvency Practitioners based in Cornwall with offices in Truro and Falmouth
Insolvency Advice and Options for Companies, Businesses and Individuals based in Cornwall
We are Licensed Insolvency Practitioners based in Cornwall who specialise in giving insolvency advice and providing insolvency options to sole traders, individuals, partnerships and companies.
With two qualified Licensed Insolvency Practitioners, based in our offices in Falmouth and Truro we provide FREE personal insolvency advice & corporate insolvency advice covering the whole of Cornwall. We are also the only firm of Licensed Insolvency Practitioners who have a permanent presence in Cornwall and specialise solely in insolvency related matters.
As insolvency practitioners we also specialise in interpreting the legislation set out in The Insolvency Act 1986, The Insolvency Rules 1986, The Insolvency Rules 2016 and related case law to provide insolvency help and advice to our clients.
Our initial meetings are free and can be held at any of our offices in Falmouth and Truro. We always provide a letter of advice to our clients, free of charge.
Wherever you are in Cornwall one of our three qualified licensed insolvency practitioners can provide you with free and confidential business insolvency advice or individual insolvency advice over the telephone or in person. We will explain in clear and plain English all of the insolvency options open to you to enable you to make an informed decision as to which option you wish to follow.
There are many insolvency options available to help rescue you, your limited company or your underlying business. In respect of Limited Companies there are many options available including:
A Creditors Voluntary Liquidation is an insolvency procedure whereby the shareholders resolve to place the Company into CVL and appoint a Licensed Insolvency Practitioner as Liquidator of the Company.
The Liquidator's duties are to realise the Company's assets and pay a dividend to the creditors. It is entirely possible for a phoenix company to be formed and for that NewCo to purchase the assets of the company from the Liquidator and save the underlying business, which often provides the best result for the creditors overall.
If you would like to read more about Creditors Voluntary Liquidation please follow this link.
A Company Voluntary Arrangement is an insolvency procedure for directors who wish to save the life of the Company as a going concern.
The directors would engage an Insolvency Practitioner as the Nominee to draft a CVA Proposal to put forward to the Company's creditors. Such a proposal would either offer creditors a lump sum or monthly payments over a three to five year period.
If you would like to read more about Company Voluntary Arrangements please follow this link.
An Administration is an insolvency procedure which is designed to provide a breathing space from creditor action.
This then allows the Insolvency Practitioner and the directors to work out the best course of action for the Company. Accordingly an Administration is often seen as a stepping stone to other insolvency procedures such as a Creditors Voluntary Liquidation or a Company Voluntary Arrangement.
Sometimes it is appropriate to use an Administration to organise a pre-packaged sale of a company's assets immediately on appointment which can be a useful tool to allow the seamless transition of the business from the insolvent company to a solvent one.
If you would like to read more about Administrations please follow this link.
A Compulsory Liquidation is a court driven liquidation which typically involves creditors issuing a Winding Up Petition against the Company. However directors are also able to issue a Winding Up Petition.
It can take many weeks for a Winding Up Order to be made by the Courts, and once made, the Official Receiver is appointed as the Liquidator in the first instance. However a private sector Insolvency Practitioner can also be appointed at a later date if required.
To read more about Compulsory Liquidations please follow this link.
If you would like any insolvency advice please contact any one of our three Licensed Insolvency Practitioners in Cornwall on 01326 340 579 for a free telephone meeting.
Purnells have offices near Helston, Falmouth and Truro Cornwall as Indicated Below