Carlisle Company Insolvency Help
Welcome to Begbies Traynor Group in Carlisle. We are a group of licensed insolvency practitioners, business turnaround experts, and company finance specialists. We assist limited companies and sole traders in Carlisle and across the wider Cumbria area with all matters of company distress.
Our Carlisle office is staffed by a talented and experienced team of licensed insolvency practitioners and business turnaround professionals who make it their mission to provide company directors and their shareholders with the help and advice they need during challenging times.
For many companies, one of the first signs of company distress is when cash flow becomes squeezed, and paying scheduled overheads and other outgoings, becomes more difficult than it once was. Once cash flow becomes compromised, swift action must be taken to prevent the situation escalating.
If you fear your business could be at risk of insolvency – or maybe it already is insolvent – seeking the help and guidance of a licensed insolvency practitioner at this time could be vital when it comes to the future of your company.
No business owner sets up a company expecting it to fail, and we understand that asking for help when things are not going well is a difficult step to take. What you must remember, however, is that there is a solution to your problems, and a licensed insolvency practitioner is the best person to help you discover what that solution looks like. Depending on the company’s current financial position, as well your aspirations for the business going forward, there are a range of processes which could be suitable.
For some, this will take the form of entering into negotiations with creditors to reach an arrangement which satisfies all parties. This can be informal in nature, or can be made legally-binding through a Company Voluntary Arrangement (CVA). When a company’s problems are simply insurmountable, however, it may be the case that liquidating the company is the only remaining option. We can help you place your company into a Creditors’ Voluntary Liquidation (or CVL) which is a director-initiated process overseen by a licensed insolvency practitioner.
A Members’ Voluntary Liquidation (MVL) is a formal company closure process for solvent companies. Although liquidation is often associated with insolvent companies, this route is designed for healthy, cash-rich businesses with a substantial amount of retained profits. The MVL process consists of distributing funds in a cost-efficient manner to shareholders, and if eligible, you may be able to access Business Asset Disposal Relief, formerly known as Entrepreneurs’ Relief. If you can settle liabilities within 12 months and your business consists of £25,000 or more in retained earnings, an MVL may be the route forward.
