Sunderland Company Insolvency Help
Welcome to Begbies Traynor Group in Sunderland. We are a team of licensed insolvency practitioners assisting companies in Sunderland and the wider Tyne and Wear area with all aspects of business distress.
Whether you want to throw everything you have at saving your company, or whether you are looking at ways of bringing it to an orderly end, Begbies Traynor Group in Sunderland are here to help.
As licensed insolvency practitioners, we are perfectly placed to help you understand your options when matters of financial distress threaten the future of your company. Our aim will always be to save any viable business, working alongside directors and shareholders to steer the company to a place of safety.
We will explore all viable options with you, including Company Voluntary Arrangements (CVAs),and placing the business into administration. We can also identify instances where a formal insolvency process may not be required, and instead we can suggest alternative strategies such as informal negotiations with creditors, or introduced new funds into the business to stimulate activity.
If your company is unable to be rescued, the only option may be to place the business into voluntary liquidation using a process known as a CVL. This will ensure the business is closed down in an orderly manner, while also treating all outstanding creditors fairly. Our licensed insolvency practitioners will handle the whole process on your company’s behalf, including dealing with creditors and having the company’s name removed from the Companies House register.
You can make an appointment with a licensed insolvency practitioner at our Sunderland office, or in nearby Newcastle for immediate help and advice.
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.
