Services and Industry

We can provide advice to individuals who are experiencing financial distress, assessing your financial position, including review of cash flow, bank mortgages and the position of real property, as appropriate.

In some cases the formal options under bankruptcy will need to be considered, including Bankruptcy and Personal Insolvency Agreements and we will clearly explain these options.

The options available will be presented and where appropriate we will prepare a work out plan, which may incorporate negotiation of a debt repayment, sale of property or refinancing.

Sometimes businesses cannot be saved and companies will need to appoint an insolvency practitioner to undertake a formal insolvency process such as liquidation, voluntary administration, or bankruptcy for individuals.

Registered Liquidators and Trustees are subject to very strict requirements in relation to independence and conflicts of interest and are restricted in being able to advise the company, let alone advising directors. As we do not undertake formal liquidation or voluntary administration we can provide you with independent professional advice protecting your position.

We are able to review and advise on the impact of a formal insolvency appointment on the company, directors and stakeholders as appropriate.

Importantly to ensure that the objects of formal insolvency are met, particularly restructuring under voluntary administration, it is important that proper planning and preparation takes place before, during and after the formal insolvency. This will include communicating with key stakeholders such as financiers, key suppliers and key clients and liaising with the appointed insolvency practitioner.

We can assist and advise in preparation of a strategy which requires formal insolvency, as well as liaising with the appointed insolvency firm.

Restructuring may require the sale of assets within a set time period, whether this be to raise funds, or reduce debt. This needs an understanding of asset values and how values may be impacted by time or other restrictions, such as not being able to complete a property development. We all too often see assets put up for sale at prices which do not meet the market resulting in assets not being able to be sold, ultimately having a negative impact on the assets, the owners and financiers.

We have extensive experience in dealing with sale of businesses, property and other assets. We can advise on the strategy for the sale of assets, assessing value of the assets, engaging appropriate professionals to maximise the sale process and communication with stakeholders, such as financiers.

Banking relationships are important for businesses, and management of this relationship becomes even more important when a business, (the borrower) is subject to financial stress. From time to time banking facilities will be reviewed where there may be a concern about the financial position of the borrower.

Specialist banking teams may become involved and will conduct a detailed review of the facilities, which may result in the requirement for refinancing and/or debt reduction.

Under these circumstances, the management of the relationship and communication must be carefully managed, clearly understanding the needs of the financiers, and communication must be open and completely transparent.

We have extensive experience in dealing with these situations and can assist or represent borrowers who are in this position. We can assist borrowers to navigate this process, liaise with and report to the financier and assist with negotiations with the financier in a professional and transparent manner.

We are able to provide expert reports regarding distressed businesses which are or may become involved in litigation. We are able to advise on matters such as claims made by liquidators for insolvent trading or unfair preferences or undertaking an assessment of the earlier date of insolvency. We can also act as an expert witness preparing a report to be used for litigation purposes.