Business Liquidation, Recovery & Insolvency

The fear of failure is every business owner’s worst nightmare. When creditors start knocking on the door, you can’t pay the staff wages, the bank won’t extend any more credit, and you can’t sleep for the worry - then it’s time to say, “Enough is enough” and contact us.

New Insolvency Legislation

New legislation gives businesses a wider range of options when faced with insolvency issues or the threat of closing their doors for good.

It is the aim of this new insolvency legislation to attempt to help get businesses back on track and retaining jobs, rather than closing down altogether.

Business Recovery

If your business is a limited liability company and not able to meet its debts as they become due, you should seek professional assistance from an Insolvency Practitioner.

As director or shareholder of the company you must take proactive steps to minimise the impact for creditors.  If the company continues to trade and incur debt, you may be personally liable and face prosecution for reckless or insolvent trading.

However, liquidation may not be the only option left for a business in financial difficulty.

• Voluntary administration
• Compromises with creditors
• Business recovery
• Debt recovery

Unfortunately it is common for business owners and directors to believe that the situation will improve “next month”, rather than addressing the problem when it is at a stage where it could be more easily managed.

Many thousands of struggling but otherwise viable businesses fail because the directors get bad advice, poor advice or no advice.

Business Liquidation & Insolvency

If the only option left open is to place a company into liquidation, it will usually be done by one of the following:

• Court order
• Special resolution of the shareholders
• Decision of the board of the company following an event specified in the constitution
• Resolution of creditors passed at a watershed meeting

NMS will arrange the orderly disposal and sale of business assets. The sales expertise of NMS ensures that the best return is achieved for the sake of the creditors, and therefore reducing the overall level of debt.

Creditor’s Claim Form

» Click here to download a Claim Form

» Click here for Pat Norris Statements