Gore and Company Cardiff Office provides liquidation, administration, and turnaround services across south Wales and into Glamorgan, Newport, Swansea, the heads of the valley and the M4 corridor to Bristol and into London (acting as liquidator, administrator, or supervisor of a CVA). We work in both corporate insolvency, and business and personal insolvency leading to bankruptcy. Recent cases have included acting as a liquidator for a failing company in Cardiff, acting as administrator for a garden centre business in Newport, advising on bankruptcy for clients in Glamorgan, acting as administrator for a construction company in Swansea, advising a furniture manufacturer based in Newport, and acting for lawyers across Wales on bankruptcy matters, assisting companies in turnaround (whilst avoiding a formal CVA or administration) in Cardiff, South Wales, Glamorgan, Newport, and Swansea. Bristol and the surrounding areas are served from our Cardiff office.
We assist clients in both placing companies into liquidation, managing liquidations on behalf of creditors that are concerned about liquidations being managed for the benefit of creditors. Recent work with companies operating across south and north wales and in the surrounding areas mean that we have a good understating of local issues.
We provide independent advice in the south Wales M4 corridor and the south Wales valleys on liquidating companies, administrations, turnaround, and also advise in relation to bankruptcies and personal insolvency.
Practical advice in Wales
We provide sound and practical advice to company and business managers on financial difficulties (involving liquidation options or approaches to saving the company by using administration or CVA approaches and sometimes acting as trustee in bankruptcy). Often what is needed is a realistic assessment of the financial situation and no nonsense advice on a feasible approach to either turnaround or closure through liquidation. Often what is missing is a consideration of what we call the third option, that is, an informal arrangement with creditors which could be cheaper than a formal insolvency process. Although non-binding on creditors, it gives directors maximum flexibility in determining a course of action that avoids the stigma of a CVA, could also avoid liquidation and may be cheaper than an administration.
Helping creditors owed money
We also assist creditors that are owed money If you are owed money by a company that is threatening liquidation, an independent review of its financial position can greatly assist your client to assess its options. Often desk based research can uncover important information that can help your client decide to on a course of action and potentially save the costs of asking the court for a winding up order.
Creditors often feel frustrated that a debtor (be it an individual or a company) that owes them money can seemingly avoid payment even though there is strong suspicion that assets have simply been dissipated or transferred. The so called phoenix company syndrome means that creditors are left nursing losses while the directors of failed companies simply start again. Sometimes this can also apply to bankrupts who try and avoid their creditors by declaring themselves bankrupt and hope that a lax trustee in bankruptcy will not be able to trace hidden assets.
We can assist in these situations since the insolvency legislation gives a liquidator great powers of investigation. He can require that anyone with information on assets and business dealings to deliver information to him and he can trace and recover assets for the benefit of creditors.
We can also take appointment as trustee in bankruptcy on behalf of creditors.
Creditors and their rights
Creditors can make great progress in recovering at least some proportion of their money if they take full advantage of what the UK insolvency process has to offer them. The best way to achieve this is to appoint their own liquidator.
Insolvency legislation gives a liquidator many powers to trace and identify assets belonging to a company. Creditors often suspect or have good evidence that valuable assets have been put beyond the reach of creditors by directors or others but do not know what steps they can take to make sure that they are recovered into a liquidation. Gore and Company works with a team of solicitors, leading insolvency counsel and private investigators to trace assets, find evidence and recover funds for the benefit of creditors. The team works on a contingency basis and will be paid, with the agreement of creditors, from the amounts realised.
Our services include:
- Acting as liquidator in both a compulsory or a voluntary winding up
- Acting as administrator as part of a plan to save a company
- Acting as supervisor of a CVA or corporate voluntary arrangement
- Providing formal licenced insolvency advice and services to companies in need of assistance with turnaround plans
- Acting as trustee in bankruptcy on behalf of creditors that are dissatisfied with an incumbent trustee.
If you are looking for a liquidator in south Wales, or an administrator in Bristol, Newport, Cardiff, Swansea or their surrounding areas, we can assist.
Directions to our Cardiff office can be found [here].