Assuring directors of an electronics business that they are not falling foul of the Insolvency legislation

The Board identified a downturn in this business and sought expert advice to assess if there was likely to be an impact on the solvency of the business. Ongoing monitoring, advice and guidance to the Board was provided over a prolonged period of time helped to allay fears and gave the Board time to implement a successful rescue and restructuring plan.

A limited business review was completed for this client, located in High Wycombe, and a hands-on financial monitoring system was implemented. Directors were advised of their options and assistance given to develop and implement a strong recovery and rescue plan. Gore and Company’s expert understanding of insolvency legislation and procedure ensured that, while the company was taking corrective action and implementing the rescue package, the Directors were aware of their legal obligations regarding wrongful trading and trading while insolvent and took steps to mitigate these risks. Early consultation with Gore and Company allowed the business to avoid formal insolvency proceedings

Please note that the above is provided for illustration purposes only and comprises a short view of extremely complex insolvency and other legislation. This is a complicated area and specific advice must be sought before undertaking any course of action or before refraining from any course of action. Gore and Company takes no responsibility for any loss incurred to or by any person who either acts or refrains from acting on the basis of the above or of any other item published on this website. The above note may not be reproduced without the prior written consent of Gore and Company.

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