We're pleased to work with accountants and solicitors to advise their existing clients in this specialist area of practice. We provide sound and practical advice to company and business managers facing financial difficulties, whether they are from the company in difficulty or as creditors of a troubled debtor. For companies in difficulty what is often needed is a realistic assessment of their financial situation and no nonsense advice on a feasible approach to either turnaround or closure.
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 like administration, liquidation or a Creditors Voluntary Arrangement (CVA). Although non-binding on creditors, it gives directors maximum flexibility in determining a course of action that avoids the stigma of a CVA. If there is no other realistic option we can take an appointment as administrator or liquidator of the troubled company.
Clients owed money
If your client is 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.
Suspicion of wrongdoing
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.
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.
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.