The key to avoiding insolvency is to seek professional help as soon as the first signs of difficulty appear. The experienced professionals at Gregory Stott & Associates are able to assist in identifying problem areas, and suggest solutions to improve the position of the company. Timely and expert advice may be able to save your business from liquidation or receivership.
Receivership entails someone being appointed by the secured creditor to raise funds within the company to repay a financer, once the lender is repaid the company can then revert back to the directors to manage.
If the company s unable to continue daily business and cannot pay its debts as and when they fall due a liquidation is necessary. A liquidator disposes of all the assets of the company and repays creditors either wholly or partly depending on the realisable value of company assets. Upon finalisation of the liquidation the company ceases to exist
In the event that liquidation or receivership is necessary, Gregory Stott and Associates also has the experience and skills required to assist. SHould the appointment of a liquidator be necessary we can refer to you registered liquidators who can perform the task.
If your business is struggling under financial and operational difficulties, proactive and insightful action is vital for avoidance or minimisation of the ramifications. Contact us today for an appointment and expert advice to aid your situation.