Early Intervention is the Key to Successful Recovery…

Cavanagh Kelly’s Recovery and Insolvency Division is one of Northern Ireland’s leading business recovery, insolvency and advisory practices. We specialize in recovering ailing businesses and bringing them though to better times again!

Rescue is our top priority. Early consultation ensures we are given the best opportunity to identify the best rescue plan. Where businesses are unable to improve cashflow and profitability, we provide specialist advice on formal insolvency proceedings.

Our experienced team of business advisors provide clear and concise advice to our clients – we also assist professional colleagues in other practices with clients in financial difficulty.

OUR NO.1 AIM IS TO RESCUE, RESTRUCTURE AND RECOVER! OUR SERVICES INCLUDE...

SOLUTIONS FOR COMPANY PROBLEMS

Our team of specialists have an excellent record over many years in advising and assisting companies in financial difficulty. Whether it be an unexpected blip in cash-flow or receiving notice of a winding-up petition, we will work with you in developing comprehensive proposals to your creditors to ensure the continued survival of your business.

We will engage with your creditors on your behalf – in many cases, your creditors will have been in a similar situation in the past and will be sympathetic.

Your options include:

• An informal arrangement with your creditors
• A formal arrangement with your creditors (Company Voluntary Arrangement) where a majority of 75% IN VALUE of your creditors approve your proposal. These proposals normally involve writing off part of the debt and you will be able to continue to trade.

INSOLVENCY ADVICE

Where recovery is not an option, we can advise and assist with formal insolvency procedures. We have extensive experience in liquidations and administrations.

In an administration, an administrator is appointed by the company’s directors (subject to the agreement of any lender with a legal charge). The administrator will work towards developing a rescue proposal to creditors within 8 weeks of appointment. More than 50% of creditors in value must support the proposal to allow it to proceed.

In a liquidation, a liquidator is appointed to realize the remaining assets in the company and pay creditors in the prescribed order.

We understand the stresses and strains of everyday business and when faced with insolvency, these stresses are multiplied ten-fold. Our team of advisors are experienced and compassionate and will advise you and your employees through this difficult process. We have more than 20 years of experience in providing insolvency advice across the region.

WINDING UP SOLVENT COMPANIES

Where a company has come to the end of its useful life and retains funds, we can advise the shareholders on the best and most tax efficient way to "dispose" of the company, whether it be a straight-forward winding up and strike off or a members’ voluntary liquidation.

With new rules recently issued by Bona Vacantia, it is important to seek professional advice before agreeing the course of action.

SOLUTIONS FOR PERSONAL BUSINESS PROBLEMS - S98 SCHEMES

We provide advice and assistance to sole traders, partnerships, and individuals with debt problems. We can assist you in agreeing repayment proposals with your creditors, on a formal (individual voluntary arrangement) or informal basis. In an IVA (the personal equivalent of a CVA) 75% of creditors IN VALUE must support the proposal to allow it to proceed.

Our experience is that well drafted IVA proposals do work and in the main, will succeed in getting the 75% majority needed for it to go ahead.

Bankruptcy proceedings can be initiated where a creditor is owed more than £750. Where bankruptcy options are being pursued, we act on your behalf and where possible arrange to have the bankruptcy annulled (set aside) or discharged at the earliest opportunity.

Again, the quicker you act, the better the outcome.

Services to Accountants and Solicitors

We specialize in providing recovery and insolvency advice to many accountants and solicitors across Northern Ireland. We can meet with you and your clients and advise on recovery options available. This way, you fulfill your responsibilities to your client, we provide expert advice, and you retain your client! Our staff are available today on our special insolvency helpline – 028 8772 1194!

Advice to Suppliers

We provide specialist advice to suppliers who may be having difficulty in collecting debt from your clients. We can provide you with key tips on managing your debtor book and minimizing the risk of bad debts in all sectors including construction, transport, manufacturing and retail. We can advise you on your options where your clients have entered a formal insolvency process.

Newsletters & Technical Updates

Our Recovery & Insolvency team publish a newsletter to clients and professionals three times a year. Our newsletter includes updates on company law and technical matters as well as insolvency statistics and activity. We regularly deliver seminars across Northern Ireland

Talk to the specialists today.

Call our Insolvency Helpline on 028 8772 1194 or email recovery@cavanaghkelly.com