bottomley & co - products and services.

Bottomley & Co offer the full spectrum of financial solutions to insolvency. Our experienced team are here to guide you through the appropriate options available to you.

The spectrum of financial solutions includes:

Administration.

A rescue procedure using a court order to restructure a limited company; perhaps as a going concern certainly with the aim to achieve a better result than in Liquidation . The court order appoints an Insolvency Practitioner to act as Administrator to take control of the company. A company can be put into administration by the directors, the company itself or by a floating charge holder. The required notices are filed at court; we can help you through this process.

Company Voluntary Arrangement (CVA).

A rescue plan which ring-fences a company's liabilities (typically in excess of £50,000) into an Arrangement with creditors, protecting the company and offering a better return to creditors than would be expected in Liquidation . The Arrangement consists of a written Proposal which is compiled from information supplied by the directors. We assist you with putting the Proposal together. The Insolvency Practitioner acts as the Nominee. The company's liabilities are frozen (including interest), and satisfied either in part or in full over what can be long periods. Once appointed the Insolvency Practitioner acts as a Supervisor to oversee the CVA . The day to day control of the company remains in the hands of the directors.

Individual Voluntary Arrangement (IVA).

A recovery plan for individuals which ring-fences both personal liabilities and trading liabilities (if applicable) (typically in excess of £30,000) in an Arrangement with creditors. This protects the individual and offers a better return to creditors than would be expected in Bankruptcy. The Arrangement consists of a written Proposal which is compiled from information supplied by the individual. We assist you with putting the Proposal together. The Insolvency Practitioner acts as the Nominee. The individual's liabilities are frozen (including interest), and satisfied either in part or in full over what can be long periods. Once appointed the Insolvency Practitioner acts as a Supervisor to oversee the IVA . The day to day control of the individual's affairs remains in their hands.

Liquidation.

Liquidation, also known as Winding-Up can apply to both companies and partnerships. It involves the winding up of the affairs of the company through the realisation and distribution of the assets and usually the closing down of the business. There are three types of liquidation. We can act in a Creditors Voluntary Liquidation or a Members' Voluntary Liquidation , all we need is an instruction from the directors. At a Creditors Meeting the creditors appoint the Liquidator. The final type is Compulsory Liquidation where the company is wound up in the Courts and the Official Receiver is appointed to investigate.

General Note:

We should point out that a formal insolvency may not be for everyone. For example an informal arrangement to satisfy your liabilities may work but it requires 100% of your creditors to agree to it.

For an individual, Bankruptcy may be the only course of action if you have nothing to offer to creditors.

For a company subject to a winding up petition if the company has no assets or the directors cannot support the costs of a Creditors Voluntary Liquidation then it may be the only option but to let the petition continue.

In these circumstances it may be appropriate to seek advice for example from your local Citizen's Advice Bureau.