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Crystal Clear Insolvency
There are several procedures available to insolvent companies: Administration, company voluntary arrangements (CVA) and administrative receivership are solutions that offer the potential for rescue.
A company often prefers to continue trading via one of these processes to preserve value and retain customers.
However, if rescue is impossible, the company may be liquidated. This involves the company’s assets being turned into cash and distributed among its creditors and usually results in the termination of the company’s business activities.
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Navigating Insolvency Procedures and Methods
Depending on the procedure, the insolvency process can be initiated by banks and lending institutions, the company’s creditors, the courts or by the directors or shareholders of the company itself.
Any insolvency procedure aims to extract the greatest value for the benefit of the company’s creditors. The company’s circumstances and the availability of its assets will determine which method is used to achieve that aim.
When a company is in financial difficulty, it’s advisable to seek advice immediately from someone who understands the process and can give independent and straightforward advice.
“We must all obey the great law of change. It is the most powerful law of nature.”
– Edmund Burke
Crystal Clear Insolvency
Areas of Practice
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02071 759 730
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Crystal Clear Insolvency is a trading name of LJB Solutions Ltd Company Number 8498036
Registered office 8 Ivegate Yeadon Leeds LS19 7RE