If you are in the position of needing advice about a debt management plan or a company voluntary arrangement, you need to be certain of the quality of any advice you will be given. We at Cooper Matthews have years of experience in this field and only use properly licensed partners and insolvency practitioners.
The 1986 Insolvency Act facilitated the setting up of recognised membership bodies to authorise and licence insolvency practitioners. The Insolvency Practitioners Association is the only recognised body dealing solely with insolvency and we use them to ensure that any business financial trouble is dealt with in a legal, professional and efficient manner.
There are many different solutions to business debt, each dependent upon the unique circumstances of the company in trouble. Some also involve considerable personal debt, as the directors have contributed a great deal of their own assets to the business. This can complicate the situation but we have the experts at our disposal to sort it out.
For example, if business voluntary arrangement advice is given and you wish to set up an agreement then this must be done by a licensed insolvency practitioner in conjunction with the company’s directors. The insolvency practitioner is appointed Nominee and presents the agreement to the creditors at a creditors meeting. If this is accepted it becomes a legally binding agreement which prevents the company from going into liquidation and provides a return for the creditors. This is a fair result for everyone, making the best of a difficult situation.
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