When a business suffers a downturn in trade, it is important to obtain advice at an early stage.
The Corporate and Commercial team here at Butcher & Barlow is able to deal with sales and purchases in relation to businesses that may be contemplating going into administration or liquidation.
We work closely with insolvency practitioners and have a long history of being able to deal with Company Voluntary Arrangements (CVA’s) and purchase of assets from an Administrator in order to ensure that something can be salvaged from a very difficult and often distressing situation.
It can often be the case that Directors think that they are able to trade through, relying on their own expertise when outside assistance may prove to be invaluable to them, and they arrest a steady decline.
By obtaining specialist advice at an early stage you can avoid the loss of a business and potentially personal liability for wrongful or fraudulent trading. Whilst a Limited Company offers protection in respect of liability to the Directors and Shareholders in most circumstances, if Directors know or ought to have known that the Company did not have the means to pay its debts when required to do so, they can be held personally liable and subject to disqualification proceedings.