Exeter City Football Club‘s darkest hour was probably in 2002. They had been haemorrhaging money for the previous years and owed hundreds of thousands of pounds. If a solution could not be found they would simply go bust.
Bankruptcy - Multi Million Pound Property Portfolio
A farmer made bankrupt by HMRC held assets worth over £12 million. The debt was considerably smaller than the value of the assets. We managed rental income, paid the secured creditors and computed the actual liability so an annulment could be sought to preserve the bulk of the individual’s assets.
Company Voluntary Arrangements - Manufacturers, Membership Clubs
In conjunction with directors and key stakeholders, we have prepared and explained to the companies’ stakeholders the efficacy of agreeing to such schemes.
Corporate Administration – Freight Forwarding Business
We successfully traded the company for two months whilst a purchaser for the business was sought. Our strategy ensured that the company’s secured, preferential and ordinary creditors received a significantly better return than if the company had proceeded directly into liquidation.
We have been appointed to a number of companies to act as liquidator. A particular aspect of the last twelve months has been our appointment as investigating accountant, to determine breaches of legislation and recoverability of assets.
We have been instructed by well known PLCs to act as Liquidator in Solvent situations. This has been in relation to companies that are no longer required but where “striking off” is inappropriate, or for non statutory demergers where the Section 110 Scheme of Reconstruction is required.