Clifton Hall provides expert reconstruction and insolvency service in the following areas:
- Voluntary Administrations
- Creditors’ Voluntary Liquidations
- Members’ Voluntary Liquidations
- Controllerships / Mortgagee in Possession
- Court Liquidations
- Small Business Restructuring
- IA Reports
The Voluntary Administration procedure provides businesses with an alternative to liquidation. It is a process that facilitates re‑arrangement of a company’s affairs in a manner that avoids liquidation and maximises the benefits for both members and creditors. Clifton Hall is very experienced in this process and can bring a high level of expertise to any appointment.
The Voluntary Administration procedure is designed to be:
- capable of easy and speedy implementation
- flexible, providing alternative forms of dealing with the financial affairs of a company
- uncomplicated and relatively inexpensive
Administrations are controlled by a Registered Liquidator who is answerable to the creditors and who implements the arrangements agreed between the company and its creditors. These Administrations are legally binding and take into account the wishes of all parties concerned. The appointment can be made quickly by a simple resolution of directors.
An Administration can be tailored to fit any circumstance and can include a compromise of creditors’ claims, an arrangement which freezes actions against the company whilst monies are accumulated or an offer of a lump sum to satisfy all claims. Arrangements are as diverse as the problems they set out to solve.
In particularly large or complex situations an Administration may not be possible however the same result may be achieved through a more formal Scheme of Arrangement.
Receivers and Managers
Clifton Hall acts for Secured Creditors who need to exercise their rights under their mortgage security to take charge of the realisation of their security.
An appointment under the mortgage security as a Receiver and Manager aims to obtain the maximum benefit for the appointor and sometimes may assist to restore the borrower to profitability.
At Clifton Hall we are experienced in managing the affairs of trading businesses in an insolvency administration and can bring a high degree of professional attention to every assignment. We are conscious of the responsibility and duty of care that arises when we act for secured creditors in this manner.
Liquidators may be appointed voluntarily by the members of a company or compulsorily by an order of the Court. Clifton Hall acts as a Liquidator in all these cases.
In a winding up in insolvency we take possession of the company’s assets and affairs, realise those assets and diligently review the company’s affairs so that the dividend return to creditors is maximised.
In specific situations we may be appointed as Provisional Liquidator by the Court to assume immediate but temporary control over a debtor company’s affairs pending the commencement of formal arrangements.
When a company is solvent but has outlived its usefulness, the members can appoint us to wind up the affairs of the company. Special tax considerations must be considered in these situations and, whilst we are not tax experts, we can engage specialist qualified experts to assist and advise as required.
Small Business Restructuring
The new Small Business Restructuring process allows a financially distressed SME to restructure its debts while allowing the owners to remain in control of the business.
As Registered Liquidators, Clifton Hall can act as the SBR practitioner required to oversee the restructuring process.
The SBR process begins with a proposal period, where Clifton Hall works with the directors to develop a debt restructuring plan and restructuring proposal statement. The SBR practitioner sends the plan and statement to creditors for their consideration, following which the plan is implemented over an agreed period.
While this is a new appointment option, with Clifton Hall’s experience in undertaking voluntary administrations that lead to successful DOCA appointments, we are well placed to assist companies considering a formal restructuring.
Lending & Financial Reviews
In these assignments Clifton Hall provides an analysis of the prospective borrower’s financial position and profitability including recommendations to the lender on the best manner in which to take security.
Included is a review of the borrower’s financial performance and prospects including a current report on the lender’s security.
Such reports are a quick and focused review and report to directors or financiers on a company’s current financial condition and advice on strategies a company can employ to remedy financial difficulties or finance expanding operations.
Clifton Hall provides independent and professional accounting representation for plaintiffs or defendants.