Licensed Insolvency Practitioners based in Birmingham Providing Insolvency Advice
Insolvency Advice and Options for Companies, Businesses and Individuals based in Leeds and Birmingham
Welcome to Purnells.
We are Licensed Insolvency Practitioners operating in Birmingham who specialise solely in giving insolvency advice and providing insolvency options to sole traders, individuals, partnerships and companies.
With two qualified Licensed Insolvency Practitioners in the firm we provide FREE personal insolvency advice & corporate insolvency advice covering Birmingham.
Wherever you are one of our three qualified Licensed Insolvency Practitioners can provide you with free and confidential business insolvency advice or individual insolvency advice over the telephone or in person. We will explain in clear and plain English all of the insolvency options open to you to enable you to make an informed decision as to which option you wish to follow.
There are many insolvency options available to help rescue you, your limited company or your underlying business. In respect of Limited Companies there are many options available including:
Creditors Voluntary Liquidation or CVL
A Creditors Voluntary Liquidation is an insolvency procedure whereby the shareholders resolve to place the Company into CVL and appoint a Licensed Insolvency Practitioner as Liquidator of the Company.
The Liquidator's duties are to realise the Company's assets and pay a dividend to the creditors. It is entirely possible for a phoenix company to be formed and for that NewCo to purchase the assets of the company from the Liquidator and save the underlying business, which often provides the best result for the creditors overall.
If you would like to read more about Creditors Voluntary Liquidations please follow the link.
Company Voluntary Arrangement or CVA
A Company Voluntary Arrangement is an insolvency procedure for directors who wish to save the life of the Company as a going concern.
The directors would engage an Insolvency Practitioner as the Nominee to draft a CVA Proposal to put forward to the Company's creditors. Such a proposal would either offer creditors a lump sum or monthly payments over a three to five year period.
If you would like to read more about Company Voluntary Arrangements please follow the link.
Administration
An Administration is an insolvency procedure which is designed to provide a breathing space from creditor action.
This then allows the Insolvency Practitioner and the directors to work out the best course of action for the Company. Accordingly an Administration is often seen as a stepping stone to other insolvency procedures such as a Creditors Voluntary Liquidation or a Company Voluntary Arrangement.
Sometimes it is appropriate to use an Administration to organise a pre-packaged sale of a company's assets immediately on appointment which can be a useful tool to allow the seamless transition of the business from the insolvent company to a solvent one.
If you would like to read more about Administrations please follow the link.
Compulsory Liquidation
A Compulsory Liquidation is a court driven liquidation which typically involves creditors issuing a Winding Up Petition against the Company. However directors are also able to issue a Winding Up Petition.
It can take many weeks for a Winding Up Order to be made by the Courts, and once made, the Official Receiver is appointed as the Liquidator in the first instance. However a private sector Insolvency Practitioner can also be appointed at a later date if required.
To read more about Compulsory Liquidations please follow the link.
We offer and provide to our clients free telephone advice lasting one to two hours or will meet with you free of charge in Birmingham at your business address or at your accountants offices.
If you would like to receive some free insolvency advice please telephone Chris Parkman BSc, FABRP, MIPA, FCCA Licensed Insolvency Practitioner on 01326 340 549 or email him at chris.parkman@purnells.co.uk or alternatively please write to us at:
Office 1 Izabella House
24-26 Regent Place
City Centre
Birmingham B1 3NJ
Purnells service office in Birmingham is as indicated below