Advice for Creditors
In order for your business to thrive, it is vital that your debtors face up to their responsibilities. At Wylie & Bisset we have over 30 years’ experience working on behalf of creditors to achieve the maximum possible return.
As a starting point we offer a Business Review assessing your debtor’s ability to pay, and the potential result of any formal insolvency action. This will allow you to assess the best way forward to maximise your return. In order to achieve the best outcome, we can advise and implement a range of solutions, including the following:
Negotiation – Sometimes all it takes is for an independent third party to handle negotiations between the two parties for a resolution to be reached. The presence of an insolvency professional can help both parties assess their circumstances and come to a suitable arrangement, avoiding the need for costly legal action.
Administration – Where the debtor company has a viable underlying business the appointment of an administrator can help to extract the highest value for the company and thus maximise the return to creditors. Our insolvency practitioners can assess your debtor company and advise if an administration is likely to achieve a better result.
Liquidation – Sometimes there is no other option than to petition for the company to be wound up and appoint a liquidator. This brings the benefit of a liquidator bringing trade to a close, thereby preventing further losses, and selling the assets of the business. We will always advise beforehand whether we consider a liquidation is likely to result in a return to creditors, allowing you to make an informed decision before commencing legal action.
Sequestration – If your debtor is an individual, or if the director of the company has signed a personal guarantee, we can assist with presenting a petition to sequestrate the individual. As with liquidation of a debtor company, one of our insolvency practitioners would be appointed to take control of the individual’s estate and realise the value of any assets in order to make a return to creditors.
This list is by no means exhaustive and we are committed to finding new and innovative solutions for our clients. Contact one of our insolvency practitioners today to discuss how Wylie & Bisset can help.