Welcome to Netchwood Finance
Introducing Netchwood Finance
Seeking professional insolvency advice can be a daunting prospect when you have a client in financial distress. You may have limited experience of dealing with a company or individual that potentially needs a formal insolvency solution.
Founded in 2011, Netchwood Finance specialise in both corporate and personal insolvency and restructuring solutions. Our team are all professionally qualified and have many years experience advising directors and individuals.
First and foremost, we are a regulated insolvency practice. As such we provide impartial, professional advice in our chosen field of expertise
All clients are advised by our in-house Insolvency Practitioner, Giles McCarthy.
Incoming clients will be initially filtered by our highly qualified team, but prior to a formal insolvency appointment occurring, all clients will have an in-depth consultation with the Insolvency Practitioner. A key tenet of our culture is that clients make informed decisions – and having the insolvency practitioner personally discuss the case with the client, ensures this happens.
We act at all times with honesty and fairness. We will review a company’s finances prior to entering liquidation and advise the directors on whether they are vulnerable to litigation following liquidation. Further – we explain the implications of any potential litigation. In doing so we ensure your clients’ expectations are met and that no unexplained pitfalls await them.
Initial consultations, either remotely or in person, are free of charge.
Our advice model lays bare all risks, both personal and corporate, that a director may encounter following a formal insolvency process. To mitigate this we explain these risks to the directors prior to liquidation.
In so doing we give the directors the option to pursue an alternative strategy where the inherent risks of liquidation are simply too great.
HMRC are the most common company creditor. They are invested stakeholders in a liquidation because they understand them. They have the legal expertise and resources to pursue their goals within the liquidation procedure. We offer directors insight into HMRC’s objectives – and what those objectives mean for them personally.
Once in liquidation the actions of the directors will fall under the microscope. Of particular concern will be how directors acted under the Furlough Scheme and how they acquired and spent the Bounce Back Loan. At the extreme end of the spectrum Directors have been jailed for fraudulent abuse of the Bounce Back Loan Scheme – consequently all directors need to know where they lie in respect of their actions before entering liquidation. We tell them.
An outstanding DLA is considered an asset of a company which a liquidator has a duty to recover. If a director has an overdrawn DLA and cannot repay it – it does not necessarily follow that the director will be made bankrupt and lose their home. There are a multitude of consequences in play.
Again – it is vital directors understand this landscape and where they sit in it. Our advice model explains it all.
INSOLVENCY OPTIONS
CVL is initiated by directors who recognize the company’s insolvency—its inability to pay debts as they fall due. An Insolvency Practitioner is appointed to carry out the legal steps necessary to wind up the company
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A CVA is a formal agreement between an insolvent company and its creditors, facilitated by an Insolvency Practitioner. It serves as an alternative to liquidation or administration, allowing the company to reach a settlement with creditors by paying a portion of its debts and writing off the remainder. Importantly, the company continues to operate under the control of its directors, avoiding closure.
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Administration is a formal insolvency procedure where company directors acknowledge insolvency and appoint an Insolvency Practitioner to restructure the business, aiming to preserve it in some capacity. When a company enters administration, it gains immediate protection from creditors and legal actions, with a moratorium that prevents creditors from pursuing debt recovery.
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MVL is used when a company is solvent, meaning it can pay its debts. It involves realising company assets and distributing funds to shareholders, often as a tax-efficient means to close a successful business.
Read MoreOnce it is established that insolvency cannot be avoided, assistance from a licenced Insolvency Practitioner is critical. Advice should be sought at the earliest opportunity to ensure that your client’s legal responsibilities and duties are adhered to.
Call us 0161 399 2985 or email help@netchwood.co.uk to find out more.
