At BBK Partnership, we pride ourselves on giving confidential, realistic, commercial and professional advice. We understand the difficulties and recognise the dilemmas faced by businesses and individuals in financial trouble. Our extensive experience in corporate recovery and personal insolvency means we can quickly analyse the situation, assess the options and help you reach the right solution. All too often, by the time a lender, director, shareholder or individual approaches us, the situation has deteriorated to such an extent that the only option left is to recommend a formal insolvency procedure and to act on it speedily.

Our specialist team is led by 2 licensed insolvency practitioners who are both regulated by the Institute of Chartered Accountants in England and Wales and are members of R3, the leading professional association for insolvency and business recovery in the UK. In corporate siituations, we are able to take appointments and deal with:

• Administrations

 With the introduction of the Enterprise Act 2002 on 15 September 2003, it became easier for a company to enter into Administration. Previously the process was complicated and expensive as there had to be an application to the Court “in Court”. Now, in most instances the Court’s approval is not required making the whole process simpler “out of Court”, producing a better result for creditors.

An ‘in court’ Administration is applicable where there is a petitioning creditor or a creditor wishing to make the application.

• Administrative Receiverships

Where a debenture has been registered prior to 15 September 2003 it is possible to appoint an Administrative Receiver in accordance with the terms of a debenture deed. A Receiver has a specific duty towards the appointer and invariably another form of insolvency will follow a receivership.

• Company Voluntary Arrangements

This procedure is applicable where there is a fundamentally sound business but it is experiencing cash flow difficulties. An agreement is reached with creditors for settlement of their debts over an agreed period of time and for an amount which may be less than the debt due.

• Creditors Voluntary Liquidations

A company will place itself into Creditors Voluntary Liquidation when it is insolvent, i.e. it has insufficient assets to cover its liabilities or it is unable to pay its debts as and when they fall due. Recognising the problem early is important as there could be repercussions upon you, as a director, for failing to take an appropriate course of action.

• Members Voluntary Liquidations

If a company is solvent but the directors have no further need for the company it can be placed into Members Voluntary Liquidation and the surplus assets distributed to the shareholders.

In personal situations we deal with:

• Individual Voluntary Arrangements

This procedure is the similar to the one for corporate clients. If your creditors are ‘hostile’ then an application to the Court for an Interim Order can be made which has the effect of stopping most legal actions until the creditors have considered your Proposal.

We are proud of our successful record in both individual and corporate arrangements and are concerned that the voluntary arrangement provisions are widely under-utilised in advice given to clients.

• Bankruptcy

If it is not possible to obtain the approval of your creditors to enter into a Voluntary Arrangement or a Voluntary Arrangement is not suitable for you, then we are able to advise on other procedures including Bankruptcy.

If you require any further information regarding the matters referred to above please contact our office.