If the cashflow just isn’t working and the debt is a ball and chain, it may now be the time to consider abandoning the company and looking at removing the debt from the business. If your company is in a CVA we can help you exit quickly.
A restart can often achieve this and a “business and assets” sale could be the method to quickly protect and move the business on. We can build the deal, produce and handle the legal papers and hold the directors' hand through this powerful, but difficult process.
As insolvency experts we can keep you the RIGHT side of the law and help you avoid future risk.
Once the assets are sold the “oldco” would normally be wound up, either by a liquidator whom we can introduce. Or, if a CVA is in place, then the CVA supervisor can wind the company up, assuming the CVA contributions have been made on time. There is often no requirement to inform the supervisor of any such restructure, as speed is of the essence.
The sale could be to a “newco” formed by you, or to a third party trade buyer for example. If a restart is needed, we charge a modest fee to "oldco" to set the deal up. This process can take one to three weeks, the fee is payable before the process commences. Separate valuations will be required. We have negotiated volume discounts with a national firm of RICS surveyors and valuation experts.
As our sister company KSA Group is licensed, we are experts in advising on pre pack administrations and business assets sales. We can ensure the deal is correctly structured.
Cheswick has a database of business buyers and we can match the deal with a range of buyers if requested.
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