Once a business has been placed into an insolvency procedure the appointed IP's primary duty is to the company and its creditors. As a result directors do not receive the support they require to understand the process and their continuing role.

Our service

We offer a number of services to directors whose businesses are in a formal insolvency procedure:

• Assistance in preparing the Statement of Affairs - directors of companies in Administration or Administrative Receivership will be asked to prepare a Statement of affairs and/or a statement of Concurrence. We will assist in its preparation through a review of the documentation, assistance in documenting assumptions, calculations of claims (e.g. employee claims) and presentation of the information. The cost of us preparing the Statement of Affairs is normally met by the Insolvency Practitioner through the assets of the insolvent company and therefore has no direct cost to the directors;
• Support and assistance in financing and structuring the acquisition of the business from the Insolvency Practitioner;
• Review of the directors questionnaire - every director is likely to receive a questionnaire for completion. One of our IPs will review your questionnaire and highlight matters or further questions that may be raised as a result of the particular answers;
• Support helpline - we can provide coaching and assistance throughout the process and answer any questions you may have and cannot ask the incumbent IP; and
• Post CVA assistance - this is a specific product whereby we support a business through a Company Voluntary Arrangement.

Our fees

The cost of preparing the Statement of Affairs is met out of the funds in the estate and as such has no direct cost implication to the director concerned. Our service is competitively priced but provides a value added service to ensure that if queries are raised at a later stage the rationale has been properly documented.

The fees for our other services are competitive and are agreed in advance.

More information

If you require further information please contact us using the form below or call us on 0870 495 7854.