As insolvency practitioners we provide sound advice to company directors in difficulty. We help you navigate the complex world of administration, liquidation, company restructuring and advice.
A CVA is a powerful framework that is a good option if your company is struggling to pay its creditors and you are prepared to fight for your business’s survival. It gives you time to change and protect your distressed, yet viable company.
The arrangement can only be proposed if a company is insolvent or contingently insolvent.
Appointing Middlebrooks as your Glasgow insolvency practitioner means you will receive expert advice and we will deal with your creditors. We will guide you every step of the way.
If your company has serious cashflow problems, is insolvent and you’re getting pressure or facing serious threats from creditors, entering administration might be the best solution for you. It gives you time to consider alternatives and put a plan in place to rescue your business.
Rescuing your company so it can continue to trade if possible is the first objective of your administrator. However, if we can’t find a way to rescue your company, as your insolvency practitioners Glasgow, we will look to achieve a better result than if your company were to go into liquidation.
At Middlebrooks, we offer a range of professional advisory options.
Whether it’s a major international corporation or an owner-managed business, our services can help your business. We offer advice on raising finance, restructuring or turning your company around.
We can support you with corporate and commercial finance, restructuring and consulting.
Liquidation is a formal process to close your limited company. When the process starts, your business assets are sold to repay creditors and the business closes down and ceases to exist as a legal entity and any outstanding debts will be written off (unless the director has personally guaranteed these borrowings).
If you appoint Middlebrooks, we will act as your Glasgow insolvency practitioner and take control of the company and ensure its affairs are wound up in an orderly manner.
Pre-Pack Administration is a formal insolvency procedure where your company has arranged to sell some or all of its assets before going into Administration, often to its current directors who often form a new company, or ‘newco’ to trade from.
As your insolvency practitioners Glasgow, we can discuss your situation in confidence so we can find the best solution together. You can arrange an initial consultation with one of our qualified licensed insolvency practitioners.
As insolvency practitioners Glasgow, we can set up Trust Deeds, Individual Voluntary Arrangements or file for sequestration.
A Trust Deed is a voluntary, but legally binding agreement, between you and your creditors (the people you owe money to) where you agree to pay your debts (if you have over £5,000 in unsecured debts) at an affordable rate, whilst protecting your home and car.
Trust Deeds can only be arranged and administered by a licensed insolvency practitioner (IP) where they take on the role of ‘Trustee’.
So, if you instruct us as your Glasgow insolvency practitioner, it is our job to set up the Trust Deed and deal with your creditors on your behalf. This means you can carry on with your life without worrying about debt – because your creditors are not legally allowed to contact you directly for further payments.
Sequestration, essentially the Scottish version of bankruptcy, is a form of insolvency which helps alleviate the worst of your financial worries.
If you are unable to meet your unsecured debt obligations in any way (worth more than £1,500), the final resort is sequestration which allows your debts to be written off after a fixed period of making monthly payments towards what you owe.
You will need a licensed Insolvency Practitioner (IP), also known as a Trustee, to take control of your assets and liaise with your creditors on your behalf. This is what we do at Middlebrooks.
If you are struggling to pay off your debts, an IVA allows you to set up a formal and legally binding agreement with your creditors so you can pay back your debts over a period of time.
An IVA is approved by the court and your creditors are legally obliged to cease all legal actions, freeze all interest and stop adding any late payment charges.
Anyone who lives in England, Wales or Northern Ireland (or has done so within the last 6 months) can apply for an Individual Voluntary Arrangement. If you live in Scotland, there is a different arrangement called a Protected Trust Deed.
An IVA must be set up by an insolvency practitioner. As your insolvency practitioners Glasgow, we will deal with your creditors throughout the entire process. We will work out a repayment plan for you.
We understand that dealing with financial difficulties and talking to creditors can be daunting. That is why we are here, fighting your corner and acting on your behalf, whether you are an individual or a business owner.
As your insolvency practitioner, you can trust us to be honest, caring and understanding. We will put our arm around you and guide you through the entire process.
Contact our Glasgow team today and we can get started.