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Our client, who runs a long established family business in the fabrications industry, was successfully supported with specialist insolvency advice from Middlebrooks.
Our client’s business was no longer financially viable in its current set up, however with a situation like this, it was an extremely difficult decision for him to proceed with an insolvency appointment.
The director had also loaned a great deal of his own money to the business and was in fact the largest creditor too.
Our team members at Middlebrooks guided our client on every step of the way. Once appointed we were able to quickly deal with the various employee claims and ensure prompt payment for them from the Redundancy Payments Office. We assisted with the redundancy of the employees, many of whom had a long history with the Company.
We were able to facilitate a sale of the various items of his plant and machinery and the companies owned trading property resulting in asset realizations of over £500,000.As a result the projected return to creditors was over 90 pence in the £.
We were able to achieve the result only because the director sought urgent advice when he realized that the financial position of the company was precarious. It is thus critical to be aware of the early warning signs of financial distress and seek specialist advice as soon as possible.
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Claire Middlebrook, Scott Bastick and Katie McLachlan are authorised to act as insolvency practitioners in the UK by the Institute of Chartered Accountants of Scotland
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