FAQs
Kirks – Insolvency FAQs
Whether it is liquidation, administration or winding up petitions, insolvency can take many forms for businesses. As licensed insolvency practitioners we have helped over 1,000 business steer a route through their financial problems and are well placed to help you whatever your situation.
Understanding what insolvency means for your business can be daunting and we appreciate that you will have a lot of questions and concerns. That is where our Frequently Asked Questions (FAQs) page can help. Click on the links below to find out more.
david@kirks.co.uk
Phone
0808 1961496
Offices
Across the South West, London & Wales
Company Administration
Administration is a fast legal process that stops creditors taking legal action against a company or partnership. It gives the business time to explore more options whilst it is protected.
Company Liquidation
Liquidation is the process of closing a business and selling the assets of the company to pay back its debts (called creditors). Company liquidation can take a varying amount of time to achieve.
General Queries
Understanding what insolvency means for your business can be daunting. Our FAQs section provides a range of answers to help you come to a decision. If you can not find an answer please email us.
Insolvency
Insolvency comes in many forms including: Liquidation, Administration, Bankruptcy and Voluntary Arrangements. This section covers a range of questions.
Members Voluntary Liquidation
Members Voluntary Liquidation (MVL) is a voluntary procedure where a company with net assets over £25,000 is put into liquidation. We usually charge fixed fees for this work.
Partnerships
Partnerships may have limited liability if they were formed as a Limited Liability Partnership. If not then an unregistered partnership will result in the partners being personally liable for the debts.
Personal Bankruptcy
Bankruptcy occurs when a business or individual cannot repay the debts owed to creditors. You can make yourself or your business bankrupt or be forced into it by one of your creditors.
Pre-pack Administration
A Pre-Pack Administration is where the buyer of the business has been agreed before the date of the Administration order. This process is controversial and is covered by special reporting rules.
Voluntary arrangements
Voluntary arrangements are viable options if the business still has a future. They can fall into two categories: Company Voluntary Arrangements and Individual Voluntary Arrangements.
What are the new rules governing connected sales in pre-pack Administrations?
david@kirks.co.uk
Phone
0808 1961496
Offices
Across the South West, London & Wales
