Business Rescue & Restructure

Few businesses succeed without also surviving challenges along the way. Ironically, it’s often at times of recovery or growth that poor cash flow can cause problems resulting in a business rescue or restructure. There is a way forward, we’re here to help.

Our Business Rescue & Restructure Department is headed by our Managing Partner, Ian Brown, who ran his own business before qualifying as a solicitor. This is why you can count on us for no-nonsense advice and practical solutions when your business runs into difficulties.

We act for the owner of the business, not the business itself, and make sure that the owner’s aims are achievable.  We will work with you to devise the best solution for your particular situation and we won’t give up until your problems have all been resolved.

We are located right in the centre of Sheffield’s industrial heartland which means we’re ideally placed - professionally and geographically - to deliver sensible solutions when and where you need them.

We have had years of experience, there’s no challenge that we won’t have seen before. In fact, we can help with all of the following and more:

Sole Trader, Partnerships & Company Restructure

We want to help business owners avoid formal insolvency as much as possible. We have a great history in helping to rescue businesses. In fact business rescue was the very foundation that Wosskow Brown was built on over 30 years ago.

Our founding partners joined forces after identifying that traditionally, solicitors didn’t provide quality business advice for businesses in difficulty.

Having run businesses outside the legal sector before qualifying as solicitors, the founders of Wosskow Brown recognised the benefit of offering sound business restructuring advice as an alternative to insolvency. A mantra that very much lives on in the work ethic of Wosskow Brown to this day.

There are many options available to directors and business owners to help with business recovery. There are many ways that businesses can help themselves navigate through temporary cash flow problems. Wosskow Brown can help you with this. Our most important advice remains the same… don’t wait. Don’t wait until it is too late.

Time to Pay Arrangements

If your company has or expects a debt with HMRC, even if the debt is not overdue yet, you should think about applying for a Time to Pay arrangement. Unexpected expenditure or bad debt can quickly have an impact of business cash flow. As the most common business creditor, debts to HMRC can rapidly become out of control.

Individual & Company Voluntary Arrangements (IVA & CVA)

If you believe that your company has a viable future, we will work with you to find a way to keep it alive. A company voluntary arrangement is intended to provide an alternative business rescue procedure for companies that would otherwise be looking at compulsory or voluntary liquidation.

Scheme of Arrangements

A scheme of arrangements provides an ability to create a compromise or arrangement between a business and its creditors or shareholders. This can allow the transfer of assets or liabilities from one company to another, particularly useful for business restructuring.

Administration & Receiverships

Administration is a process where an insolvent company is protected from its creditors while an insolvency practitioner is appointed to take control of the company in order to look into its financial situation. Administration provides useful protection from creditors aggressively pursuing a debt, or where they are threatening, or have issued a winding-up petition.

County Court Judgement (CCJ) Help & Advice

County Court Judgements (CCJs) are filed in an attempt to recover an unpaid debt. They can be filed against either individuals or companies. If you fail to pay the amount in the allotted timeframe, your credit rating will be damaged and the creditor will resort to further debt collection methods such as a statutory demand, bailiff action or a issuing a winding-up petition.

Voluntary Liquidation

Voluntary liquidation, also known as winding-up, is initiated by the directors or owners of a company when they have decided that a company does not have a viable future. There could be many reasons to liquidate or wind-up a company. The process could be used to sell off assets to clear debts, for business strategy, reorganisation or transferring assets or even following the exit of a key member of the organisation.

Winding-up Petition & Compulsory Liquidation

If a creditor is owed more than £750, it can, as a last resort, petition the courts to force an insolvent company into compulsory liquidation. This is done by way of a winding-up petition. If a company receives a winding-up petition, their bank accounts will be frozen as soon as the bank becomes aware and additional creditors will be able to attach to the original petition.

Personal Guarantees

A personal guarantee is an individual’s legal responsibility for a credit or loan provided to a business. If a business has an unproven or bad credit history, a personal guarantee levies an extra layer of protection to the creditor.  Should a business be unable to pay their debt, the guarantor becomes liable. If you are asked to sign a personal guarantee, you should always seek legal advice. In the event of a business becoming insolvent, personal guarantees do not go away. Your only option is to renegotiate the contract.

Directors’ Disqualification

A company director can be disqualified from being a director for a number of reasons. You can be disqualified from being a director if you do not meet your legal responsibilities or if you are reported for ‘unfit conduct’.

Unfit conduct includes:

  • Allowing a company to trade when it cannot pay its debts
  • Not keeping proper accounting records
  • Not sending accounts and returns to companies house
  • Not paying tax owed by the company
  • Using company money or assets for personal benefit

If your company is involved in insolvency proceedings, or there has been a complaint, the Insolvency Service may investigate your company. As well as the Insolvency Service, Companies House, the Competition and Markets Authority, the courts and a company insolvency practitioner may take you to court to disqualify you if they believe you have not followed your legal responsibility as a director. You can defend the case in court if you disagree with the claims.

If you are disqualified, you’ll be disqualified for up to 15 years. In this time, you can’t be a director of any UK registered company, or a company registered overseas with connections to the UK. Nor will you be allowed to be involved in the forming, marketing or running a company.

Business Rescue Solicitors

Wosskow Brown Solicitors are here to help rescue your business. Call us today for a no obligation chat. We have a fantastic history of helping businesses and business owners, it’s the very foundation that Wosskow Brown was founded on over 30 years ago.

Impressed with Service

We were particularly impressed with your service and efficiency in dealing with our requests.

Atlas Technical Services

Wosskow Brown Solicitors
2019-02-01T11:54:42+00:00

Atlas Technical Services

We were particularly impressed with your service and efficiency in dealing with our requests.
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Wosskow Brown Solicitors

Meet the team

Jamie Brown - Commercial Employment - Solicitor - Sheffield
Jamie Brown
Partner
Jim Lawson - HR Consultant - Sheffield
Jim Lawson
Foundation Programme Director
Steve O'Gram
Steve O’Gram
Paralegal