Specialist legal advice for Business Recovery
- A multi-site company with an annual turnover of £30 million discovered it had a big hole in its balance sheet. Standstill agreements were negotiated with creditors and new management was brought in. The business was sold saving creditors from serious losses and preserving some value for shareholders. No formal insolvency procedures were involved so no adverse publicity damaged the business.
- A company with £1 million annual turnover found itself saddled with excess premises and staff. An administration order was obtained within 72 hours providing the company with statutory protection from creditors whilst it contracted its operations back to a single site and disposed of unwanted leases and redundant staff. The company continues to trade under existing management; creditors are projected to be repaid in full and 50% of jobs have been saved.
- The directors of a company obtained the protection of an administration order but subsequent investigation disclosed there had been improper dealings. Injunctions were obtained with extra-territorial effect and as a result substantial assets were recovered from overseas substantially boosting the return to creditors.
- The managing director of a company which went into receivership was subject to proceedings brought by the DTI to disqualify him from acting as a director. He was blamed for failing to know that figures produced by the finance department did not show the true picture. The proceedings were successfully defended by showing that he had done all that could reasonably be expected of him to respond to the warning signs. Defence costs were paid by the Treasury.
NJ GOODMAN & Co Solicitors -
Regulated by the Solicitors Regulation Authority
SRA No 538189
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