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As BusinessRescueExperts, we work with a number of accountants and other advisors to ensure that their clients are receiving the best advice for them.

In turn we help you as their professional advisor retain them as a client moving forward.

What closure options are there for your clients?

There are many reasons why your clients could contemplate closing their business down or it might be the conclusion you’ve reached but there are still several hurdles to be overcome before this happens.

Creditors Volutary Liquidation

A Creditors Voluntary Liquidation (CVL) is when the directors of a business, its shareholders or sometimes its creditors make the decision to close it through a liquidation because it cannot pay its debts in a timely manner.

As a formal legal process, it has to be completed by a licensed insolvency practitioner but can take as little as two weeks to complete from engagement to completion depending on the circumstances.

There are many reasons why your clients could contemplate closing their business down or it might be the conclusion you’ve reached but there are still several hurdles to be overcome before this happens.

This is why it’s best to work with experts who have overseen hundreds of CVLs through to a successful conclusion.

Find out more about how we handle Creditors Voluntary Liquidations here. 

Members Voluntary Liquidation

Not every company that closes is insolvent.

Some are very successful and profitable but for various reasons the directors or shareholders might decide that it’s time to turn the page and close the doors.

The most effective way of doing this for a solvent business is through a Members Voluntary Liquidation (MVL).

If it can reasonably clear its debts within 12 months and has £25,000 or more of assets to distribute to shareholders then if one of your clients meets this criteria then they could be a prime candidate for an MVL process.

It’s a formal legal process so requires a licensed insolvency practitioner to oversee it but the usual advantages apply for your clients in terms of control, speed and certainty.

We’ve also saved the best news until last – closing via an MVL is also the most tax efficient method.

Shareholders can treat final distributions as capital distribution not profits. They would also be able to apply Business Asset Disposal Relief (BADR) to their Capital Gains Tax liability but you know more about that side of things than us.

Either way, it’s a great arrangement for them, you and us.

Find out more about how we look after Members Voluntary Liquidations here.

What recovery options are there for your clients?

Increasing debt levels, poor cash flow, management and worsening economic conditions do not automatically mean that insolvency and liquidation are inevitable.

In many cases and if advice is sought early enough in the process, then restructuring and recovery procedures can be deployed which mean the business has a fighting chance to survive and eventually thrive again.

Company Voluntary Arrangement (CVA)

If your clients main hurdle to profit is making their monthly debt repayments in full and on time then it might make more sense to tackle these debts holistically.

A CVA is the tool insolvency practitioners use to do this.

It’s a formal agreement reached between a company and its creditors where a negotiated proportion of the total combined debt is written off and in return the business promises to repay the remaining debt in regular, affordable monthly repayments.

This will give them more immediate cash in the short and medium term, allow the creditors to receive most of their money back and at the end of the CVA period, the company can emerge debt free.

Not every CVA is successful but it can be a tremendous tool for your clients to get out from under a seemingly impervious debt burden.

You can find out more about how we arrange CVAs here.


If a CVA fails or if the problems at a client require a more complicated and serious response than writing off a proportion of debt then a full administration process could be the answer for them.

In insolvency terms, administration involves an external manager or administrator being appointed to take temporary control of the business from current management and see if they can reduce expenses and turn the business around from loss making into profit.

Another administration strategy could be for the administrator to oversee a “pre-pack” sale of the business to new owners or management who could then implement their own ideas and strategies to make it work successfully.

There are several immediate advantages to an administration including the suspension of all legal proceedings against a business.

An administrator can be appointed by current directors and shareholders (although under certain circumstances they can be appointed by floating charge holders and other creditors too).

Their job is always to protect the interests of creditors however and if a business can’t be saved or has a reasonable chance of returning to profitability then they would seek to close it and obtain the best return for creditors through the disposal of company assets.

Find out more about our administration expertise here. 

Frequently Asked Questions for Accountants
Do BusinessRescueExpert provide accountancy services?

No. We are purely an insolvency practice. Our aim is to help your clients solely with their insolvency requirements, and thereby help you to retain your clients.

Can I be paid for introducing clients?

The insolvency code of ethics is very clear that no payment may be made for introducing clients to an Insolvency Practitioner.

This does not however prevent payments being made for work done. This is particularly the case where you already have an insight into the company and can facilitate these areas more efficiently and at a lower cost than we could arrange internally.

What services could I be paid to undertake?

Work we will often ask accountants to assist with  includes:

  • Preparing tax calculations for the Statement of Affairs / Declaration of Solvency.
  • Preparing and submitting tax returns to finalise HMRC’s claim in the procedure.
  • Claiming tax refunds for the benefit of case creditors.
  • Finalising PAYE schemes and pension schemes.
  • Whilst we are also experts in Scottish insolvency law, we do not have a Scottish office so we will often ask our Scottish accountants to act as registered office for our cases there and to forward any mail received about the company.

This is not the limit of services we will contract out and we will always consider the benefit to the estate in arranging this.

What insolvency services do BusinessRescueExpert provide?

All formal and informal corporate and business related insolvency services, such as

  • Liquidations
  • Administration
  • MVLs (solvent liquidations)
  • CVAs
  • Informal Arrangements
  • HMRC Time to Pay
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