In the current climate many businesses are facing a struggle to stay in control of their finances and remain profitable. Ignoring any debt problem will not make it go away and if you are a Director of a limited company then you have a legal responsibility to seek professional advice if you believe your company may not be able to avoid insolvency.
The fact that you are reading our website means that you are on the right path to sorting things out. At Bridgewood we have a team of experienced professionals, including licensed Insolvency Practitioners, who will help you to identify the cause of your business's problems and formulate a plan to resolve them.
Whether you are struggling with business or personal debts, we have a comprehensive range of solutions available which will be tailored to your business's specific circumstances.
Why choose Bridgewood to resolve your business debt worries?
A large number of companies claim to be business turnaround and recovery specialists, however the level of service offered, and fees charged, vary widely.
The Bridgewood team have many years experience in financial matters and have developed excellent working relationships with creditors. Our comprehensive range of solutions ensures that we are able to offer the best advice for your business's needs.
What is more, we guarantee never to recommend any solution unless we feel it is completely right for your business, irrespective of the potential fees we would earn from it.
Where a formal insolvency procedure is unavoidable we can often provide our services for as little as £2,500.
Business Debt Advice Durham - We're Here to Help
Company Voluntary Arrangement (CVA) Durham
A CVA may be a suitable solution if you believe your company has a viable future but it is struggling with current cash flow problems and mounting debts.
- Allows the company to continue trading, with the existing Directors remaining in control
- Writes off the debt the company cannot afford to pay
- Stops legal action such as CCJs and winding up procedures
- Eases cash flow pressures
- Clears the company's unsecured debts ‐ usually within 5 years
Creditors' Voluntary Liquidation (CVL) Durham
If your company is insolvent and is unable to trade out of its current cash flow problems then a CVL may be the only appropriate course of action.
The Company Director Disqualification Act 1986 deals harshly with company directors who ignore the early warning signs of insolvency, so it is important to seek advice early in order to ensure you abide by the rules set out.
- Ensures all of the Directors' legal obligations are met
- Brings a formal end to the business, which can then cease trading
- Fees from as little as £2,500
Administration Orders Durham
The administration procedure is an alternative to receivership or liquidation with its primary purpose being the survival of the company or of part of its operation as a going concern
- Helps to avoid receivership or liquidation
- Provides legal protection from your creditors whilst a restructuring plan is put together
- The business can continue to trade while a plan is put together
- Primary purpose is the survival of the company or of part of its operation as a going concern
- Generally exited in order to enter a CVA