|
Insolvency Practitioners (IPs) have had a reputation for closing down businesses and making employees redundant. Fortunately in recent years, there has been a shift towards a culture of rescue and recovery, with IPs now being asked to advise on the best ways to preserve a business.
The problem for businesses in financial difficulty is finding someone reputable from whom they can seek independent and impartial advice. John Warburton is the Managing Director of local firm BRI Business Recovery and Insolvency and Cate-Lee Baggaley is a Senior Manager as well as a member of the principle trade body for IPs, The Association of Business Recovery Professionals (“R3”). In their opinion, businesses that are struggling share a common theme – an element of pride that prevents them from admitting the need for professional assistance.
Insolvency is a very specialised area and people need reassurance they are receiving the right advice from the right people.
BRI Business Recovery and Insolvency is an independent company of insolvency practitioners. It is committed to serving client needs by offering a comprehensive range of business recovery and insolvency advice and services for businesses and individuals in financial difficulty.
The key to insolvency advice, as John Warburton explains, is being consulted at an early stage. “Our market is principally the owner-managed business – these people invariably have their own preconceptions about the role of an IP. Most are then surprised at our approach and our ability to assist them with dealing with what for them is an unfamiliar and difficult situation. Understanding what the worst possible outcome might be and then working on ways to improve on this enables them to overcome, or at least manage, their fears. The alternatives we can put forward are much more palatable than what was first feared and decisions can be made on a more informed basis”.
BRI advises on all business recovery and insolvency related matters and administer insolvent estates, including administrations, voluntary arrangements, liquidations and bankruptcies. We also have experienced specialists to handle solvent liquidations and to provide corporate turnaround services.
We also offer:
- Creditor representation and advisory service. Advice on how you might prefer to vote on a voluntary arrangement proposal and/or whether it is beneficial for you to attend or be represented at the creditors’ meeting.
- Assisting in the defence (or pursuit) of Director disqualification proceedings.
- Acting as your expert witness for insolvency related litigation.
- Acting on your clients’ behalf when dealing with another Insolvency Specialist. For example, in relation to a business purchase.
BRI have also been involved in resolving a number of shareholders disputes. When shareholders are unable to agree on the continued management of their company they can make an application to the Court to have the company wound up. However, this can involve significant cost, and the likely outcome to the shareholders is little or no return on their investment.
At BRI we try to help all parties reach a more satisfactory conclusion. Firstly we encourage all the relevant individuals to sit down together. We then explain the possible future consequences of the dispute and the most likely outcome. Using our knowledge and negotiation skills we get the parties talking and usually find that a mutually beneficial solution can be reached.
In the past, BRI have also assisted in a number of company reconstruction issues. This involves us splitting the property and trade of a solvent business into separate companies. This may have significant advantages to a businessman who is looking to sell his business and retire in the next few years but who would like to retain the property as an investment for the future.
None of the issues above have involved an insolvency procedure and hopefully shows that offering the best advice to clients is BRI’s main priority.
Whatever the issues confronting you or your client, the chances are that we will have seen something similar before. Our highly qualified team are friendly and approachable and always have client’s best interests at heart so you will always receive the right recommendation, irrespective of the fee outcome. Initial interviews are always free of charge and without obligation.
BRI remain committed to giving clients the right advice first time and every time.
For more information or assistance on any business recovery or insolvency related matter, please contact a member of BRI’s management team on 01604 754352, or visit www.briuk.co.uk
|
