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Personal guarantees

Liquidation – Some Practical Tips

This is not a guide to liquidation, but a look at some of the important issues that arise during the process that you might need to consider… There are a few guides available that will explain the different types of liquidation along with the liquidation process – indeed on our Business Shut Down page, I explain the liquidation process and options at some length.  The purpose of this blog is not to repeat that information, but to give some practical advice and tips for you to consider alongside the insolvent company liquidation process (also known as Creditors Voluntary Liquidation and CVL). Having decided that the company cannot continue in its current form, your next most important decision is whether the business should just shut down and disappear completely, or whether you should start again? The legal […]

Personal Guarantees

There are several firms that have cropped up within the last few years offering to negotiate or write off your bank or trade personal guarantees. Their fees vary greatly, as in our experience, does their success rate. Many of our clients have given personal guarantees, either to banks, finance companies, trade accounts, or to support asset purchases.  These personal guarantees ‘crystallise’, or in other words they become payable when they default on their agreements, or enter a formal insolvency, so its important for our clients to know that when we are assisting them, we are looking at all of their debt, including guarantees. So how do we go about this? How does it work? First of all, you need a ‘catch all’ plan to deal with the problems within your business – that’s where we can fit in. Robson Scott assesses the current state of your business, and works out with you, […]

Management of bad debts

It’s a fact of business life that your business will suffer bad debt. It’s also a fact that most of the paperwork you receive informing you of the bad debt and the subsequent insolvency proceedings can be somewhat difficult to understand. Also, if you’ve received the insolvency paperwork, you’re not getting paid, right? Not necessarily…. The North East Business Support Scheme (NEBSS) has been set up by Robson Scott Group to provide a service to North East businesses to manage and maximise their returns from insolvent customers. We will review the paperwork, and give you a clear, concise outline of the process (whether that be Pre-pack Administration, Liquidation, Company Voluntary Arrangement “CVA”, or an “IVA”). We will then contact the insolvency practice dealing with the case, and come back to you with a realistic appraisal as to whether you will get your money back, if so, how much and when. We will […]