Creditors, financiers and directors with exposure to entities facing financial distress can access to a range of insolvency services. Wexted Advisors provide the full range of insolvency services, drawing on our experience across a range of industries.
When a company is unable to pay its debts when they are due and payable, lenders with security over company assets may wish to appoint a receiver. The appointment of a receiver permits a secured creditor to take possession of and deal with a company’s assets, to facilitate the repayment of amounts owing.
An insolvent company’s directors or secured creditor will need to appoint an external party to take control of and manage the company. The Administrator is responsible for investigating the company’s affairs, reporting to creditors, and deciding the next step for the company, be it ending the appointment, entering into a Deed of Company Arrangement or liquidation.
A DOCA is a legally-binding agreement between a company and its creditors, following a Voluntary Administration, that sets out how a firm must conduct its activities going forward.
Liquidation involves the winding up of the company’s affairs and an investigation into the failure of the company. The aim of a liquidation will be to realise the company’s assets to repay secured creditors. Anything above and beyond amounts owing to secured creditors will be distributed to unsecured creditors. A liquidation will conclude with the company being deregistered.
We are also experienced in special purpose liquidation and court-appointed receivership work.
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