Services

Insolvency Services

Creditors, financiers and directors with exposure to entities facing financial distress require access to a range of insolvency services. Wexted Advisors provide the full range of insolvency services, with experience in a range of industries.

 Key Area 1: Receiverships (Private or Court Appointed)

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.

Key Area 2: Voluntary Administrations

An Insolvent company’s directors or secured creditor will appoint an external party to take control and administer the company. The Administrator is responsible for investigating the company’s affairs and deciding the next step for the company, be it entering into a Deed of Company Arrangement or Liquidation.

Key Area 3: Deeds of Company Arrangements (DOCA)

A DOCA is a legally binding agreement between a company and its creditors that sets out how a firm must conduct its activities. The aim of a DOCA will be to maximize the chances of the company continuing and avoiding liquidation.

Key Area 4: Liquidations (Private or Court Appointed)

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.

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