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Providing A Fair Outcome to All

Andrew Nichols, a licensed insolvency practitioner and one of the partners of the firm, having started the practice some 21 years ago, back in 1996, talks of how Redman Nichols Butler focuses purely on insolvency and turn-around work; and we work closely with accountants, lawyers and other professionals, providing its services to the SME Marketplace.

We have over the years acquired a reputation for providing our services to financially distressed businesses, that is fair to ALL financial stake holders in the business. Not favouring one or the other, and perhaps it is this aspect of the way that we do business that marks us as being different to some of our competitors.

We recognise that working with other professionals on assignments, utilising their specific skill and expertise, is very often key to getting the best results in a difficult situation. The established accountants and all those in the business, can invariably add value to an assignment. In our view, what a firm of insolvency practitioners should always try to do, is try and give finical stake holders FAIR value for money and we strive to do exactly that on any assignment we get involved in.

Members Voluntary Liquidations

Mark Reid Neumegen discusses some key points about members voluntary liquidations.

  • They are used for closing a solvent company, say for retirement purposes.
  • Insolvency practitioners act as liquidators and work with the company’s accountant, to ensure that an creditors are paid and that all tax affairs are up to date to allow HM Revenue Customs to provide the tax clearance.
  • It’s important to remember that distributions to share holders in the liquidation are capital distributions and as such, specific tax advice should be attained.
  • If entrepreneurs relief is to be claimed, then there is a restriction on trading a similar business within 2 years of liquidation.

Building in Grimsby for Sale

We’ve just been appointed jointed administrators for a company based in Grimsby. One of the assets we’re trying to sell are free whole commercial offices. The offices are located just near the town centre with great access to the A50 and A180, the asking price is £3095.00 and if you’re interested please contact us today.

Director Disqualifications the Facts and the Figures

John talks though the latest directory disqualification stats which have just been released for last year.

Last year there were about 1100 directors who were disqualified.
The average length of disqualification was just under 6 years, with 1 in 10 directors receiving a disqualification of 10 years or more.

Common reasons for disqualification include businesses employing illegal workers, and business selling worthless commodities such as rare earth metals or carbon credits.

What’s in a name – Directors Beware!

Today John talks about company names and insolvency practice. Where a company goes into liquidation, the directors of the old company cannot set up a new company using a name similar to the old company.

E.G. if John Smith Limited goes into liquidation the new directors cannot set up a new company called John Smith London Limited because the names are too similar.

This is a criminal offence, and in the event of the new company enters into an insolvency process the directors of that company will be personally liable for the debts of that company.

Top tips for directors in financial difficulties

In this video, John goes through our 5 top tips businesses in financial difficulties:

  1. Don’t put any more personal money into the business until you have taken professional advise.
  2. Don’t incur any further credit if there is a risk that you will be unable to pay for it.
  3. Preserve and protect the assets of the company.
  4. You cannot pick and choose which creditors to pay and which not to pay, you have to treat all creditors on an equal footing.
  5. (This one is the most important of all!) You need to take professional advise as soon as possible.

Welcome to Redman Nichols Butler TV

In this video (the first our series) John, one of our partners, goes through the basics of who we are. He explains that at Redman Nichols Butler we are a firm of licensed insolvency practitioners. This means we provide the full range of insolvency, turnaround and restructuring advise to both businesses and individuals.

We are based Driffield, Scunthorpe and York, but we deal with clients across the country. Our initial meetings always free and without obligation.

If we can help get in touch today.