Trustee in Bankruptcy and Nominee/Supervisor Service
Mann and Associates has supported numerous managers and recievers of distressed businesses. Recievers take control of a specific asset or entire business that is subject to security and take steps to realize the best possible value.
Members Voluntary Liquidation
Where a dormant company has completed its purpose and is solvent, a Members Voluntary Liquidation is a process used to wind up the company. Mann and Associate can act as a liquidator, providing financial and tax advice for the maximum return to the shareholders.
Creditors Voluntary Liquidation
A Creditors’ Voluntary Liquidation is the liquidation of a company that cannot pay its debts as they fall due. The process is initiated by the directors of a company where the company’s liabilities exceed its assets and is insolvent. Mann and Associates may be appointed as creditors’ voluntary liquidator when an insolvent company’s directors and shareholders resolve to liquidate the company, or when creditors vote for liquidation following a voluntary administration or terminated deed of company arrangement.
Our insolvency team offer a range of liquidation services on behalf of directors, shareholders or creditors:
- Advising directors and shareholders on the proper procedures to be adopted in discharging their statutory responsibilities
- Advice and assistance to creditors including representation at creditor meetings and provide timely reports on the progress of the liquidation
- Prepare a Statement of Affairs – a detailed inventory and professional appraisal of all assets, including buildings and other real estate holdings
- The calling and conduct of the various meetings involved in the liquidation process
- Deal with all company aspects relating to the banks, the regulatory authorities, quantification and prioritisation of creditors, employee claims, etc.
- Disburse payments to creditors as funds become available
- File a statutory report to the relevant authorities
A court liquidation is a formal winding up of a company which involves the liquidator being appointed by the courts. The petition to wind up a company through the courts can be taken by a creditor of the company in response to the non-payment of a debt. Alternatively the petition can be made by the company itself, with a view to preserving the assets of the company or saving the underlying business and jobs. Mann and Associates is regularly appointed by courts that determine a business is insolvent and that liquidation is the best means to repay claimants.