UHY Hacker Young | Chartered Accountants

Turnaround and recovery services in Cambridge

In the current economic climate, businesses nationwide and locally are finding trading conditions difficult. At UHY Hacker Young we help small and medium sized companies with the turnaround and recovery of their business and, if necessary, insolvency.

Taking an objective stance on a business that is in financial difficulty is not easy, particularly if you are the business owner. In these situations, emotions tend to cloud judgement regarding the best course of action. Calling on a professional advisor at an early stage is normally the best plan of action, giving you the opportunity to draw on their knowledge and objectivity. If your business is in difficulty, the team at UHY Hacker Young can help. Our turnaround and recovery experts provide an objective, sound commercial viewpoint to establish the best way ahead for any business going through tough times.

We start by carrying out an independent review of the business to determine a clear understanding of the current situation and then make recommendations for the best way forward. This type of work is often carried out at the request of the business owner or on behalf of lenders or other accountants. The outcome of our research and recommendation process may be that the business can be turned around, or it may be that the business has reached the end of the road. Irrespective of which conclusion is reached, at UHY Hacker Young, we have the expertise to help.

While our over-riding goal is always to restore a business to profitability, there are situations where this is impossible. In the cases where it is decided that the future of the business is not viable and that a wind-up is the only way forward, our liquidators will take up the reins.

We offer the following business recovery and insolvency options

Recovery and restructuring

Not every company in difficulty needs to enter a formal insolvency process. We can help avoid this by drawing on our expertise in private equity funding; management buy-outs, or the development of an improved business or financial model. We can also provide business valuations if required.

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Formal corporate insolvency

If formal insolvency is the best course of action for a business, we will guide the business owner through the various options available, including Administration, Liquidation and Company Voluntary Arrangements (CVAs) as well as helping identify the most suitable option for each unique case. Where a formal insolvency procedure is required, we work alongside specialist lawyers and valuation agents to provide a solution that ensures business assets are maximised.

Liquidation (solvent and insolvent)

Liquidation is the end of the road for a business and normally signifies the cessation of trading. During the liquidation process the insolvency practitioner (referred to as the Liquidator) looks to maximise realisation of the company’s assets for the benefit of creditors.

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Administration is an opportunity for a failing business to be reorganised or sold, providing protection from creditors while a restructuring process takes place. There are 3 administration options:

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There are two types of receivership: Administrative and Fixed Charge. Both Administrative Receivership and Fixed Charge Receivership are options where a secured creditor holds a charge over the assets of the company.

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Company Voluntary Arrangements

A Company Voluntary Arrangement (CVA) is a formal arrangement with creditors.  This option enables the company to continue trading whilst repaying its historic debts at an agreed rate and over an agreed period of time.

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Formal Personal Solutions

With more and more people in the UK facing extreme financial difficulty, an increasing number of people are turning to personal bankruptcy as a way of freeing themselves of their debts.  However, personal bankruptcy is often not as simple as it seems, which is why we offer a highly personalised and professional insolvency service.

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The next step

If you or your business is facing financial difficulty, contact us now so we can help you determine the best course of action.