Get in Contact

021 4500568

Follow us on TwitterFind us on LinkedIn

Insolvency & Corporate Recovery

Enquire About This Service

Discuss This Service

Contact Michael Magee
021 4500568

Due to the current economic climate, businesses and individuals are today experiencing enormous difficulties and financial pressures. As well as commercial debt, many individuals are also personally financially challenged due to guarantees, investments and activities undertaken when the economic environment was more favourable. Given the contraction in wealth and spending, the increase in inflation combined with the banking crisis, businesses and individuals now require excellent professional advice to find a way through this difficult period towards a sustainable future.

At Westboro Partners, we are acutely aware of the difficulties facing businesses and individuals, and our approach is always to provide solid business advice in a confidential and professional manner to our clients. We are specialised in working with clients to find innovative and optimal resolutions, through in-depth analysis of the financial situation, identification of problem areas, and subsequent strategic planning for the future of the business, whether it involves corporate restructuring, refinancing or possibly liquidation.

Seeking professional advice at an early stage is critical. There are a number of strategies and options available for your business, and at Westboro Partners, we provide practical support and sound financial advice to our clients to guide them through this difficult time. We offer extensive experience in all areas of insolvency, from restructuring and corporate recovery to liquidation, examinership and receivership.

Corporate Recovery

Corporate Recovery is often termed "corporate turnaround" or "corporate rescue". Our expert insolvency practitioners and forensic accountants work as a team to review financial strengths and weaknesses of the business, and clearly identify problems and issues within the company. Following this in-depth review and investigation, our professional team will then be able to accurately advise on the viability of the company, and the optimal rescue and recovery process.

We advise and assist on the turnaround plan to ensure the company's recovery, and are particularly experienced in the following:

  • Cash Flow Management
  • Strategic Cost Cutting Plans
  • Entering into informal or formal schemes of arrangement
  • Rearranging finance and credit facilities
  • Advice on personal guarantees
  • Advice on Reckless trading
  • Placing the company under Examinership
  • Liquidation

Liquidation

Unfortunately the current climate has led to a sharp increase in the number of liquidations. Liquidation involves the winding down of a company, when it has become insolvent and all other options have been investigated.

Liquidations can be compulsory, in the case of a court liquidation. In other situations, a voluntary liquidation can be pursued by shareholders or creditors. In Ireland there are three liquidation options:

  • Creditors Voluntary Liquidation
  • Court Liquidation
  • Members Voluntary Liquidation

Receivership

When loans are in arrears, or for some reason the security on the loan becomes impaired, a receiver may be appointed over the charged asset to maximise the recovery of monies from the secured assets, the company or individual.

We would advise our clients to explore every option available to both the company and the lender prior to the appointment of a receiver. In the case where a receiver is appointed to a client, our extensive know-how in this area will ensure the smooth interaction between the appointed receiver and our client. We have also acted on behalf of the receiver and lender.

Examinership

In Irish law, once an Examiner is appointed to a company, the company is under the protection of the High Court, while the Examiner devises a Scheme of Arrangement with the company's creditors.

Examinership can be an opportunity for companies to restructure, and formulate a financial strategy for the survival of the company.

Our team of qualified and experienced accountants are proficient in the legal and financial requirements to implement a scheme of arrangement, and to guide you through the Court process . Our practical advice and financial competence will ensure that your company if suited to the process avails of the opportunity that examinership presents.

Schemes of Arrangement

The team at Westboro Partners understand the difficulties that investors and business owners are currently facing. In a practical and professional way, our accountants and business advisors will help to evaluate the financial position and the legal obligations and develop an accurate statement of affairs and where necessary, a schedule of payments to banks and creditors.

In recent years, we have actively engaged with banks on behalf of our clients in relation to loan repayments and restructuring loans. We can prepare an informal scheme of arrangement to help you to restructure and/or reduce the amount payable over an agreed period of time. Our team are also proficient in putting a formal scheme of arrangement in place to discharge your liabilities.

Personal Bankruptcy

When personal finances become insolvent, bankruptcy is the legal process whereby the property or assets of an individual who is unable – or unwilling – to pay their debts, are transferred to a trustee to be sold. The proceeds of the sale are then distributed between the person's creditors.

In Ireland, bankruptcy can be instigated by a creditor, or an individual may declare themselves bankrupt. Usually the purpose of bankruptcy is to create a level playing field for creditors of the individual in debt, and also to enable the debtor to draw a line in the sand and make a fresh start eventually.

We will work with individual(s) in the process of personal insolvency or bankruptcy, when all other options, including a scheme of arrangement, have been exhausted.

For more information on insolvency, corporate restructuring and recovery, please contact Michael Mageemmagee@westboro.ie