always the first option
As a corporate rescue specialist, SKSi has extensive experience in the area of business recovery, helping firms through the traumas of severe financial difficulties.
Scotland has formulated its own rules and legislation governing insolvency and SKSi with its long-standing Scottish team based in Glasgow and lead by Alistair Dickson, are renowned professionals in every aspect.
Being a solution driven practice, if at all feasible SKSi always begins by searching for positive ways forward to effect a turnaround of the beleaguered business using the following primary tools.
Business Turnaround and Rescue
Businesses facing trading difficulties may effect a recovery by commissioning an Independent Business Review upon which a business plan can then be constructed. In many cases a review from SKSi at an early stage allows relatively small pragmatic changes to be made that allow an otherwise healthy business to continue to trade and prosper.
Administration is a true corporate rescue process aimed at saving the company itself. But if a company cannot be saved, Administration may also be used to produce a better outcome for the creditors than Liquidation.
Company Voluntary Arrangement (CVA)
A CVA is a deal offered to creditors where they are asked to accept a proportion of their debt in final satisfaction. A CVA can be proposed without the company first going into Administration (known as a “stand-alone” CVA), although this is relatively unusual. Administration is often used to provide time and protection from creditor action whilst a CVA proposal is put together.
Creditors Voluntary Liquidation (CVL)
Voluntary Liquidation is the legal process used when a company’s directors themselves decide to wind-up a company’s affairs. Unlike Compulsory Liquidation, neither the Courts nor the Official Receiver are generally involved in placing a company into Voluntary Liquidation.