Greenfield Recovery Review

Are you looking for services relating to business recovery, business rescue, or experts that provide advice about closing a company?

Greenfield Recovery is a licensed insolvency practice in the United Kingdom that specialises in corporate restructuring and insolvency solutions. Their practitioners are regulated and licensed to provide corporate restructuring and insolvency services following the Insolvency Code of Ethics.

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Read on to learn how to get free advice in this Greenfield Recovery review.

Greenfield Recovery Overview

Greenfield Recovery takes pride in its pleasant, compassionate attitude, and they want to share the burden of responsibility that directors and owners of distressed businesses may be experiencing.

Their qualified insolvency practitioners and teams will work with you to design a resolution that produces the best outcome for your firm, its employees, and creditors. They have offices around the UK, including London and Birmingham.

Negotiations with secured and unsecured creditors, such as HMRC, trade creditors, banking institutions, and landlords, may be part of the advice. It could be capital raising or insolvency assistance, as insolvency practitioners are their speciality.

Services Offered by Greenfield Recovery

Greenfield Recovery offers the following extremely helpful services:

HMRC Time To Pay Arrangement

After informal negotiations establish a reasonable re-payment figure and period, outstanding liabilities/arrears relating to Corporation Tax, VAT, or PAYE are returned (usually in 6 to 12 months) through HMRC Time To Pay.

Pre Insolvency Moratorium

For 20 business days, the Pre-insolvency Moratorium protects viable, pre-insolvency companies from creditor legal action (winding-up petitions, etc.), giving directors time to investigate and discuss with creditors options for restructuring company debt accumulated before the Pre-insolvency Moratorium.

Creditors Voluntary Arrangement (CVA)

A Company Voluntary Arrangement (CVA) protects insolvent enterprises from creditors (through a moratorium) while allowing directors and owners to retain managerial control and work toward a turnaround.

Within a month of being appointed for a CVA, licensed insolvency practitioners like ourselves will effectively create a payment plan with all creditors. The CVA will generally reduce the debt and spread payments over 3 to 6 years, making them more manageable.

Pre Pack Administration

When a firm becomes insolvent, and possible buyers for the business and assets are readily identified, a pre-pack (or pre-pack administration) process can be arranged in principle before the actual insolvency process begins. The business can be sold as a going concern through a pre-pack.

Company Administration

A company administration can be a catalyst for change and a lifeline to corporate revival for a viable company battling insolvency.

Scheme Of Arrangement

A plan of arrangement is a flexible way to restructure a company’s debt with one or more classes of creditors while the company remains open for business. As a court-approved method, schemes of arrangement can avoid the negative publicity and goodwill that often accompany formal company restructuring. There is no need for a report on directors under the Company Directors Disqualification Act. While talks are ongoing, a standstill agreement with significant creditors may be conceivable.

Administrative Receivership

When a secured creditor (such as a bank, director, or supplier) is unable to repay its loan and interest, the secured creditor may appoint an Administrative Receiver (a licensed insolvency practitioner) to assume control of the company (so breaching loan terms).

Company Liquidation

A company liquidation entails a liquidator seizing corporate assets and turning them into cash, which can be used to pay any debts owed to creditors. In the end, the firm is struck from the Companies House registry and declared dissolved. Company Liquidation (or winding up) can be complicated due to numerous laws and regulations, and a professional insolvency practitioner such as ourselves can assist.

Members Voluntary Liquidation – MVL (Voluntary Closure With No Debt)

If your firm is solvent (able to pay its debts) and you wish to retire, stand aside from the family business, or just no longer want to run it, you may want to consider a Members Voluntary Liquidation (MVL). It’s also a smart option for a reformed company with excess assets.

Creditors Voluntary Liquidation – CVL (Voluntary Closure With Debt)

When faced with tremendous creditor pressure, directors may choose to liquidate voluntarily.

A Creditors Voluntary Liquidation (CVL) is used to achieve liquidation when a firm is insolvent (unable to pay its debts). However, this isn’t the only way to deal with creditor pressure. A Business Voluntary Arrangement (CVA) or a pre-pack/company administration could still allow for turnaround with the help of insolvency practitioners.

Compulsory Liquidation – CL (Winding-up Petitions and Orders)

A creditor’s statutory demand or county court judgment (CCJ) is usually the first step in mandatory liquidation. If the creditor’s questions go unanswered or uncontested, the court may issue a winding-up petition.

It asks for a winding-up order to liquidate or wind up the company because it is bankrupt. The assets of a corporation are forcibly realised and allocated to creditors to settle debts by compulsory liquidation and the appointment of an Official Receiver. The company will be dissolved once the winding-up process is completed.

Striking Off A Company

The formal legal termination of the company’s legal existence is affected when struck from the register at Companies House. A voluntary or mandatory striking off is a beneficial tool for closing down a corporation that has reached the end of its natural life. Greenfield Recovery explains how to dissolve/strike off a company in the United Kingdom.

Greenfield Recovery Contact Details

Please call Greenfield Recovery for no-obligation business restructuring and insolvency assistance or schedule an appointment. They will come to you, or you can visit one of their insolvency practitioners in London, Birmingham, or another national office.

Telephone: 0121 201 1720
Email: [email protected]
Working hours: 8:00 AM to 5:30 PM

Greenfield Recovery’s offices are as follows:

London Office

Address: 72 Temple Chambers, Temple Avenue, EC4Y 0HP
Telephone: 020 7952 6609

Birmingham Office

Address: Trinity House, 28-30 Blucher St, Birmingham, B1 1QH
Telephone: 0121 201 1720

Leicester Office

Address: Suite 511, StGeorge’ss Way, StGeorge’ss House, LE1 1QZ
Telephone: 0116 208 1650

Derby Office

Address: Ground Floor, Unit 8, Riverside Court, Riverside Rd, Pride Park, DE21 6BF
Telephone: 01332 311715

Doncaster Office

Address: Balby Court Business Campus, DN4 8DE
Telephone: 01302 260976

Kent Office

Address: Prospect House, 11-13 Lonsdale Gardens, Tunbridge Wells, TN1 1NU
Telephone: 01892 841561

Surrey Office

Address: 1 Ashley Ave, Epsom, KT18 5AD
Telephone: 01373 711051

Greenfield Recovery Reviews

Here is a review from one of Greenfield Recovery’s customers:

I can’t recommend Greenfield Recovery Ltd more strongly! They were proactive and very constructive in helping to achieve a fully agreed solution with HMRC which is now settled. Great service which was immensely appreciated.

Summary

Greenfield Recovery’s restructuring and licensed insolvency services extend from Company Voluntary Arrangements to Administration and, if necessary, Liquidation to conclude this Greenfield Recovery evaluation. They can also guide directors’ fiduciary responsibilities and assist with company fundraising.

All UK Insolvency Practitioners

Here is a full list of Insolvency Practitioners in the UK: