Our Proposal

Given the financial position of the Company, we note that its directors have concluded that the Company is insolvent (i.e. unable to pay its debts as they fall due). Accordingly, steps should be taken to place the Company into Creditors’ Voluntary Liquidation (CVL) for the benefit of the Company and its creditors.

Thank you for instructing Bailey Ahmad Business Recovery (BABR) to assist you in implementing this solution. Rest assured, our dedicated, skilled and experienced team will support the board through this engagement to achieve the best possible outcome in what are difficult circumstances.

As a licenced and regulated firm, we are obliged to give you a great deal of information within this engagement pack. We have done our best to structure the content so that it is as easy as possible to digest. Please take your time to read through this pack and associated appendices and if you have any questions, please do not hesitate to contact us.
I would also confirm that the Insolvency Practitioners at this firm are bound by the Insolvency Code of Ethics when carrying out all professional work relating to an insolvency appointment.

Scope of services

We will provide the following services:
•    Advise the directors in the financial control and supervision of the Company’s business up to the date of the passing of a resolution for winding up
•    Assist the directors in passing the resolution to wind-up the Company and appoint a liquidator and in seeking a decision of creditors on the nomination of a liquidator by them
•    Assist the directors in the preparation of the statement of affairs and other information required to be made available to creditors ahead of the decision being made by them

It is clearly understood that these services are requested and given for the benefit of the Company and its creditors.

To avoid any possible conflict of interest, our role does not extend to advising the directors personally or any parties connected with any eventual purchase of the Company’s assets (where relevant). Accordingly, directors should take their own independent advice on their personal position where necessary.
 
Please also note that whilst it is envisaged that one or more licenced insolvency practitioners from this firm will be nominated by the directors to be appointed liquidator(s) of the Company, this is a decision that both shareholders and thereafter creditors will confirm. Accordingly, whilst uncommon, it is possible that an insolvency practitioner from another firm could be appointed liquidator should sufficient creditors decide.