13 Dec A childcare centre
Capability: Insolvency
Industry: Childcare
Appointment: Fast and Cost-Effective Simplified Liquidation
Overview
The company used to run a childcare centre. It closed some years ago after a dispute with the landlord. The company then received a statutory demand for an unpaid debt. It had no funds and could not pay.
Challenges
In early discussions with the director, we found that the company met the criteria for the new simplified liquidation process. This is a faster, lower-cost way to wind up a company.
Solution
We explained the simplified liquidation process to the business owners. In particular, we set out how it differs from a traditional liquidation, including the likely cost savings and the time it would take. The owners paid the costs of the simplified liquidation upfront, and the company was placed into liquidation.
How Greengate Advisory can help
We review trading performance and non-financial factors to improve the outcome for every stakeholder. If a restructure is not possible, we look at every option to find a better outcome for all stakeholders.
