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Business Insolvency & Recovery
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Business Insolvency & Recovery

If your business runs into difficulties, timely and effective action is important. Resolving early warnings will actually save your business from possible liquidation. The economy today has pushed business to struggle with the rising costs and the ever changing new business regulations.

Business profitability can highly be affected by issues such as pricing, productivity, premises, credit limits, invoice policies, debt financing and stock lines.Our Business Management team can deliver an independent evaluation of the processes and give realistic recommendations that aims to lower costs and increase your revenue.

Our business turnaround services are not limited to:-

  • Business reviews
  • Pre-lending advice
  • Auditing accountant’s reports
  • Restructuring
  • Debt financing
  • Placing restrictions on business assets.

Working closely with our tax specialists, we also ensure tax efficient outcomes in any restructure. Our team has substantial experience in this complicated area and has helped many troubled businesses go on to future success.

Our scope of Business Insolvency & Recovery services include:

1

Insolvent trading

If you are trading insolvently, you may need to close your business. You are insolvent if your business cannot pay its debts as they fall due, or there are not enough assets to sell to pay off the debt in full. If you are a director of a limited company, it could be an offence to carry on trading when your company is insolvent.

2

Voluntary arrangements

Voluntary arrangements are legally binding agreements to pay back creditors a set amount of money over a set period of time. They can be made if you are a sole trader, a partner in a partnership or have a limited company. You may be able to continue trading.

3

Personal bankruptcy

If you are a sole trader, going bankrupt will mean you are no longer liable for any business or personal debts. If you go bankrupt your business and personal assets could be sold. It will also make it difficult to carry on being self-employed.

4

Closing your limited company

If your limited company is insolvent you need to think carefully about stopping trading and closing it down. There are formal and informal ways of closing your company. We can help you to find out about the ways of closing your limited company and which is the right option for you.

5

Partnership bankruptcy

A partnership can petition to make itself bankrupt. Any partnership debts included will be written off. As partners are personally liable for partnership debt, it is common for all partners to go personally bankrupt too.

Contact Us

Nairobi Office

+ 254 736 814 030 | 020 2410245
info@woodvaleassociates.com

Eldoret Office

020 2410241 | 020 2410242
info@woodvaleassociates.com

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3rd Floor Pamstech House 19 Woodvale Grove, Westlands
info@woodvaleassociates.com
+254 736 814 030

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