Insolvency Support
Our insolvency services
Clear, honest advice from ICAEW-licensed insolvency practitioners in Manchester. Explore our core corporate and personal insolvency solutions, or speak to us directly, free and in confidence.
Core services
Eight formal procedures and the advice around them. Each page explains who it suits, how it runs and what it means for you.
Company Administration
Company Administration explained - how it works, when it's the right option to rescue a business, and the protection it offers directors and creditors. Free advice from ICAEW-licensed IPs.
ExploreRescuePre-Pack Administration - Process, Rules and Director Duties
What is a pre-pack administration? How pre-pack sales work, the rules on selling to connected parties, what creditors can expect, and whether directors can buy the business back.
ExploreRescueCompany Voluntary Arrangement (CVA) - Pros, Cons and Eligibility
What is a Company Voluntary Arrangement? How a CVA works, the approval process, advantages and disadvantages, and which companies genuinely suit one.
ExploreClosureCreditors' Voluntary Liquidation (CVL)
Creditors' Voluntary Liquidation explained - the process, costs and advice for directors of insolvent companies. Free, confidential guidance from ICAEW-licensed IPs in Manchester.
ExploreCourt-ledCompulsory Liquidation - What Happens When a Creditor Winds Up Your Company
Compulsory liquidation explained - the winding up petition process, timescales, the Official Receiver's role, what it means for directors, and how to stop it before the hearing.
ExploreSolventMembers' Voluntary Liquidation (MVL)
Members' Voluntary Liquidation - the tax-efficient way to close a solvent company. Process, declaration of solvency and Business Asset Disposal Relief explained by ICAEW-licensed IPs.
ExplorePersonalIndividual Voluntary Arrangement (IVA)
Individual Voluntary Arrangement (IVA) explained - how it works, advantages, how it compares to bankruptcy, and whether it's right for you. Free advice from ICAEW-licensed practitioners in Manchester.
ExplorePersonalBankruptcy Advice
Bankruptcy advice - how it works, what it means for your home, career and credit, and how it compares to an IVA. Free, confidential advice from ICAEW-licensed practitioners in Manchester.
ExploreWhat each procedure actually means.
The formal routes side by side, in plain English. Every one is run by a licensed insolvency practitioner or, in a compulsory liquidation, the Official Receiver.
| Procedure | Who it is for | Keeps trading? | Who is in charge | How it usually ends |
|---|---|---|---|---|
| Company Voluntary Arrangement Rescue | An insolvent company that is viable at the operating level | Yes | The directors, with a licensed practitioner as supervisor | Part of the debt repaid over three to five years, if creditors approve it |
| Administration Rescue | A business under creditor pressure that may be saved or sold | Often | An administrator, with a moratorium against creditors | Rescue, a sale, or a move to liquidation or dissolution |
| Pre-pack administration Rescue | A business whose value would not survive a public insolvency | Under the buyer | An administrator, completing a sale agreed in advance | The business is sold on appointment; debts stay with the old company |
| Creditors' Voluntary Liquidation Closure | An insolvent company that cannot be rescued | No | A liquidator nominated by the directors | Assets sold, creditors paid in the legal order, company dissolved |
| Compulsory liquidation Court-led | A company wound up by the court on a creditor's petition | No | The Official Receiver | As a liquidation, with directors' conduct investigated |
| Members' Voluntary Liquidation Solvent | A solvent company that can pay its debts within 12 months | No | A liquidator appointed by the shareholders | Surplus paid to shareholders as capital, company dissolved |
General information from our guides, not advice. For personal debts, see IVA and bankruptcy, or try the options calculator.
Need more detailed guidance?
Browse our full library of guides, from warning signs and HMRC arrears to what happens to directors, staff and creditors.
All guidesDirectorsHMRC and debtEmployees and creditorsComparisons
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