If you are a Director of a Company, and you are aware that your Company financial position is deteriorating, you should seek advice as soon as possible from qualified professionals. The earlier you seek advice the higher chance to rescue your company.
Under the Companies Act 2016, there are several Corporate Rescue Mechanisms available depending on situation and circumstances of your company. The three (3) Corporate Rescue Mechanisms available under the Companies Act 2016 and are such as below:
- Scheme of Arrangements
- Corporate Voluntary Arrangement
- Judicial Management
These Corporate Rescue Mechanisms aim to facilitate the companies in financial distressed to rehabilitate the business viabilities as an alternative to winding-up.
If you are a Director of a Company, and you are aware that your Company financial position is deteriorating, you should seek advice as soon as possible from qualified professionals to avoid falling into insolvent trading (read about insolvent trading here). The earlier you seek advice the higher chance to rescue and rehabilitate your company.
How can Bizboard help?
As a team of professional accountants, Bizboard work and liaise with various professionals such as legal advisors, financial institutions, government authorities and other related professionals to achieve the best possible solution and highest recovery for all stakeholders throughout the insolvency or restructuring process.
Bizboard act as independent adviser to ensure the process is conducted in proper order and in accordance to the relevant laws and regulations. Our highly qualified team have worked throughout various cases in different industries and have an extensive knowledge of business and the impact on stakeholders when a company faces financial distress. For more information contact us.
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If you would like to close down your company or plan to retire, you may read our articles on strike-off, members’ voluntary liquidation, options for closing your company and the reasons why should you give your company a proper closure to understand more.