Crash and burn – not on our watch!
1 November 2017: BRI Business Recovery and Insolvency’s Northampton Office are pleased to report the successful early final conclusion of a Partnership Voluntary Arrangement (“PVA”) of a haulage contractor.
The PVA commenced in January 2013 and was to run for a period of 5 years. The liabilities in the PVA totalled approximately £122,000 with all creditors receiving 92.22 pence in the pound. Ian Cooke, dealing with this matter, commented “this is a fantastic result for creditors as the alternative was for the business to crash and burn, winding-up of the partnership and bankruptcy of the partners. The dividend in those scenarios would have been negligible”. Ian also added “the partners should also be credited for ensuring the PVA was a success by their determination in meeting the obligations of the PVA”.
Trying to assist businesses to recover is always at the forefront of our minds when advising on distressed situations. Should you or your clients be in financial difficulty and need advice on the recovery options available, please contact any of BRI’s management team who will be more than happy to help.