Transport Sector Closure and Rescue Options 

Welcome to our Transport Sector Hub. Here, we tackle the main challenges faced by the sector and provide tailored solutions to help companies navigate them. 

The transport sector plays a crucial role in helping to supply the smooth running of business. It enables people to commute to work, receive deliveries and for business operations to flow. Companies within the transport sector are critical to the economy, but just like working in any other sector, they can be vulnerable to economic shift, changing consumer preferences and a developing marketplace. 

When seeking advice regarding insolvency for your company, it’s essential that the guidance addresses the unique challenges within your sector. Adopting a sector-specific approach ensures that our support is finely tuned to your company’s specific pressures and the dynamics of your market. 

Featured Industries 

Our team of licensed insolvency practitioners has extensive experience in assisting companies with financial difficulty, across all sectors. While we have experience working with a wide range of industries, we have also created dedicated pages, to help with specific industry challenges within the transport sector. 

• Taxi firms 
• Haulage companies 

How we can help rescue your transport company

Below are two formal insolvency procedures, which would allow your company within the transport sector to continue trading while protecting them from creditor action.  

• Repay your company debts in a payment plan via a Company Voluntary Arrangement (CVA)
  A CVA is a formal payment plan between a company and its creditors, that enables companies to pay off unsecured debts in manageable instalments while being protected from creditors in the plan. This procedure usually lasts for up to five years, after which any remaining unsecured debt is cleared. A CVA will provide your company with flexible repayment schedules, allowing you to continue trading, maintaining goodwill and reputation, and preserving customer loyalty. 
  More on Company Voluntary Arrangements
• Restructure your company through Administration
  If your company needs significant restructuring, entering administration allows a licensed insolvency practitioner to act as the administrator, with the goal of returning the company to profitability. Administration is temporary state and means the company is protected from creditor pressure. The administrator can restructure the company’s operations, management, and finances to increase efficiency and profitability. This restructuring may also open potential sale options, including selling parts of the business or attracting new investors to strengthen the company’s financial stability. 
  More on administration

How we can help close and liquidate your transport company  

If you have a company within the transport sector which has debts and is insolvent, the liquidation of your company would draw a line under its operations and write off its unsecured debts.  

• Close your transport company down via a Creditors Voluntary Liquidation (CVL)
  A CVL is a liquidation procedure for companies that are insolvent. The process will formally close and liquidate your company, ceasing its trading operations, realising any assets and removing the threat of creditor legal action. The process will end your company’s payment arrangement and upon completion, will your company’s unsecured debt. Along with employees, you will be able to apply for statutory entitlements such as redundancy and holiday pay. If the company cannot cover staff entitlements, claims can be submitted through the Redundancy Payment Services. 
  More on Creditors Voluntary Liquidation
• Close your transport company down and start again via a Pre-pack Liquidation
  A Pre-pack liquidation is a type of CVL where the sale of your company’s assets is arranged before liquidation, allowing business operations to continue seamlessly under the purchasing company. This approach enables you to continue trading your business, retaining essential assets, preserving your customer base and business relationships, and moving forward without any historical unsecured debts. You can also transfer employees to your new company under TUPE regulations, ensuring their job continuity. In some cases, you may be able to reuse your company’s trading name, but this can be complex. We can advise you on these processes and how it works. 
  More on Pre-pack Liquidation

Commercial finance for transport companies 

If your company typically maintains a healthy cash flow but is facing significant upcoming payments that put strain on your finances, commercial finance could be a viable solution. There are various finance options available to help manage one-time expenses, or to bridge gaps in incoming payments Speak to use for a more detailed breakdown of which commercial finance options might be the best fit for your company. 

How to get in touch: The next steps 

If you have a company which has debts and is facing insolvency, it’s important to understand the different closure and recovery options available. We have experience of helping different industries within the transport sector and can offer a comprehensive explanation of the options available to you, and our experienced consultants will look at tailoring our processes to your company’s situation. 

Contact our initial advisers, who can advise you on your company’s solvent position and outline the options best suited to its circumstances. 

1. Contact our initial advisers:  
   Speak via phone or online chat. If we can help, we will arrange a free consultation with one of our consultants to discuss your situation in more depth. 
2. Arrange a consultation: 
   During a meeting with one of our consultants, we will advise if an insolvency procedure is the most appropriate route forward or what alternative options are available. 
3. Next Steps: 
   After your consultation, if there is an appropriate route forward, we will issue the relevant documentation for you to formally engage us. 

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