Variety is the spice of insolvency

The nature of our work in insolvency brings us into contact with a wide variety of businesses and organisations across the country. Whichever insolvency service we are called in to provide, our primary aim is to provide the best return to creditors that is possible, and secure as many jobs as we can. This often means a better outcome for company directors, too.

Any company can face insolvency

Financial hardship in business shows no prejudice, which makes our pool of clients an incredibly diverse one. One day we are dealing with a construction company, and the next, a care home! Recent jobs in the Leeds office saw me working in the fields of marketing, property investment, and road maintenance. Any company in any sector can be hit with insolvency, and thus require our help!

CMG Limited – Property marketing

For the first job, CMG (LND) Ltd, I was appointed as administrator. The company, which specialised in marketing London’s property scene, was threatened with a Winding Up Petition, following a downturn in business. I worked with the directors through the difficult period to secure eight jobs, and ultimately the future of the company.

OSC National Services LLP – Property Investment

Another job which saw me working in the property market was that of Pontefract-based OCS National Services LLP. The company’s field was property investment, and office refurbishment. Historical debts had seen business decline, and ultimately, led the company to enter into a Time to Pay arrangement with HMRC, the terms of which it was struggling to adhere to. I was appointed in this case as joint administrator alonside Joanne Wright. The business was sold as a going concern through a ‘pre-pack‘ sale.

Universal Highways LTD – Highway Maintenance

I was later taken into rather more unusual territory upon my appointment in the administration of Linconshire-based Universal Highways LTD. The company specialised in road markings, signage, and coatings for asphalt surfaces. Over its 13-year history, the family business had expanded, becoming an industry-recognised sub-contractor with a number of repeat contracts across the country.

Our work with Universal Highways saved four jobs at the company, which was quickly bought out of administration in a pre-pack deal. This also meant a saving of £52k redundancy payments for the company, as well as a better outcome for their creditors!

How we can help

My work in the field is always varied, but always carries with it the same hope: to work towards the best possible outcome for all parties involved in a company’s financial hardship – creditors, directors, suppliers, and employees.

Any company in any industry can face a period of financial decline in which they need the assistance of insolvency professionals such as Wilson Field. If you, yourself, feel this to be the case, take action as soon as possible! Get in touch for a free consultation with one our experienced advisors, who will guide you through the steps you can take to improve the position of your company and its creditors.