At Rendle & Co, we understand that facing financial difficulties can be one of the most challenging experiences for business owners and directors. With decades of expertise in business recovery, turnaround, and insolvency, our team is here to provide you with professional support every step of the way. Whether you’re dealing with cash flow issues, creditor pressure, or concerns about your company’s future, we specialise in offering solutions tailored to your unique situation.
Our primary goal is to help you explore every opportunity for recovery and stability before considering formal insolvency options.
Where it is not possible to rescue the business or the company we provide pragmatic, expert, professional advice regarding the insolvency procedures that are available to minimise the risks to directors and business owners. Our advice is tailored to the specific circumstances of the situation, and you will have direct access to the specialists allocated to help you at all stages.
Our advice is clear, impartial and unambiguous, designed to protect your interests without damaging those of others who may be involved. We approach each case with the objective of providing a professional, personal and compassionate service.
Whatever the recommended course of action, we always ensure fairness to all parties and the maximum return to stakeholders. We never forget that we are dealing with real people in real situations.
We will always act in accordance with our ethos to make sure you are aware of all the available options.
Our core insolvency services include:
Receivership is a generic term and there a many ways in which a Receiver may be appointed. A Receiver may be appointed for a specific purpose or in respect of a specific asset. Where the right to appoint a Receiver was granted prior to 15 September 2003, the lender may appoint an Administrative Receiver
Receivership is the remedy available to a secured creditor to recover the amounts due under a secured loan in the event of a default by the borrower. A receiver may also be appointed by a Court where there is a dispute, or the Court sees fit to intervene however it is far more common for Receivers to be appointed by banks or other lending institutions.
We have extensive knowledge of Receivership appointments having been appointed by the Court, clearing banks and private lenders.
A Company Voluntary Arrangement or CVA is a procedure which enables you to put an agreement to your creditors, rather than the Court, under which the creditors agree to accept a certain sum of money in settlement of the debts due to them. You do not need to pay all your debts in full.
Rendle & Co will assist you in agreeing the desired outcome of the Arrangement and produce a proposal for your creditors. Once the Arrangement is approved, it is legally binding on the company and all of its creditors. Rendle & Co will supervise the entire process from the onset, drafting the Proposal, liaising with creditors to obtain approval, dealing with all regulatory matters and assisting you with any issues arising. You remain in control of the business throughout the process.
A CVA is extremely flexible as it is based upon the terms of the proposal agreed by the creditors. For example, it may be agreed in the Arrangement that the company will make delayed or reduced payments of debt, undergo capital restructuring or arrange an orderly disposal of assets.
Upon satisfactory completion of the Arrangement the company may resume its usual trading practices, be liquidated or dissolved depending upon the circumstances and your wishes.
The appointment of an Administrator provides you and the business with immediate protection, meaning that creditors are prevented from taking any action without the permission of the Court.
Administration is a temporary procedure designed to allow your business to continue to trade with a view to rescuing the business as a going concern or achieving a better result to creditors.
There is a one-year time limit within which the Administration must be concluded, however this period can be extended with the agreement of the creditors or the permission of the Court if more time is needed to achieve the required results.
Rendle & Co have staff on hand to support you through the administration procedure. Our experienced team can even assist you on site with the day-to-day management of your business, dealing with suppliers, employees and debtors. You will also have a case manager and experienced insolvency assistants who will be on hand to field calls from creditors and handle queries received into the office.
We will work with you to achieve the end goal of your company being returned to the control of you, its directors and its management. Where this is not possible, we will formulate proposals to provide the best possible outcome for all the stakeholders in the business.
There are two types of insolvent liquidation, a compulsory liquidation where an application is made to Court and a winding up Order is made and the more usual Creditors’ Voluntary Liquidation or CVL where a company or limited liability partnership is unable to pay its debts.
Liquidation is the end of the line for a business. If it has not already done so the business ceases to trade, and a liquidator is appointed to deal with the affairs of the company and to realise its assets.
The liquidator must then distribute the monies he is able to realise from the sale of the assets to the creditors in the order of preference set out in the Insolvency Act 1986 after paying the costs and expenses of the liquidation.
We have extensive experience of both types of insolvent liquidation and are regularly appointed by the Courts, the Official Receiver and directors to undertake liquidations.
We understand that circumstances can sometimes be out of your control. If as a last resort, you need to appoint a liquidator we will help you with that decision and the team at Rendle & Co will guide you through the process and minimise the risk to you as directors and business owners.
An Individual Voluntary Arrangement or IVA is a procedure which enables an individual to put an agreement to their creditors, rather than the Court, under which the creditors agree to accept a certain sum of money in settlement of the debts due to them. It is a procedure designed to avoid the rigours of bankruptcy where a person is unable to pay their debts in full. There is no requirement to pay all of the debts in full.
Rendle & Co will assist you in agreeing the desired outcome of the Arrangement and produce a proposal for your creditors. Once the Arrangement is approved, it is legally binding on you and all your creditors. Rendle & Co will supervise the entire process from the onset, reviewing your income and expenditure, drafting the Proposal, liaising with creditors to obtain approval, dealing with all regulatory matters and assisting you with any issues arising.
An Individual Voluntary Arrangement is extremely flexible as it is based upon the terms of the proposal agreed by the creditors. For example, it may be agreed that you will make delayed or reduced payments of debt or arrange an orderly disposal of assets to repay creditors.
You remain in control of your assets, subject to whatever you agree to do in the proposals, and upon satisfactory completion of the Arrangement, you will be free of the debts that you owed at the time that the IVA was approved.
We have extensive experience of dealing with IVAs and in obtaining their approval. We specialise in dealing with the affairs of high-net-worth individuals and those whose debts have accrued as a result of business activities. We do not ordinarily deal with individuals whose debts have arisen through consumer credit.
Bankruptcy applies to individuals who are unable to pay their debts and have been unable or for whatever reason do not wish to enter into an Individual Voluntary Arrangement.
Bankruptcy is commenced by the service of a statutory demand on an individual which they fail to satisfy. A bankruptcy petition is then issued which is lodged in Court and a hearing is held at which the Court decides whether a bankruptcy order should be made. If a bankruptcy order is made the Official Receiver (a government official) is usually appointed to initially as the Trustee in Bankruptcy who will deal with the investigation into the affairs of the bankrupt and his dealings.
Where there is sufficient interest from creditors, or the Official Receiver considers that there are matters best dealt with by a licensed insolvency practitioner then he will either arrange a decision procedure or appoint an insolvency practitioner to act as the Trustee in Bankruptcy in his stead.
When an insolvency practitioner is appointed to deal with the affairs of a bankrupt the Trustee’s role is limited to realising the assets on the bankrupt and distributing so much of those monies to the creditors, in their ranking, after taking into account the costs and expenses of the Official Receiver and the bankruptcy. The Official Receiver remains responsible for the investigation and where appropriate the prosecution of any offences by the bankrupt.
Rendle & Co are regularly appointed by the Court and the Official Receiver to act as the Trustee in Bankruptcy usually in respect of the more difficult and unusual cases because of our extensive experience and deep knowledge of this complex area of the law. We also provide advice to clients and act as Trustee in Bankruptcy where the client is of the view that their interests would be best served, and realisations enhanced by the team at Rendle & Co.
We specialise in dealing with the affairs of high-net-worth individuals, those whose debts have accrued as a result of business activities and unusual circumstances. We do not ordinarily deal with bankrupts whose debts have arisen through consumer credit.
Contact Rendle & Co today for a free, confidential consultation. Our experienced team is here to help you explore tailored insolvency and corporate recovery strategies that can set your business back on track.