Leading Corporate Recovery is a firm of licensed insolvency practitioners founded in 2015 and headquartered in Norwich. It provides a full range of business rescue, insolvency, restructuring and turnaround solutions for clients and professional partners across East Anglia, London and the Midlands.
Headed by Jamie Playford, who has over 20 years of experience in the industry, our team of restructuring professionals and licensed insolvency practitioners work closely with clients in many challenging situations. We know that these situations can be difficult, and we pride ourselves on our understanding and empathetic staff to achieve the best result.
We offer both formal and informal procedures to help businesses through financial difficulties. Typically, clients will come to us for help when they are struggling to pay off debts, find cash flow difficult to manage or find themselves making less profit than they expected. We meet with our clients to fully appraise their situation and provide bespoke advice on the pros and cons of all options, with our recommendations of how to proceed.
One of the services we provide is a Company Voluntary Arrangement (“CVA”). This is an agreement that we broker between the client and its creditors, where the outstanding debts are consolidated into one manageable monthly repayment. This also means that creditors can no longer pursue the company direct, which can alleviate a lot of the stress and allow the client to focus on running the business, rather than firefighting.
The most common type of liquidation is a Creditors Voluntary Liquidation (“CVL”). This is where the directors and shareholders take the decision to close the company, rather than continue trading, and is used when the business does not have enough funds to pay the outstanding debts and is considered insolvent. Once a company is in liquidation, no further legal action can be taken, and the job of the liquidator is to sell the company’s assets to realise funds for the creditors.
An Administration is another statutory procedure which we use for companies that need protection from creditor action and if we think, after discussing with the client that the business can either be traded on or sold, then we will work with the client to achieve either of those options. Often the protection of the Administration can be sufficient to allow the company to restructure and survive in some form or another.
Sometimes a formal option may not be necessary, and we use other processes such as helping businesses to restructure, find cost-savings or raise fresh investment or refinancing.
For clients who wish to close their company in a tax-efficient way and can repay all of their debt, we also offer Members Voluntary Liquidations (“MVL”) also known as solvent liquidations for company shareholders, this could be used in the example of a business owner looking to retire, or after a business sale.
As well as businesses, we also help people that may be struggling with their finances. Our team provides a service which consolidates a person’s individual debts, and allows them to make a monthly payment plan, usually spread interest-free over five years. This is called an Individual Voluntary Arrangement (IVA) which, like a CVA, stops all creditors from pursuing the client, which can alleviate a lot of stress. We understand that a lot of the time clients may come to us when they have reached the point that they may no longer know how to handle their finances and require our assistance to manage them on their behalf.
Our clients are usually referred to us by our professional partners, such as accountants, solicitors and IFAs. We work with those partners to ensure that the solution for the client covers all areas of the client’s situation, rather than focussing on just one area. This allows our team to get a greater knowledge and wider experience in many different business areas and look for solutions that would not ordinarily present themselves.