Live Recoveries was approached by a director of a company following the sufferance of a large bad debt.
The company was placed in to administration. This resulted in further significant bad debts to the company and a cash flow crisis which appeared likely to cause the failure of the company. After taking advice from Live Recoveries, a restructuring plan was identified which regrettably involved certain redundancies. As Administrator, the Insolvency Practitioner proposed a Company Voluntary Arrangement to the company’s creditors which was approved, resulting in the rescue of 15 jobs and creditors receiving a return.