Insolvent Company Transfer (ICT)

If, after an initial meeting, it is determined that your company is insolvent we will offer to buy its shares for a nominal sum. These may be owned entirely by its directors, or by others. A majority of shareholders (More than 50%) would have to agree to the sale.

The most important part of the service we offer through this process is that, from the moment we purchase the shares and appoint new officers we, not you, become legally responsible for the management of the problems of your insolvent company.

For this we charge a fixed fee.

The insolvent company may have assets, such as outstanding payments due to it from customers; stock, machinery, computers, vehicles and the like.

It will have liabilities; the money that is owed to its creditors such as suppliers, Inland Revenue, Vat, its staff, the bank and probably even you, its director(s).

The process of ICT enables the insolvent company to sell its assets and use the monies collected for the benefit of its creditors.

These assets can be sold to whomsoever wishes to buy them - including you provided they are sold at a reasonable commercial value.

We will also advise you as ex directors as to your liabilities such as they may be.

Where required we will help you establish a new company and you will be free to continue trading with this new company and, unless you are prohibited, you will be able to be its director