Why Lennox Insolvency
When a company is under pressure, directors need to judge whether it can recover and what they should do now. Lennox are insolvency practitioners and turnaround experts. Our Glasgow office is part of the BusinessRescueExpert group, a national insolvency practice which has traded for over 20 years. Our experience helps you understand the choices and their consequences before you decide.
Start with the facts
We look at the cash available, what is due next, whether customers are likely to pay, the cost of continuing to trade and any creditor action already under way. That gives us a basis to consider a workable rescue plan, creditor negotiations or a formal insolvency route. If the business can recover, we will explore what the plan needs to achieve. If closure is the responsible course, we will explain how to take it forward.
Scottish experience you can use
Scottish liquidations have their own court, notice and creditor decision steps. We can explain the sequence in language you’ll understand, and can work alongside your accountant or solicitor, whether you meet us in our Glasgow office or we speak remotely.
Shut down or restructure
When we have assessed your company, we will advise on the best route forward, which might involve anything from and between liquidation to trading on with creditor negotiation. The company’s debts and a director’s personal position need separate attention. We help you identify personal guarantees, an overdrawn director loan account, employee obligations and decisions that cannot wait. We ensure you understand what your options are, and what costs are involved, before committing to a route.
A clear plan with experienced people
Established in 2005, the wider practice has advised more than 10,000 business owners and directors and taken more than 1,100 formal insolvency appointments. That experience should translate into a plan you can follow: who will handle the work, what information is needed, what happens to creditors and staff, and the basis of any proposed fees. We will talk these points through before you decide how to proceed.
Speak to Lennox
You do not need to choose an insolvency procedure before you contact us.
Let’s assess where you are up to, and what you want to achieve. We can begin there.