We specialise in Corporate Recovery, helping businesses and companies in financial difficulty back to health. We offer fast and accurate legal advice and work closely with our clients to help them out of their troubles. When companies are in trouble and facing financial problems it can look bleak for the company’s future. They may be facing Liquidation or Receivership and the company may have to be wound up, but that’s were McCambridge Duffy come in. Our skilled Recovery Services mean that we can help companies on the brink of collapse to survive going under and help them restructure and come out the other side back in business.
Some of the Corporate Recovery Services we provide are:
If your company is experiencing financial difficulties then you should get in touch with us and we can offer you some guidance and expertise on how to move forward and what steps to take. Your situation may be bad now but unless you take the appropriate steps to limit the damage to the company then the business could suffer a whole lot more and your creditors could set out to ruin the business. In times of trouble you must remain focused and think of the good and the future of the company and McCambridge Duffy can help you through the troublesome times.
What is the Scheme of Arrangement?
A Scheme of Arrangement is a compromise or arrangement between a company and its creditors for arrangements such as rescheduling debt, takeovers and returns of capital. The scheme must be approved by 3 quarters of the members or creditors who have a vote and it must be approved by the court.
How does the Scheme of Arrangement work?
The Business or Company will put a proposal together and ask its creditors to accept a lesser percentage of the total debt they are owed. There will be some terms and conditions attached to the scheme regarding payments etc. Along with this proposal there will also be a new re-organisation plan set out for the restructuring of the business and possible some new investors.
There is also a more informal approach which would not involve the company and creditors going though the courts. This is done by the company approaching its creditors and explaining their current circumstances and explaining the difficulty they are in. The company must inform its creditors of its exact state of financial affairs and present them with their re-organisation plans and information of how they intend to turn the company around. This approach needs to be treated carefully and sometimes it can be better for the company to be under the protection of the court.
McCambridge Duffy can assist you with schemes of arrangement and answer all your questions just give us a quick call on 01 539 57 90 or 028 7137 7321 from the north.
Turnaround is when business management / directors set out to turnaround their company by setting out an action plan for corporate renewal and restructuring in their company. This is usually done with the help and expertise of an outside turnaround consultants like McCambridge Duffy. This usually happens times of corporate and financial distress, when the company may be facing bankruptcy or liquidation. Companies in trouble should act upon their difficulties early to limit the damage to the company as much as possible.
When a company seeks the help of McCambridge Duffy for Turnaround there is a set criterion we will follow. First of all we look at the Root Cause of the companies troubles. This could be down to poor management / strategies / planning or not understanding the market you are in. It could also be down to a poor business model or and “Act of God” when something unforeseen or unexpected has happened the company that could not have been prevented such as a fire etc. Other reasons for the business failing and being in trouble could be such as…lack of expertise, lack of experience or education, weak management structure, market circumstances or a weak economy, operating cost levels too high or overly optimistic sales projections. Also the bankruptcy of holding company or a very strong successful competitor could all lead to your company facing financial difficulties.
Once we identify what the root cause of the company’s troubles was we can then devise a turnaround plan as long as it is viewed that the company has potential to return to business and financial solvency. The main aim of a Turnaround plan is to introduce some company Restructuring changes.
In order for the company turnaround plan to be put in place some company restructuring may take place. This can involve several changes to the company such as:
Management or Leadership Change, this could also mean that an expert consultant is drafted in to manage the turnaround of the company. There also may be some emergency steps put in place such as reducing costs and reducing staff in order to get a positive cash flow in place. Once this is in place the next step is to start making profit again and eventually return to normal, with the turnaround management stepping out and the company continuing to grow and profit.
Call us now for free and confidential advice, on 01 539 57 90 or landline 01 247 8899.
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McCambridge Duffy Limited is a Limited Company registered in Ireland
Registered number 527584
Registered office 31-33 Lower Main Street, Letterkenny, County Donegal