Our Services
We at HK Corporate Recovery are a
team of experienced accountants specialising in the area of Corporate
Recovery/Insolvency. We use our specialist knowledge and experience to
quickly determine the underlying cause of a company's distress and to
quickly propose solutions.
HK Corporate Recovery has considerable experience in this specialist
field having acted as Examiner/Receiver/Liquidator across a broad spectrum of companies.
The following are a sample of recent case's in which we have acted:
- Retail Chain of Stores
- Hi Tech Environmental Control Systems
- Main Franchise Motor Dealerships
- Wholesale Meat Factory
- Transport Companies
- Building Contractors/Developers
- Security Firms
- Major Motor Outlet
- Office Supplies
- Flooring Contractors
- Photographic Laboratory
- Restaurant/Cafes
HK Corporate Recovery provides services to the following parties: Directors,
Creditors, Banks,
Professional Advisers.
Directors
These services include
- Corporate Recovery
- Examinership and Protection Orders
- Receiverships
- Member's Voluntary Liquidations
- Advising on Creditor's Voluntary Liquidations
Where the above symptoms exist
we can provide the company Directors with the following services where
appropriate:
- An Independent
Business Review - a robust report which pulls no punches.
- Cash management advice and refinancing options.
Profit is no longer enough, cash flow is key to survival.
- 'Operational change' management and restructuring advice - challenge
the norm and probe for Innovative alternatives.
- Interim management - the provision of necessary skills in
finance, marketing, and production.
- Creditors scheme of arrangement - brokering a sensible deal
for all parties.
- Examinership - Court protection from creditors
- Member's Voluntary Liquidation - distribution of a company's
assets where solvent.
- Advising on Creditor's Voluntary Liquidations - winding up of an insolvent
company
We provide reports
that are tailored to the specific needs of the company’s directors,
the company's bank or other lender and for use in decision making.
Experience shows that the longer you delay remedial action the more difficult it is to turn a company
around.
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Creditors
- Official/High Court Liquidations
- Creditors Meetings
- Liquidator
Official/High Court Liquidations
Aidan Heffernan of HK Corporate
Recovery has acted as Official Liquidator in a number of significant
liquidations, over the past 25 years.
Creditor's Meetings
HK Corporate Recovery provide a service of representing creditor's at
creditor's meetings and reporting back to them on matters that are of
concern. We can clarify issues such as whether the company has any stock
remaining and which may be subject to a Retention of Title claim, and
assessing whether there is a realistic prospect of a dividend for unsecured
creditor's.
Liquidator
Creditor's Meetings called to liquidate an insolvent company have the
power to appoint a Liquidator by either personally voting at the meeting
or by proxy vote. HK Corporate Recovery would be glad to represent Creditors's
interests at such meetings, and will consider creditor's nominations to act
as Liquidator if requested.
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Banks
Banks almost exclusively rely on
a combination of a Fixed/Floating Charge together with personal Guarantees
to ensure repayment of debts. We have appraised companies on behalf
of banks and also where default occurs have been appointed Receiver
on behalf of Financial Institutions.
Our expert team will use their
experience to maximise the return for a charge holder with the minimum
of disruption possible for a company. HK Corporate Recovery also retain
the most experienced commercial legal advice available in this area
and our initial consultation is without charge
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Professional Advisers
Very often a company's professional adviser recognises the specialist
nature of Corporate Recovery and will seek expert advice in this area. If
you are a professional adviser to a company and you would like impartial
and confidential advice on Insolvency or Corporate Recovery please contact
Aidan Heffernan at 021 4962255 or email aidan.heffernan@insolvencygroup.ie.
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All companies encounter problems from time to time, notwithstanding the pressures from the current economic environment. Very often the company itself can resolve its problems or the company may use its advisor or accountant. However, our experience is that a company's accountant or auditor may not always have the resources or management skills to help the company with the difficulties currently being experienced.
A business needs to adapt in order to be able to survive and grow and this is especially true today. The ability to act responsibly (whether it is seen or not) is key to ensuring a company’s survival. Responsible action generally starts with the realisation that something is wrong.
HK Corporate Recovery can help identify the cause of a company's difficulties and guide the company to a resolution. Our experience in helping companies in financial difficulty has been that early detection provides the opportunity for more or better solutions. Our Corporate Recovery Team will look at your business, identify problems or underperforming areas and devise a plan to help promote the survival of the business and its prosperity. We will also advise Directors on their corporate responsibilities and best practice in order to protect them in the event of a subsequent claim for wrongful or reckless trading.
The following are symptoms of a business in distress and where Directors should seek expert advice about a company's future.
Most businesses experience one or more of these problems at some point in time - if your company is experiencing a number of these insolvency indicators on a sustained basis, then it may be insolvent.
If you think your business may be insolvent we can help you. Do not hope the situation will go away, seek help immediately and you will protect yourself from further loss and lay the foundation for a new beginning.