13 Dec A childcare centre

Capability: Insolvency

Industry: Childcare

Appointment: Fast and Cost-Effective Simplified Liquidation

Overview

The Company previously operated a childcare centre that closed as a result of a dispute with the landlord some years ago.  The Company received a statutory demand for payment for an outstanding debt. The Company did not have any funds and could not make the payment.

Challenges

Preliminary discussions with the Company’s Director revealed that the Company met the criteria for the new simplified liquidation process, a faster cost-effective way to wind up/liquidate the Company.

Solution

The simplified liquidation process was explained to the business owners, in particular the key differences between the traditional liquidation process, including the potential for cost savings and the estimated time to complete. The business owners provided an upfront payment to cover the costs of the simplified liquidation process and the Company was placed into liquidation.

How Greengate Advisory can help

Greengate Advisory examines all options available for business owners by reviewing trading performance and considering non-financial factors to improve the outcome for all stakeholders. If a restructure is not possible, we explore all options to find the best possible for all stakeholders.