Professional Services & Support
Introducing RCU’s Referral Hub – for all your Business, Professional and Legal needs.
Services
A Referral Hub for all your unmet Business, Professional and Legal needs.
Insolvency
Insolvency
Looking to Collaborate with RCU?
Flexible Legal Support
RCU can provide both you and your organisation with flexible legal support, comprising interim and temporary placements of legal professionals to work within your team.
Flexible legal support (or flexible legal resourcing) is an increasingly popular option for businesses. A lawyer is introduced on a temporary placement to work within your team. The purpose might be to cover an absence, to increase capacity during a busy period or to implement a project requiring additional skills.
This can be an attractive alternative to employing a new permanent in-house lawyer, on one hand, or engaging a law firm on the other. The first involves long term financial commitments and a time-consuming recruitment process. The second may not be viable where there is an extensive task for one person or an identifiable role to be filled. Flexible legal support is a cost-effective solution.
In parallel with clients’ growing willingness to use this model, highly skilled lawyers are increasingly embracing it in their increasing portfolio careers. Clients may benefit greatly from the use of top tier flexible lawyers, who bring not only technical expertise but also the commerciality that such a career demands.
We have access to a panel of high calibre legal professionals who provide flexible legal support to businesses. These include Solicitors (both experienced and junior), Company Secretaries and Paralegals.
We provide a uniquely cost-effective, high quality, one-stop-shop for in-house placements, project teams, and call-off support for discrete legal tasks. We offer the best legal support for an hour, a day, a year, or something in-between.
RCU can provide flexible legal support to Large Corporates, Public Bodies, SMEs, and Professional Firms.
Insolvency
With so many options to consider, it’s easy to feel overwhelmed.
RCU is here and stands ready to help in order that you never need to faceup to the spiralling worries of corporate debt alone; our team are on hand to help guide you towards the best solution for you and your business. Specialism in providing help, assistance, and guidance with Director Disqualification Applications.
Corporate Debt Solutions
Here at RCU we provide advice and assistance to business owners with financial problems. We understand how stressful financial difficulty can be.
Our Insolvency Experts have assisted business owners to get their financial affairs back on track.
We help business owners with Corporate Debt. Here to help when you need.
Financial difficulty is one of the hardest things a business owner can face. Nobody starts a company with the intention to fail, but sometimes things can decline for reasons beyond our control.
If your business is insolvent – meaning it has more liabilities than assets, or it can’t pay its debts when they become due – it is vital you take early action to best protect the interests for you and your creditors and ensure you do not attract personal liability.
Taking initiative will ensure you’ are protected legally, minimise any potential losses, and maybe even secure a financial turnaround for your business.
There is a lot of information out there and you need a trusted legal expert to guide you through this maze of jargon and bewildering mechanisms. We offer both clear and concise guidance in the best way for you to navigate this to act in your best interest and to ensure you remain on the right side of the law.
We know how stressful and time consuming this period can be. Our experts spend their time guiding directors just like you and are subject matter experts in this field.
Our specialist lawyers are experts in director disqualification proceedings advising directors of companies how to avoid personal liability. Our experts are also best placed to advise on how to mitigate any claims and liabilities that arise where the Secretary of State has issued such proceedings.
During this call we may discuss some of the following types of insolvency proceedings:
1. Creditor’s Voluntary Liquidation (CVL)
2. Company Voluntary Arrangement (CVA)
3. Administration
4. Members’ Voluntary Liquidation (MVL)
Creditors’ Voluntary Liquidation (CVL)
A Creditors’ Voluntary Liquidation (CVL), is the most common form of liquidation for insolvent businesses in the UK:
- Relieves pressure from creditors in as little as 14 days.
- Safeguards you from accusations of misfeasance, wrongful trading, and fraudulent trading. It is noteworthy that a Liquidator may proceed against directors and has a duty to file a Return to the Insolvency Service Disqualification Unit in respect of director conduct.
- Allows employees to claim redundancy quicker.
- Cost of procedure usually covered by liquidation of assets, removing personal cost letting you move on with your future.
The process can take around 2 years, but your involvement will be minimal after the initial 14 days. Once the procedure is complete, your company will be legally dissolved and any remaining debts will be written off, letting you move on with your future, subject to any Personal Guarantees.
Company Voluntary Arrangement (CVA)
A Company Voluntary Arrangement (CVA) is an insolvency procedure best suited to those who own an insolvent business but wish to keep it from closure. It functions as a formal repayment agreement between a business and its creditors, helping to make debts more manageable on a month-to-month basis, with Insolvency Practitioner oversight as Supervisor.
- Spreads debt out, allowing for easier repayment.
- Freezes interest on debt.
- Offers legal immunity from creditors.
CVAs typically last for about 5 years; any debts left at this point are liable to be written off. While it might affect your company credit, your business will be able to continue as normal, so long as it keeps up with its monthly repayments.
Administration
Administration is a formal process which places the business in the hands of an administrator. The administrator will attempt to save the business where possible, after reviewing the company’s structure, staffing, and expenditure. This process can be used by the Administrator to consider the sale of the business through a pre-pack.
- Can potentially reverse insolvency
- Allows the business a chance to regroup through a moratorium period.
- Can increase the likelihood of being accepted into other rescue schemes, such as CVAs.
While administration can still result in liquidation, it does offer a lot of businesses a fighting chance.
Members’ Voluntary Liquidation (MVL)
It isn’t just insolvent companies we can help – in some cases, our assistance is needed with solvent companies too. A Members’ Voluntary Liquidation is a tax-planning exercise, allowing businesses with over £25,000 in cash and assets to liquidate and give returns to company members.
- Returns from an MVL are subject to Capital Gains Tax (not Income Tax).
- Capital Gains Tax is applicable only to the profit made on the sale of an asset, not the entire amount.
- You may also be eligible for Business Asset Disposal Relief, cutting down the rate of Capital Gains Tax to just 10%
An MVL must be carried out by a licenced insolvency practitioner, like those of our trusted partners. The process can take anywhere from between 6-12 months, depending on the size and complexity of the business
Looking to Collaborate with RCU and join our Strategic Partner Panel?
RCU is on a mission to build an ecosystem where the SME community, large corporates, and professionals alike, can prosper and help support the UK economy for the benefit of all in society that have no means. Our ambition is to bring together (under one roof), a mix of complementary organisations and services that supports this vision.
Claim your seat at our roundtable of champions and join us on our quest to enrich the lives of many.
