Corporate Recovery & Insolvency

Companies experiencing credit management and revenue management difficulties must act upon the early warning signs. Byrne & Co. have been involved as Financial Advisers in a number of cases where timely and practical advice, and encouraging the client to take a pro-active approach, has proven successful in returning the client to profitability.

If you are in a distressed situation you need up to date and timely financial information to be available in order to make an informed decision as to which options should be taken by the company.

We can prepare or finalise management accounts and/or financial projections on which informed decisions can be made. We would then seek to identify the key assumptions on revenue and cost drivers within the business and seek to challenge these assumptions. In such cases we work with management to achieve full “buy-in” to the final plan for the company.

It is our experience from helping companies in difficulty that those companies that act early, are able to formulate a greater number of possible options and sustain their success for longer periods.

We have seen strong demand for our insolvency services, whether it be advising company directors on minimising their exposure or acting as liquidator to organise the orderly winding down of the business. JJ has a particular experience in this area, having completed a Diploma in Insolvency & Corporate Restructuring in the Law Society of Ireland.

Extreme care should be taken by Directors for companies in financial difficulty and they should be aware of the following issues:

Insolvent – Liabilities in excess of Assets OR not able to pay debts when they fall due

Recklessly Trading – Trade with the knowledge that there is no likely improvement on the horizon

Fraudulent Trading – Look-Back period of 2 years in respect of director transactions with the company; look-back period of 6 months for all transactions in a company ;Preferential treatment of creditors

The following options are available for Insolvent companies:

• Corporate Recovery & restructuring
• Liquidation