53 Fore Street
Fax: 01752 6...
Fax: 01872 2...
Richard J Smith and Co are a niche practice covering the whole of the South West specialising in all aspects of insolvency and debt advice.
As specialist Insolvency Practitioners we can offer confidential and completely independent objective advice to you and your clients.
We have the advantage of having three Licensed Insolvency Practitioners with many years experience of dealing with individual partnership and company debt problems together with a team of specialist administrators and support staff.
We offer a free initial consultation of one hour at our Truro or Ivybridge offices or at your premises. Our fees are competitive and reflect our position as an established local firm.
If you would like some advice contact us and we will be pleased to help.
We provide reports and give expert evidence in court on a wide range of forensic accounting topics. We act in both civil and criminal cases.
We offer a free, one hour, consultation where an initial exploration of the forensic accounting aspects of a case is necessary.
We deal with all aspects of Corporate, Partnership and Personal insolvency, restructuring and recovery. The huge range of options can be difficult to understand and navigate. Formal insolvency procedures are not always necessary. Taking advice at an early stage can help to save businesses and protect assets.
Insolvency Law is complicated and subject to frequent legislative changes and new case law. That is why it is important to contact an expert to help you find the best solution for your needs.
Being specialists in Corporate, Partnership and Personal Insolvency, we are experts in our field. Friendly and approachable, we can see you either at your place of business, or at either of our offices in Ivybridge and Truro.
We offer a free, one hour, consultation where we will seek to quickly understand your financial position and offer you initial advice with options, alternatives and recommendations.
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Members Voluntary Liquidation (MVL) Creditors Voluntary Liquidation (CVL) Company Voluntary Arrangement (CVA) Company Administration (Administration) Compulsory Winding Up (CWU) Administrative Receiverships (AR) Fixed charge and LPA Receivers
Personal Insolvency Debt advice, informal arrangements and debt management plans Individual Voluntary Arrangements (IVA's) Debt Relief Orders (DRO's) County Court Administration Order Bankruptcy Fixed charge and LPA Receivers
Individual Voluntary Arrangement (IVA's) Partnership Voluntary Arrangement (PVA's) Partnership Administration The insolvency of Limited Liability Partnerships (LLP's) The liquidation of unincorporated partnerships
BML trades as a garage doing servicing and MOT. The directors have struggled in the last two years due to the car scrappage scheme and illness. A substantial HMRC debt had built up and liquidation was threatened. MOT licences terminate on liquidation. On the basis of cash flow and profit and loss projections for the restructured business the directors of the company proposed to continue to trade and offer a dividend of 75p in the £ to its unsecured creditors over five years from future profit. After some negotiation the offer was accepted by the creditors.
Basic MOT Ltd (CVA)('BML')
This is a substantial partnership including a trading pub and restaurant and a number of freehold investment properties. There were significant HMRC, Bank and finance creditors. We advised the partners to propose the sale of the leasehold business within a short timeframe, which would settle unsecured creditors in full, failing which, property equity and other income would be offered as required. Contributions from business income were offered from the profit of a restructured business. Bankruptcy would have delivered a significantly lower dividend of circa 10p in the £. After negotiation with major creditors the proposals were agreed. The business is now successfully trading within a protective framework of interlocking individual voluntary arrangements.
Restructuring a multi-site retail operation through a Company Voluntary Arrangement (CVA) Company X, which had 54 employees, operates a chain of retail outlets from eight leased units situated throughout the Westcountry. Historically it had been very profitable. Over recent years, it had experienced quite substantial trading losses arising from some of its stores. Following a review of projected sales and costs, the losses looked set to continue. The losses were not only due to a downturn in sales as a result of internet competition, but also due to substantial site overheads the company had to meet. Two large branches were identified as the main loss makers which, between them employed 14 members of staff. Revised trading and cash flow projections estimated a profitable business after closure of these stores. A decision was taken by the directors to close these two loss making units, bringing the leases to an end and make the necessary redundancies. This had the effect of crystallising substantial property and employee liabilities. The Company had insufficient cash reserves to pay the resulting lease liabilities or the redundancy payments. Therefore, a CVA was proposed, and subsequently approved by creditors, which enabled the Company to capture these liabilities in the CVA and settle them over a period of three years from profit. As a result of the CVA being approved, the Company continues to trade from its remaining units, saving around 40 jobs in the process. The alternative procedure of administration or liquidation would have resulted in very little or no return to creditors.
Testimonials are added by the business owner and are not independently verified.
Monday to Friday: 8:30am - 5:30pm
Saturday to Sunday: Closed
Free initial advice of up to one hour at our offices or your offices