Specialist Services

Solvent Liquidations

A solvent liquidation (Members Voluntary Liquidation or MVL) is a method of winding down a company which has ceased to trade but is still solvent.

This can be a tax efficient method for shareholders to be repaid their capital from a dormant business, although, simpler methods may be used to achieve the same objective. Our specialists can advise you on the right choice if you wish to extract capital from a dormant company.

Contentious Insolvency

It is an unfortunate reality that individuals and companies can suffer losses due to fraud, dishonesty or negligence.  Increasingly this is in a global context through the connectivity that has been created by the explosion in sophisticated telecoms and the ability of perpetrators to hide assets in overseas jurisdictions.

Speed and experience are the essential ingredients to achieving recoveries in these cases.

  • Experienced team – our experienced team of professionals combine insolvency powers with forensic and investigation skills to swiftly identify the best strategy to maximise recoveries.
  • Insolvency powers – we focus on using our insolvency powers to capture data, recover information from third parties and if necessary by interrogating individuals in court.
  • Litigation – we employ the full range of litigation to safeguard assets, for example the instigation of freezing orders, and to bring claims which are unique to the Insolvency Practitioner dealing with transactions which defraud of creditors, fraudulent and wrongful trading, and challenging transactions.
  • Investigations – we have access to cutting edge computer forensic and data analytic software to capture, analyse and map critical data.  With the global reach of PKF and our network of contacts we are ideally positioned to deal with multi-jurisdictional matters.
  • Funding – we frequently work on a contingent fee basis and have access to trusted advisors and funders who can provide legal and cash resources, providing a range of option.

Credit Union insolvencies

In recent years, a number of credit unions have been declared insolvent, which can mean that officers have to deal with complicated financial and regulatory issues.

Our specialist team has sector knowledge on both the regulatory and insolvency expertise. This includes having an appreciation of the regulatory requirements of all key stakeholders (FCA/PRA and the Financial Services Compensation Scheme (“FSCS”) in order to advise credit unions as to their regulatory obligations including those facing insolvency and distress. We can help you with:

  • Assessment of solvency position and capital adequacy
  • Credit risk and controls over the issue of loans and monitoring of bad debts / provisioning
  • Systems and controls to monitor financial position and identify fraud risk
  • Review and preparation of the SCV file
  • Presentation to the Board on options available to credit unions facing insolvency