Property insolvency – what do I need to know?
When your business is visibly struggling and you are attempting to identify the most important assets that you need to make creditors and insolvency practitioners aware of, the actual property can often be overlooked.
However, this is undoubtedly one of the most important areas of any insolvency procedure. There will undoubtedly be significant funds tied up in the property and the situation can be complicated by a number of things.
Rental arrears, building regulations and outstanding VAT may all need to be assessed in some detail by administrators entering into the situation. This means that it is particularly important to enlist a team of property insolvency specialists to approach the topic in the correct manner.
Effective and detailed reports
One of the key things to keep on top of when you are dealing with a situation regarding property insolvency involves keeping detailed reports on everything from rent deposits to potential planning irregularities. We can ensure that such reports allow all parties to keep up to speed with what is going on
and that everyone is aware of the realities surrounding the process. Failure to grasp the level of existing debt at an early stage is only likely to complicate the process.
The importance of VAT
VAT is a hugely important area to track when a company and subsequently any existing property is deemed insolvent. Our specialist property insolvency team can ensure that steps are taken to minimise the potential cost of irrecoverable VAT, something that must be considered in cases of this nature.
Insolvency advice specialists
Whether it is in relation to a specialist service such as property insolvency or another area entirely, it can be a shrewd idea to take on the services of insolvency advice specialists. Moorfields Corporate Recovery can provide your company with the necessary guidance and direction to help it survive in a combative financial climate.
If you would like to have a free no obligation chat with one of our advisers please call us on 0207 186 1143.