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SPK Financial Solutions Limited have rebranded to Mackay Goodwin Limited
Please note, SPK Financial Solutions Limited have rebranded to Mackay Goodwin Limited. Please be assured, we are the same team as before, providing the same tailored professional advice and services. Our contacts numbers remain the same, so if you have any queries just give us a call!
Our Terms Explained
Insolvency
When a company is unable to pay its debts when they are due or its liabilities exceed its assets, it can be considered insolvent.
Insolvent Liquidation
The process of selling a company’s assets in order to pay off its debts. This can be either voluntary, ‘CVL’ (when the company initiates the process) or involuntary ‘Compulsory’ (when a creditor initiates the process in the court).
Administration
A process in which the directors, a secured creditor or the court appoints an Administrator to assess its financial situation and develop a plan to either restructure the company or sell its assets.
Creditor
A person or company to whom the company owes money.
Debtor
A person or company that owes money to someone else.
Restructuring
The process of reorganising a company’s operations, finances, and/or debts in order to improve its financial health. This may involve negotiating with creditors to reduce or restructure debt, selling off non-core assets, or changing the company’s business model. Please see L.O.S.T. above
Winding up
Another term for the process of bringing a company’s operations to an end and distributing its assets to its creditors and shareholders. This can be done either voluntarily (by the company) or involuntarily (by a court). Please see the various pages on our website for detailed information regarding the various winding up processes.