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Company Law International were brought
in to dissolve this software development
company.
We were told that it would be a simple
winding-up process, since there were
no debtors or creditors. However,
on investigation, we found that none
of the company's records was up to
date, there were many claims outstanding,
and the share register was totally
inaccurate, with many shareholders
under the impression that they possessed
a far larger holding than was in fact
the case.
Company Law International had to
administer the company on behalf of
the directors, liaising with the shareholders
to reach a negotiated settlement,
in order for the company to be acceptable
for liquidation.
The main investors did not want to
be associated with an insolvent company.
We therefore took the necessary steps,
amending the public records and correcting
the share register, all the while
advising the directors of the appropriate
actions to keep the company solvent.
We even managed to recoup £73,000
worth of Research and Development
Tax Credits, offsetting our fees and
provide some payout for the shareholders.
Benefits
- Company Law International achieved
the company's original objective
- that of dissolution;
- We managed to bring this company
back from the brink of chaos and,
against all odds, maintained its
solvency to preserve the investors'
reputations;
- We identified the opportunity
for and negotiated the R&D tax credit
claim, providing some much-needed
income.
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