Business Recovery & Rescue

Welcome to Francis Wilks & Jones, the country’s leading specialists in business rescue and recovery.

We have spent the last decade advising director and shareholders in a wide range of businesses facing trading difficulties. In many of these cases, we have successfully helped our clients to continue trading through their difficulties by identifying problems, finding solutions and avoiding formal insolvency. Even in the bleakest of situatons, there are always options available to businesses to help turn things around.

Unlike other websites you many have visited, our emphasis is on recovery, not insolvency.

Why use Francis Wilks & Jones?

Our experience tells us that the sooner you identify that your business is in trouble the sooner you are able to act to address the issues, potentially increasing your ability to rescue the situation and simultaneously decreasing the chances of your acting contrary to your statutory duties as a director.

1. How can you tell if your business is in trouble? Read more

There can be many signs that your business is struggling. Our booklet, 10 warnings signs, gives practical guidance about the types of things you need to be looking out for and you may also find it helpful to identify if your business is at risk of insolvency by reading our booklet

2. Have you been presented with a statutory demand or winding up petition? Read more

Francis Wilks & Jones can help you in a number of ways if you have had a statutory demand or winding up petition presented against you. We can assist you in scenarios where you believe that the statutory demand or winding up petition is disputed or has been wrongly presented against you. Alternatively, in circumstances where you cannot afford to satisfy a statutory demand or winding up petition presented against you we can help you work out the best solution for your business. More details of the services we can provide in these scenarios can be found here.

3. What are the recovery options available to me? Read more

There are many types of restructuring and recovery opportunities available to businesses and we believe it is important to find the one that works best for you and the type of business you run. Our booklets What Is Insolvency? and Different Types of Company Insolvency Explained give a brief summary of the main differences between various procedures and we can help explain these to you in more detail so that you can ensure that you make the right decisions to help your business survive though a period of financial distress.

We can assist you in exploring the pressing issues for your business and identifying the problems that are stopping you from trading profitably. We can then help you to find solutions that are both commercial and tailored to your needs, whether that means entering into a voluntary arrangement with your creditors, placing the company into administration or restructuring a business using a process known as “section 110 restructuring”.

Further details of assistance we can provide in relation to restructuring a business, including details of practical solutions, can be found here.

We understand that the situation is often time critical and our team is geared up to provide you with quick and concise advice.

4. How do I restructure a business? Read more

We have years of experience in helping business owners, shareholders and directors trade and when necessary, restructure their businesses and details of the ways in which we can help you and the types of things that you should be thinking about can be found

Further details of assistance we can provide in relation to restructuring a business, including details of practical solutions, can be found here.

5. What if I have already spoken to an insolvency practitioner? Read more

FWJ can provide you with guidance and support even in circumstances where you have already been in contact with an insolvency practitioner. An insolvency practitioner has a statutory duty to act in the interests of a company’s creditors and not the directors of a company. We can help ensure that, as a director or business owner, you receive proper advice that is focused on you.

Where your bank or financier has asked an insolvency practitioner to contact you we can help you understand that process and what the bank is entitled to do. We are also accustomed to working with the chosen insolvency practitioner on your behalf to ensure that a solution that suits all parties is found.

6. Can I buy the assets of a distressed business? Read more

It is possible to buy the assets of a distressed company, including the right to use the goodwill of the company, or to trade using the company’s name, even if you are a director, shareholder or employee of that distressed company, as long as certain circumstances apply.

Key things to be aware include making sure that you acquire the assets from the right party and making sure that fair consideration is paid for the assets.

Regardless of whether you have a previous connection with the business, or are a competitor or a new entrant to the market, we have a team of experts who can assist you with every aspect of the purchase of an insolvent business from setting up a new company, to making an offer to the insolvency practitioner involved to negotiating and advising on the terms of the sale.

Further information can be found in our booklets Buying Assets From an Administrator 10 FAQs and 7 Things to Know When Buying An Insolvent Company.

Further details of assistance we can provide in relation to restructuring a business, including details of practical solutions, can be found here.

 

You may also find it helpful to read our tips booklet 8 Common Mistakes When Acquiring or Restructuring a Distressed Business.

7. Can I carry on trading using the name of a business that has gone bust? Read more

The Insolvency Act does not allow a director of a company that has gone into liquidation from trading another business using the same, or a similar name unless certain specific circumstances apply.

We can help you identify whether the circumstances you find yourself in allow you to trade using the same name and can also help you take corrective steps if necessary.

More details about this can be found in our booklet Can I Re-use an Insolvent Company's Name.

8. What if I am owed money by or expecting a delivery from a business in financial distress? Read more

The options open to you if you are owed money by a distressed business or if you have placed an order with or paid a deposit to a business in trouble can vary greatly depending on the paperwork you have to support your position and whether the distressed business is already in a formal insolvency process or not.

Details of our debt recovery team can be found here and they will be able to assist you in circumstances where the distressed business is still operational. Alternatively, you may find that our Creditor Services team can be of assistance if a more formal insolvency process is being commenced.

Whilst you may not be inclined to through good money after bad, we would suggest that you contact us at the earliest opportunity if you suspect that a customer or supplier is in financial difficulty so that we can help you understand the implications if the worst happens and assist you in identifying possibly solutions.

9. What if my tenant has fallen behind with its rent? Read more

Francis Wilks & Jones provides specialist services to landlord, in particular landlords who are faced with insolvent tenants. Further details can be found here.