At KLP LLP, we are committed to support stakeholders in troubled companies, to either turn businesses around or to provide corporate exit routes with the best possible value recovered.
Our Business Recovery Services include:
Members’ Voluntary Winding Up
A company may be perfectly solvent, but when it has served its useful life, shareholders may decide to realise their investments and venture separate ways. Under such circumstances, you can turn to us for advice in the systematic winding down of the solvent company by way of a members’ voluntary winding up.
Creditors’ Voluntary Winding Up
Sometimes a company may be in deep financial difficulties, and the directors may be breaching their fiduciary duties if the company continues to trade while insolvent. We can step in to ease the pressure of the directors from the relentless creditors, by offering them the solution of a creditors’ voluntary winding up. At the same time, we will protect the interest of the creditors and shareholders by the efficient realisation and fair distribution of assets at best value.
Compulsory Winding Up
Unlike voluntary winding up, which are approved or initiated by shareholders, a compulsory winding up occurs when a court orders that the company be wound up. The action may be commenced by a petitioning creditor usually on the ground of the company’s inability to pay its debt as and when they fall due. We, as qualified accountants and lawyers can assist creditors to recover the best value possible. We have the necessary experience to lessen your trauma in dealing with the intricate minefields of court procedures and legislation involved in the involuntary winding up.
A potentially profitable and sound company may be insolvent, but so long as there is a chance to resuscitate the company, we can come to your rescue as judicial managers to nurse your company back into a going concern or to at least effect a more advantageous realisation of assets than in a winding up position. The advantage of a judicial management order is that creditors cannot, without the court’s consent, enforce their rights, during the period of the order. This will allow the company time to be rehabilitated or to continue to trade to complete its projects.
Schemes of Arrangement and Restructuring
One of our key aims in corporate recovery is to facilitate the recovery of salvageable companies. We are able to advise under-performing companies and companies with cash flow problems on turnaround restructuring solutions, liquidity investigation and workout, and schemes of arrangements to satisfy all parties.
Receivers and Managers
We understand the requirements of banks and other secured creditors in protecting their security and they could appoint us as receivers or receivers and managers. We may similarly be appointed by the court upon the application of the debenture holder or trustee for the debenture holders.
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Lim Yeong Seng
Tel: +65 6227 4180 ext. 101
Tel: +65 6227 4180 ext. 201