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Manufacturing

Manufacturing Insolvency

There is a pattern with the types of manufacturing business that we help out. They are rarely new businesses and have usually been established for many years. They also tend to have a long serving workforce and the company can not afford the redundancy costs to slim the business down.

Quite often the company will be in an overpriced factory using very old equipment that can not easily be moved. They sometimes do own the trademark or rights to some good products which has encouraged them to keep going waiting for the next big order.

 

Manufacturing is a tough and competitive business. The businesses that tend to make money own the rights to the product they are making – so no one else can make it and undercut them or they are making a high value specialist product.

Manufacturers can have long lead times in cash flow – tying up money in wages and materials that customers want quickly but sometimes take a long time to pay for.

Older established businesses can have problems with long serving staff that they cannot afford to make redundant as new processes and machines come along that could improve the production process.

Some of the first questions we ask this type of business owner is;

  1. Is the business viable going forwards so can it make money if restructured?
  2. Do the owners and directors have the energy to carry on?

There are various options to businesses that answer yes to 1 and 2 above. Earlier this year we liquidated a large manufacturing business based in the UK who were the largest producer of an artisan product sold through specialist shops. Although the business was liquidated, we sold the assets back to the directors so that they could carry on in a restructured and lower cost format. Assets are typically valued in this case by an auctioneer and often the best buyer is the current management which saves the costs of removing assets and selling them at auction.

Email

david@kirks.co.uk

Phone

0808 1961496

Offices

Across the South West, London & Wales

Just a quick email to say a heartfelt thank you for your very calm, considered, expert advice regarding my circumstances on Tuesday. Things looked bleak before you explained my options much more clearly, in simple layman’s terms.
Rob Elliott
Kirks and their team recently advised me on the Members Voluntary Liquidation (‘MVL’) process. They made it very simple for me to understand the process, they kept me up to date with progress throughout the liquidation and expertly answered any queries I had. All interactions with Kirks were highly professional and it gave me confidence that my liquidation was safe in their hands. They promised a straightforward process and certainly delivered – I highly recommend the team at Kirks to assist with your MVL.
Daniel
Kirks provided a very efficient and cost effective service. They offered support and advice throughout the process and made prompt payments. It was a very professional and helpful service.
Richard
We have just had the pleasure of working with Kirks, to complete the closure of my company, everything went smoothly and professionally. I would recommend this company and the staff very very helpful and quickly finalised everything. Thank you Kirks.
Carol Hill
I found you very professional in all my dealings with you. You were knowledgeable and dealt with my case expediently. You answered all my queries on the way in full and everything happened as you said it would in he time frames you outlined in the very beginning. I would have no hesitation in commending you and your company to others
Allan M
We appointed Kirks to manage the process of an MVL when we had ceased trading and found their service to be very straightforward and thorough. A fixed fee arrangement provided us with reassurance and David explained the process clearly to us at the outset. A very professional service all round
David MillsDM digital Solutions
Thanks for all your help guys and for being quick in replying to phone calls and emails
Anon
I have found Kirks Insolvency to be very reliable in terms of their dealings with us as their customers. They are clear in terms of the process and what it entails and are very prompt when it comes to communications. I would recommend their services.
Michale P
I was very impressed with the speed and efficiency with which Kirks undertook the MVL and their help and assistance in explaining the process and resolving any queries.
Anon
Before meeting with Kirks, I had already met with a number of other insolvency practitioners none of whom I considered to be as clear cut and up front as David. The liquidation was executed quickly and professionally and I really am happy that I have done it.
Anon
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Just a quick email to say a heartfelt thank you for your very calm, considered, expert advice regarding my circumstances on Tuesday. Things looked bleak before you explained my options much more clearly, in simple layman’s terms.
Rob Elliott

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David Kirk

Licensed Insolvency Practitioner

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