We carry out a broad spectrum of Insolvency engagements.
We offer pre-liquidation advice to companies and their directors helping them to assess the financial situation of their business as well as options available and associated risks when considering whether to continue trading or winding-up. This can be in advance or during any formal insolvency process.
We also advise creditors and members who have interests in companies that may be in financial difficulty about their options in advance, or during, any formal process. We liaise with lawyers and advisers during this critical period.
We can act on behalf of stakeholders looking to preserve assets and value within a company pending the formal appointment of a liquidator. Gordon Wilson has been appointed by the Isle of Man Courts as provisional liquidator on numerous occasions and, as a result, has gained considerable expertise in dealing with the unique and often highly complex issues involved at this early stage in the liquidation process.
Gordon was appointed as provisional liquidator in a landmark case in the Isle of Man (one of the few cases where a company went into provisional liquidation), worked with its creditors to resolve its issues and exited the process before a winding up order was made.
Court Appointed Liquidator
Gordon is recognised by the Isle of Man Courts and listed on the Court Appointment Register of competent liquidators in the Isle of Man. He has acted as Liquidator and deemed Official Receiver on numerous liquidations and brings a commercial, considered approach to the most complex of situations.
We aim to provide petitioners with a quick decision on whether Gordon is conflicted or not and therefore able to act, which is particularly key when circumstances are time critical. We offer highly competitive rates and we are willing to consider a degree of risk regarding liquidation fees and expenses..
Gordon has also been appointed as joint liquidator with insolvency professionals from other firms, both on the Isle of Man and from the UK where there is a need of local presence or where there is a particular conflict of interest.
We have invested in specialist liquidation software which allows us to deal with even the largest of liquidations in an efficient and controlled manner. We also work with a variety of different law firms and other professional advisers both on the Isle of Man and further afield.
Members’ Voluntary Liquidation
Gordon Wilson can act as a Liquidator in members’ voluntary liquidations on Isle of Man Companies.
We take a proactive approach and can assist directors to prepare necessary minutes, resolutions and filings to commence the liquidation process. Depending on the nature of the company and its assets, this process could take as little as 2 to 3 months.
We offer competitive hourly rates or fixed fees and have relationships with a number of Isle of Man corporate service providers and tax advisers for members voluntary liquidation work.
Creditors’ Voluntary Liquidation
The primary aim in a Creditors’ Voluntary Liquidation is to return the highest value possible to the creditors of the company by collecting in, realising and distributing the remaining assets held by the company. Creditors Voluntary Liquidations can range from the straight forward to the highly complex depending on the type and number of assets involved. We have experience in a wide range of areas including, but not limited to, the sale of properties (worldwide), aircraft, yachts, plant and machinery and portfolios of shares.
Our specialist insolvency software is capable of dealing with the largest of cases involving hundreds or thousands of claimants.
Acting on behalf of charge holders, we are able to act as receiver appointed under Isle of Man registered debentures to take control of and realise charged assets.
Where the relevant powers exist in the debentures to trade a business of a borrower pending a realisation, we can act to manage the business in the interest of enhanced realisations for its stakeholders.
The Isle of Man Companies Acts, 1931 and 2006, both give stakeholders of Isle of Man companies a right to apply for the appointment of an inspector. An inspector is appointed by Court to review the affairs of the company and to report findings. Inspectors can be appointed to look into areas such as conduct of director(s), influence of a majority shareholder in the business of the company or the restriction of information to shareholders. Generally there will be a public interest factor involved in an inspector appointment.
The appointment of an inspector may be a necessary precursor to a winding-up application where a shareholder has insufficient evidence with which to petition the Court. Gordon has acted as an inspector on the application of the Isle of Man Financial Services Authority and is familiar with the obligations of the role.
Trustee in Bankruptcy
Gordon is on the short list of approved individuals maintained by the High Court of the Isle of Man for appointment as trustee in bankruptcy over the affairs of individuals that are made personally bankrupt under Isle of Man personal insolvency legislation.