Business controllers wishing to cleanse or protect their underlying businesses from abnormal contingencies may wish to perform a Business Transfer.
Threats to a strong business could include:
- An employee claim
- Litigation costs
- A rogue contract
- Fraud perpetrated against the business
- Unfavourable non-core contracts (e.g. Utility supplies)
- Lease obligations
- Various cash flow issues including those arising from poor taxation planning.
It may be possible in some circumstances for business controllers to transfer their underlying business out of its existing entity into a new entity, leaving the existing business to face the contingency without that also threatening the profitable business it formerly conducted.
This is a specialist legal area that requires the application of experience. Jonathan Mounteney has been involved in many business recovery projects during:
- Almost 10 years as an in house solicitor for Sony Group and for Co-operative Financial Services
- Over 10 years in private practice advising blue-chip clients.
You will have legal support with the knowledge, qualification and experience to pilot you toward your objective of enhancing the possibility of the survival of an underlying business which is under threat.
How long will it take?
We will take your instructions and advise as appropriate, then produce a suit of documents required to implement the transfer in the most cost-effective and likely to succeed manner.
Having taken your instructions, we would expect to have drafted the documents within 4 working days. Special dispatch may be available where necessary at an extra charge.
Our normal work will be charged at a fixed fee of £600 including VAT.
Our fee applies regardless of how much work we actually do. In some cases this may mean we’ll get relatively better paid for doing less work than in other cases, in which the fixed fee will barely cover our costs. This is simply the nature of the mutual gamble between a solicitor and their client when they fix a fee.
More detail of all these matters will be outlined in our retainer letter which you will be able to review before you engage us, after pressing the “Buy” button on the website.
If you have any questions or require any further information, please don’t hesitate to Contact Us.