How Xeinadin Corporate Recovery secured a dignified end for a century old spectacle business 

How Xeinadin Corporate Recovery secured a dignified end for a century old spectacle business

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A North-West based spectacle shop reached the milestone of 100 years but the competition of national chains coincided with financial difficulties, forcing the tough decision to close its doors. 

Our Corporate Recovery team stepped in and understanding the emotional complexities of the business, the team reviewed the business with sensitivity and expertise. After a thorough review of their financial situation, it became clear that continuing operations would not be a viable option. However, the Corporate Recovery team wanted to ensure a dignified closure which ensured the employees were looked after and unsecured creditors received a fair dividend. 

Given the circumstances, the most suitable outcome was a Creditors’ Voluntary Liquidation (CVL). A CVL is a formal insolvency procedure that empowers company directors to initiate the winding-down process voluntarily. This strategic move allows a distressed company to liquidate its assets, settle its debts in an orderly manner and bring closure to its operations under the guidance of a licensed Insolvency Practitioner. 

Whilst a difficult chapter for the business owners, the process was handled with expertise and care to ensure the best outcome for all. Find out more about how our Corporate Recovery team managed this case here.

If your business is facing financial difficulties, Xeinadin Corporate Recovery can help navigate the process.  

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