Watches, jewellery & furniture

A key element of that decision was in the way French Duncan conducted themselves during our initial enquiries, including a no obligation meeting…”

We were approached by an organisation that designed, manufactured and sold various goods including watches, jewellery and furniture, and were struggling due to the combined effects of Brexit and the pandemic. The increased transit costs and difficulties in selling online to the EU became an increasingly big problem for the firm, which was then exacerbated by the supply chain issues caused by the pandemic. Things then took a turn for the worse when one of their main suppliers wanted to raise their costs, which the firm weren’t willing to pass on to their customers. Despite measures to increase product diversification in an attempt to change the business trajectory, the business found themselves in an impossible situation, so contacted FD Business Rescue.

WHAT WE DID

Our team met with the business owners to discuss their options, and came to the conclusion that a Creditors Voluntary Liquidation would be the most suitable. The business owners understandably needed reassurance that this was definitely the best route to take, and our team took the time to answer any questions they had before they committed to anything.

HOW WE HELPED

We quickly organised a potential strategy which would allow the board of directors to, using their expertise, maximise asset realisations prior to the appointment of a Liquidator.  We were able to illustrate estimated employee claims to the Redundancy Payment Office in respect of the small workforce to provide some peace of mind that employees would be entitled to receive a proportion of what would be due to them in the event that the Company ceased to trade, via claims to the Insolvency Fund.  We prepared all of the paperwork on behalf of the board in order to place the Company in to voluntary liquidation, using electronic document signing software capable of delivering documents instantly and securely, allowing the board to review and sign these at their leisure, whilst working to a tight timeline.

What our clients said

“We appointed French Duncan as liquidators of our business after carefully considering the options available and coming to the agreement that a Creditors Voluntary Liquidation would be the preferable option.

A key element of that decision was in the way French Duncan conducted themselves during our initial enquiries, including a no obligation meeting with Rob Hardie and Brian Milne, who patiently answered our questions and concerns and allowed us to feel comfortable in moving forward. It was also clear that they would absolutely act in a way that was best for stakeholders, including creditors and staff.

Throughout the liquidation, Rob has been very responsive via phone and email, and has kept us up to date with guidance, confirmations and advice as we progressed through each stage. He also provided detailed support regarding the more complicated elements of the process. Furthermore, we were able to agree to a number of ‘common sense’ decisions which allowed the most value to be extracted for creditors in the quickest time frame possible. So far, we have been delighted with the service received and would happily recommend French Duncan to others looking for guidance on similar issues.”

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Veitch Moir Ltd

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