Cork Gully works with a multitude of clients to assist them in achieving their optimal corporate structures. Simplifying its corporate structure helps businesses free up time and money, reduces risk and facilitates growth.
We have a wealth of experience to assist with the formal liquidation of entities that are no longer required in the UK. We can also perform a project management function to ensure the efficient elimination of non-UK entities.
Cork Gully will work with clients to help develop clear simplification plans, where the general approach can be broadly broken down into the following key steps:
- Identifying entities to be eliminated: we work alongside clients to identify entities ready for elimination and complete appropriate due diligence to identify potential issues/barriers to simplification;
- Resolution of identified issues: we are experienced in assisting clients in resolving issues, which may include outstanding claims and/or litigation, commercial issues, legal and regulatory issues or tax matters; and
- Formal elimination of entities: implementation of formal insolvency and/or elimination processes.
Based on empirical evidence, the typical payback period for elimination of a dormant entity in the UK can be as little as 12 months, and much sooner for complex and/or trading entities.
Alongside cost savings, there are a number of other benefits such as:
- Increased transparency and improved governance;
- Improved agility and flexibility, for example a reduced number of board directors streamlines decision-making processes;
- Focus of staff on core business related activities as opposed to ongoing review and management of surplus entities;
- Reduced loss of corporate memory and knowledge mitigating risk particularly within larger groups; and
- Tax efficient capital distributions upon liquidation.
Utilising our experience, Cork Gully works with clients to help drive transformation in businesses, ensuring appropriate due diligence is completed at the outset to minimise risk, whilst also ensuring the buy-in of client leadership to drive positive business transformation.