If you feel your charity could benefit from consultancy but you able to carry out certain tasks on yourself, we can provide a guiding hand or reassurance for the actions you have already undertaken.
There are many different aspects our consultancy services for insolvent charities can cover. The following are just few examples of what our consultancy services can advise on:
- Ceasing or closing down operations not involving a formal insolvency
- Dissolution
- Whether or not certain proposed actions breach insolvency law
- Advice on how to conduct actions that do not breach insolvency law
- Preserving an entity through financial restructuring
- Interpretation of your financial reports
- Financial reporting systems implementation
- Understanding trustee duties
When trustees are advised to seek legal advice, we can provide them with the information they require. If other professionals, such as solicitors, lenders, accountants etc., are concerned with how best to deal with their client or how to resolve their client's quandary, we are also able to offer advice on such matters.
There can often be a blurring of duties between solicitors and other professionals when it comes to legal advice in specialist areas. For example, even though they can advise on any law, a solicitor may not necessarily be a specialist in the area of insolvency. However, when it comes to legal advice in the specialist area of insolvency, an Insolvency Practitioner is licensed, regulated and insured to give advice as well as act in the area of insolvency. They can also often provide whatever guidance is needed. Similarly, an Insolvency Practitioner can advise that an organisation should close, despite the organisation's auditors being able to sign a clean audit report in relation to going concern issues, but it is only the auditors who can make the decision about the audit report.
When you contact us for advice, Lucas Ross will make sure we fully comprehend your requirements and we will clearly state what the scope of our work permits. In the event of any conflict of interest arising – for example, if a board of trustees asks for advice on the actions to be carried out by the organisation and also on their own personal position – we will be able to ensure you can be given all the help you may need by referring you to one of our chosen specialist partners.