Inter-Company Debt and Group Reconstruction

Untangling complex
group structures.

Key Ledgers reconstructs inter-company loan accounts, analyses shareholder funding positions and prepares court-ready evidence in multi-entity disputes.

Group StructuresLoan ReconstructionShareholder DisputesHigh Court

Case Study

Real instruction - name withheld

High Court Freezing Order and Group Structure Dispute

Acting as forensic accounting expert in High Court proceedings involving a freezing order and disputed inter-company balances across a multi-entity property group. The instruction went to hearing where oral evidence was provided. Key issues included the classification of inter-company funding, the reliability of accounting records and the reconciliation of disputed balances.

Oral evidence provided at High Court hearing

"Bharat provided clear and well-reasoned forensic accounting analysis... His work was instrumental and proved valuable in supporting the legal arguments advanced in the proceedings."

Andrew Barns-Graham, Barrister, 3 Hare Court

How We Work

How does forensic accounting analysis of inter-company debt work?

Structure Mapping

We identify all entities within the group and map the flow of funds between them. Building a clear picture of the group structure and inter-company relationships is essential before any reconstruction work begins.

Account Reconstruction

Using bank statements, ledgers, board minutes and corporate filings, we reconstruct the inter-company loan accounts and classify each movement. Where accounting records are incomplete or contradictory, we work from the primary transaction evidence.

Court-Ready Evidence

We produce clearly referenced schedules and an expert report setting out our methodology, findings and conclusions. All calculations are traceable and cross-referenced to primary documents, capable of withstanding scrutiny at trial.

150+Expert Witness Instructions

20+Years in Practice

FCCAFellow of ACCA

CPR 35Court-Qualified Expert

Why Key Ledgers

What makes the
critical difference.

Untangling complex group structures demands forensic rigour and deep experience in disputed inter-company accounts. These are the qualities that distinguish Key Ledgers in High Court proceedings.

Genuine Independence

Our duty is to the court. No allegiance to any shareholder, director or creditor. Our analysis is formed on the evidence and the evidence alone.

CPR Part 35 Qualified

All expert reports comply with CPR Part 35 and the Practice Direction. Expert witness obligations are understood and applied without compromise.

FCCA and Registered Auditor

Bharat Varsani FCCA is a Fellow of ACCA and a registered auditor, subject to the highest professional and ethical standards in the profession.

High Court Experience

Instructed to give oral evidence in High Court proceedings, including in cases involving freezing orders and complex multi-entity group structures.

Forensic Precision

Every inter-company movement classified and cross-referenced to primary documents. Every reconciliation traceable and auditable.

Same Working Day Response

We respond to all enquiries the same working day. Instruction details are treated as strictly confidential from the first contact.

Who We Work With

Instructed in complex group disputes across the courts of England and Wales.

Commercial Solicitors

Acting for shareholders, directors and creditors in group structure disputes and contested inter-company balances.

Commercial Counsel

Barristers in High Court proceedings requiring expert forensic accounting analysis of group financial structures.

Insolvency Practitioners

Officeholders requiring reconstruction of inter-company balances and group financial positions following insolvency.

Shareholder Disputes

Minority and majority shareholders in unfair prejudice and derivative claims involving disputed group accounts.

What You Receive

Clear, court-ready evidence on every instruction.

Our work product is structured so that solicitors and Counsel can deploy it immediately, from interlocutory applications through to full trial.

Group structure map
A clear diagram and narrative setting out the corporate structure, entity relationships and fund flow within the group.
Reconstructed inter-company schedules
Transaction-level schedules for each entity and inter-company relationship, cross-referenced to bank statements and company records.
Classification analysis
Assessment of each inter-company balance as debt, dividend, equity or other, with reasoning and evidential support for each classification.
CPR Part 35 expert report
A properly structured report setting out our qualifications, methodology, findings and expert opinion, compliant with CPR Part 35.
Joint statement and oral evidence
Contribution to a joint expert statement and, where required, oral evidence on the forensic accounting issues at trial.

Common Questions

Frequently asked questions about inter-company debt disputes.

Inter-company debt analysis is the forensic examination of financial transactions between related entities within a corporate group. It involves reconstructing inter-company loan accounts, classifying movements as debt, dividend or equity, and identifying the true financial position between group entities where that position is disputed.
A forensic accountant is typically instructed where shareholders dispute the value or classification of inter-company balances, where an officeholder needs to understand the group's financial position following insolvency, or where litigation involves contested loans, dividends or capital between group companies.
Bank statements for all entities, nominal ledger and management accounts, board minutes authorising payments and transfers, loan agreements, shareholder agreements, statutory accounts and any available correspondence explaining the purpose of transactions. Where documents are missing, we work from what exists and document the limitations clearly.
We examine the contemporaneous evidence for each transaction: was it authorised by board resolution, recorded consistently in both entities, treated as a loan in the statutory accounts, and charged with interest? Where the evidence supports one classification over another, we set out our reasoning clearly in the expert report.
Yes. Many inter-company disputes involve offshore entities, overseas bank accounts and multi-jurisdictional group structures. We work from whatever financial records are available across all entities and produce analysis that is usable in English court proceedings regardless of where individual group companies are incorporated.