Insolvency – Corporate & Personal
Insolvency issues can be extremely complicated and costly for any individual or business, so it’s important to receive timely specialist advice from an insolvency solicitor.
We act for company insolvency and individuals that are in financial difficulty.
The type of insolvency law that we are frequently involved in includes:
- Assisting individuals on making or resisting a bankruptcy petition or presenting a winding up petition
- Advising companies on making or resisting a winding up petition or making bankruptcy petition
- Enforcement of debtor or third party obligations/defaults/securities
- Advising directors of their duties and responsibilities
- Directors Disqualification
- Advising insolvency practitioners on their appointments and assisting them with disputes arising during their administration or liquidation e.g. regarding repayment of directors loans or the unlawful payment of dividends
- Transactions at an undervalue, defrauding creditors and preferences.
- Wrongful and fraudulent trading, misfeasance and breach of duty claims against directors
- Advising creditors on insolvency claims they may have; and
- Injunctive relief i.e. a court order that prevents or makes a person or company do something.
Our corporate insolvency solicitors act for company insolvency. Acting for directors facing insolvency proceedings by creditors or insolvency claims by liquidators.
We can assist at all stages of a corporate insolvency matter, whether it be prior to proceedings being commenced e.g. a Statutory Demand or a Letter of Claim has been received or following a Winding Up Petition being presented at Court, or following a Winding Up Order being obtained.
We are able to provide advice and assistance in regards to the full range of corporate insolvency disputes. Below is an example of our experience:-
- Advising businesses at the outset of corporate insolvency proceedings, to devise a tailored strategy going forward.
- Acting on behalf of companies and it’s directors in respect of claims brought by Corporate Insolvency Practitioners, Official Receivers or Liquidators that have arisen from the insolvency. There are many actions that can be taken against directors personally. Claims include for wrongful or fraudulent trading, misfeasance (breach of duty) including negligence, unlawful dividends, preferences and transactions at an undervalue.
- Advising companies that have received a Statutory Demand or some form of notice of intended insolvency proceedings. This usually results in us either seeking to set aside the Statutory Demand, issuing Injunction proceedings, or negotiating a settlement to avoid Court proceedings.
- Defending Winding Up Petitions presented at Court by creditors by seeking adjournments of the Petition so to dispute the underlying debt, with a view of ultimately seeking the Petition’s dismissal and avoiding the company’s winding up.
- Advising the company and it’s directors on the insolvency options available, in situations when it is more beneficial or necessary to take proactive voluntary insolvency steps. These may include Company Voluntary Arrangements (CVAs) or Members Voluntary Arrangements (MVAs) or Administration. Often, such vehicles are much more beneficial for a company and it’s directors than allowing the company to be compulsorily wound up by creditors.
- Advising companies and directors on any claims, counterclaims or set off claims they may have.
- Advising directors in respect of director disqualification proceedings under the Company Director Disqualification Act 1986
- Advising struggling companies on their duties, responsibilities, liabilities and risks presented by insolvency. Taking timely advice can avoid serious issues later on.
- Acting on behalf of companies and creditors wishing to purchase assets, goodwill and trading names from insolvent companies and, where necessary, creating new companies to from which to trade.
Our expert corporate insolvency solicitors act closely with specialist Barristers, Tax Advisors and Accountants to ensure that you have the best chances of achieving a successful outcome.
We understand how devastating insolvency issues can be to a company and our corporate insolvency solicitors look to act as quickly and effectively as possible so to limit the damage to a company and its directors.
Our personal insolvency solicitors can advise and assist you at all stages of insolvency proceedings in the UK, whether a statutory demand has been received and proceedings are yet to be commenced, a Bankruptcy Petition has been presented at Court and proceedings are ongoing or a Bankruptcy Order or a Personal Insolvency Agreement has been obtained and you wish to challenge this.
We specialise in acting on behalf of individuals in such circumstances and also act for creditors seeking to recover sums of money.
We are able to provide assistance to individuals in the full range of insolvency disputes. Below are examples of our areas of expertise:-
- Advising individuals in defending or making bankruptcy proceedings so to devise the most appropriate and tailored strategy
- Personal Insolvency Agreements.
- Issuing statutory demands
- Defending Statutory Demands received i.e. applying to set them aside.
- Defending Bankruptcy Petitions presented at Court by seeking adjournments of the Petition so to dispute the underlying debt, with a view to ultimately seeking the Petition’s dismissal and avoiding a bankruptcy order.
- Negotiating with creditors with a view of resolving the matter and avoiding or resolving insolvency proceedings.
- Advising on the risks presented by insolvency action, including the duties, responsibilities and restrictions placed a client them should they be made bankrupt.
- Advising on what proactive voluntary steps can be taken by individuals when they are struggling financially e.g. entering Individual Voluntary Arrangements (IVA’s). It is often more beneficial to enter an IVA than to be made bankrupt by way of a Court Order.
- Advising on possible counterclaims and offset claims, which may reduce or remove debts owed and therefore avoid insolvency proceedings.
- Advising on and preparing Injunctions e.g. to prevent a creditor from taking certain actions.
- Advising on and preparing annulments of Bankruptcy Orders i.e. applying to set aside Bankruptcy Orders.
- Assisting with the arranging of individual’s affairs so to plan for the future.
- Assisting members of Partnerships and LLP’s in regards to insolvency concerns they may have and to understand their potential liability.
Seeking timely advice in regard to insolvency issues is vitally important, due to the risks and consequences associated with being made bankrupt.
We understand how difficult insolvency situations can be and our personal insolvency solicitors will seek to resolve matters for you as quickly and effectively as possible.