Working to get the best possible outcome from an insolvency situation
Our insolvency work encompasses every stage of the insolvency process. Our team is sensitive to the pressures you will be under as a business owner at risk of insolvency and if you find your business unable to pay its debts, we urge you to seek urgent advice so that we can try and help you either avoid insolvency or achieve a better outcome than liquidation.
We also advise insolvency practitioners and directors in connection with their duties once a company has been placed in insolvency. We can assist with obtaining assets to maximise the return for creditors, transactions at an undervalue, preference transactions and claims against directors.
Our insolvency services include:
Insolvency Practitioner services
A business that is in financial distress or is insolvent often involves multiple stakeholders and may require a number of different services. Whether it’s advice about entering into administration, liquidation or bankruptcy proceedings, or whether you need to recover and secure assets and recover debts, our experienced team is able to assist. Read more.
Director & SME services
Our team can assist with business rescue services with a view to stabilising the business and returning it to solvency. We can also assist with director disqualification whether you wish to bring such proceedings or are responding to them.
Personal bankruptcy and debt recovery
If you are personally unable to pay your debts, we will advise you on the implications of personal bankruptcy or an individual voluntary arrangement, and where necessary, we can assist with the process. We can also help with personal debt recover.
Frequently Asked Questions
Insolvency relates to companies that can’t pay their debts; bankruptcy applies to individuals.
Directors have a number of duties set out under the Companies Act 2006 and should take advice as early as possible in order to understand the implications of any actions or transactions that may arise upon insolvency.
Possible routes include CVAs, administration, refinancing or informal restructuring arrangements.
Control passes to insolvency practitioners whose job is to maximise returns to the creditors and undertake investigations into the affairs of the Company.
You may be if you’ve given personal guarantees to Company creditors and/or have entered into transactions or actions contrary to the Insolvency Act 1986.
You can file a proof of debt and, if secured, enforce your security, subject to the terms of the charge itself.
The Official Receiver shall investigate the conduct of directors and may, should it believe that there is an allegation of misconduct to face, seek to disqualify you under the Company Directors Disqualification Act 1986. Early advice should be sought from a solicitor or barrister.
Call us about an insolvency issue
If you need advice or assistance in respect of insolvency or restructuring, contact us today. Our team is ready to help.
