Experienced insolvency solicitors
When a business is in financial distress, they may be a number of different routes available and there are normally multiple stakeholders involved. Insolvency issues are often complex and are nearly always highly emotive with people’s livelihood and assets at stake. Our experienced team are sensitive to the many different aspects of an insolvency situation and will work with you to advise and where necessary take decisive and swift action on your behalf to secure the best outcome.
Administration
Whether you use the out of court route or apply to the courts, administration proceedings may be instigated by the directors of the company, its shareholders or creditors. The company then gets protection from its creditors, who cannot take further action against the company without the consent of the court, or administrators. The purpose of administration is, where possible, to rescue and rehabilitate insolvent but potentially viable companies. Our team has experience for acting for all stakeholders and can advise on whether administration is appropriate route as well as conducting the necessary proceedings or processes.
Fraud and asset trading
Fraud and asset trading or recovery often requires speedy and decisive intervention to secure or preserve assets. This can take many forms such as asset tracing, applying for emergency freezing orders and evidence preservation orders, enforcement proceedings and whistleblowing claims. Alternatively, you may find yourself in the situation of having your assets frozen or dealing with an investigation into your dealings. Our experienced team is on hand to advise and assist navigate what can be a highly complex and technical area.
Bankruptcy
You can apply for bankruptcy yourself or can be made bankrupt by a creditor, if you owe over £5,000 to them. Once a bankruptcy order has been made the Official Receiver or an Insolvency Practitioner will be appointed as your Trustee and will manage the process by taking control of your assets. There are serious implications when a bankruptcy order is made but there are also positives to this course of action. The key is to get advice as early as possible, whether you are considering applying for a bankruptcy order or responding to one.
Liquidation
If there is no hope of business recovery, liquidation may be the only option. There are three types of liquidation (creditors voluntary liquidation, compulsory liquidation and members voluntary liquidation). The result is the company assets are old sold off in order to pay creditors. We have experience of acting for all types of liquidators and can advise you on which option is best for you and guide you through the process.
Debt recovery
Debt recovery can be time consuming and stressful and the impact of unpaid debts on your business can of course be significant. We can provide compliant debt recovery services including pre-action, court procedures and full debt enforcement procedures to recover your debts. Meaning you can get on with running your business.
Sectors in which we have experience and expertise
We have experience across multiple sectors including:
- Financial services
- Professional services
- Leisure
- Retail
- Property
Speak with a member of our team about an insolvency issue
If you need advice or assistance in respect of an insolvency issue, contact us today. Our team is ready to help.
Or visit Insolvency and restructuring to learn more about our services.