Insolvency, and even just the threat of it, can be one of the most stressful events anyone involved in business will come across.
Working with Insolvency Practitioners
Our extended business team work closely with local insolvency practitioners [often referred to simply as IPs] on a variety of issues surrounding insolvency.
What’s more, if you conclude that business has no option but insolvency, we can help by introducing you to and working closely with the right IPs.
Insolvency and Bankruptcy – What’s the Difference?
The difference between these two expressions in the UK is very simple;
- companies become insolvent [ and other expressions such as liquidation and administration apply to companies only]
- individuals go bankrupt
Business Insolvency – How We Can Help
Our specialist team regularly acts for a variety of those involved in a potential insolvency – including Insolvency Practitioners, lenders, and both companies and their directors.
We can help you with a number of issues including;
- Administration – under which the management of the failed company is passed to an Administrator. The process of Administration can be used instead of actually winding-up a company, with the intention that, if possible, the company itself or at least its business can be saved
- Acting for Creditors
- Issues surrounding Director’s Disqualification Orders
- Advice on company liquidation or winding up – under which an appointed liquidator realises the assets of a company and distributes those assets to the creditors
- CVAs – Company voluntary arrangements – under which a company [or a partnership] and its creditors reach agreement about the payment of outstanding debts – an agreement implemented by an insolvency practitioner.
- Insolvency related litigation – including recovery and protection of assets, and wrongful trading
- IVAs – Individual Voluntary Arrangements
- Landlords Rights on Insolvency
- Statutory Demands – issuing them or setting them aside
- Winding Up Petitions
Personal insolvency advice & services
- Bankruptcy Proceedings, Reviews and Appeals
- IVAs [ie Individual voluntary arrangements – a voluntary agreement with your creditors to pay all or part of your debts under which you pay regular instalments to an insolvency practitioner who is responsible for the payment of these monies to your creditors.
- Orders for Sale and Possession
- Statutory Demands [a formal written request that a debt must be paid]
- Transactions at an Undervalue & Preference Claims
Don’t Delay – Take Action Today
In a surprising number of cases, although a business might have huge trading problems, the situation may not be beyond repair.
By contacting our team without delay, we can help you to the best outcome possible – which could mean avoiding insolvency entirely. It may be, for example that the threat of insolvency is largely based on non-payment of your bills and invoices. By getting our specialist debt recovery team involved at an early stage, and by reviewing your terms and conditions for example, it could be that you can avoid insolvency completely.
The law surrounding insolvency is complex. So whether you are a creditor, or you have a business in difficulties, you need a specialist to help.