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Insolvency and Business Recovery

In the current economic climate an increasing number of businesses and individuals find themselves facing serious financial difficulties, often through no fault of their own. It is vital that those who find themselves in such situations take specialist professional advice at as early a stage as possible when the options open to them are likely to be more numerous.

In many cases taking early action can avoid the need for formal insolvency proceedings. However, where formal insolvency is the only option available we can help advise on the best course of action. We have strong contacts and work closely with insolvency practitioners to guide the client through the process and out the other side to a more stable future.

Our clients include companies and their directors, partners and sole traders, private individuals, creditors and insolvency practitioners.

Advice to companies and LLPs

We can assist with:

  • Administration
  • Company voluntary arrangements (CVA)
  • Members voluntary liquidation (where the company is solvent)
  • Creditors voluntary liquidation
  • Compulsory liquidation

Advice to private individuals (including sole traders and unincorporated partnerships)

  • Individual voluntary arrangements (IVA)
  • Bankruptcy
  • Annulment of bankruptcy

Advice to creditors

  • Debt recovery options
  • Serving a winding up petition
  • Advising on the options if a debtor:
  • May be about to enter insolvency proceedings
  • Enters insolvency proceedings
  • Advising on enforcing security and retention of title claims

Advice to company directors

  • Advising directors on their personal liability if their company is insolvent or in financial difficulties including:
    • Their legal duties as directors under the Companies Act 2006 and Insolvency Act 1986
    • Liability under personal guarantees
  • Defending directors against personal claims under the Insolvency Act including:
    • Wrongful trading
    • Fraudulent trading
    • Transactions at an under value
  • Defending applications under the Company Directors Disqualification Act 1986