Insolvency legal advice

Insolvency lawyers

As an individual or business facing insolvency, you’ll need an understanding, professional legal service to support you through changes and conclude matters as quickly as possible. Your insolvency may be forced or voluntary, but in all cases, we offer informed, focused expertise that will minimise the negative effect on you and your commercial interests and can in certain circumstances produce a lengthy positive effect on your business.

We are experts in insolvency

We are experts in insolvency and turnaround. We act in the interests of many varied clients, from individuals and small businesses to large corporates. This affords us a detailed understanding of all perspectives and the capacity to handle your case with insight and expertise, reflected particularly in our ability to handle highly complex court actions.

We approach all cases with an open mind to the potential solutions and often suggest options to our clients that they did not know were possible. The main thing to remember is that liquidation or bankruptcy are not necessarily the only available outcomes.

We also assist Insolvency Practitioners in respect of all types of appointment which they hold, whether formal or informal, and whether for individuals or business entities.

We are members of R3 (the professional body for insolvency specialists, the Association of Business Recovery Professionals).

About insolvency

The most important stage is the earliest stage - you should seek our advice as quickly as possible - it will certainly reduce the need for precipitate action and is especially important if you know you do not have the financial means to honour your obligations.

If, as a director, you reach the point where you are unable to pay staff or creditors, you are in serious danger of damaging your personal finances, as well as the company business. It’s not too late to come up with some kind of solution, but you should not delay seeking help.

If you are in early difficulties, and have received communication advising you of an outstanding debt, our involvement at this stage can help negotiate a debt management plan that all parties are happy with. Alternatively, you may have received a statutory demand, and whether you admit the debt or not it’s advisable to seek advice to ensure the matter does not become more damaging. However, even if it does get more serious, there are still options before liquidation or bankruptcy.

An alternative

A popular alternative route to bankruptcy is to apply for an Individual Voluntary Arrangement (an IVA). It allows for an arrangement to be made between you and your creditors to repay the debts or a percentage of the debts over the life of the IVA, and for the remainder to be effectively written off.

A common alternative route to liquidation is administration, which can see the rescue of your business going forward in a more profitable way or its sale as a going concern to maximise the return to creditors and minimise the exposure of the directors.

Call us now on 0870 1500 100 to arrange a consultation, or use the links above to drop us a line.