Insolvency Solicitors

Whether you or your business is struggling with debt or if you’re owed money yourself, our insolvency solicitors can help you reach an amenable resolution.

Insolvency is when businesses or individuals are unable to repay their debts. It can be a complicated process that involves varied areas of law such as employment, tax, property, family and more.

As insolvency specialists working in one of the UK’s largest full-service law firms, we have the breadth and depth of experience to help you manage a variety of insolvency issues. We can advise you and your business on:

Avoiding insolvency if you’re in financial difficulty
Going through formal or informal insolvency, restructuring, bankruptcy, or administration
Negotiating repayment agreements with your creditors or debtors
Recovering money owed by an insolvent individual or company
Dealing with Inland Revenue investigations
Resolving disputes if you own shares in an insolvent company
Protecting family assets if a family member is insolvent
Purchasing assets from insolvency estates
Structuring transactions to manage the risk of other parties becoming insolvent.

Insolvency is a time-sensitive issue for both debtors and creditors. The longer a debtor leaves repayment, the more punitive restrictions they face. Creditors must act quickly in order to recover as much money as possible from insolvent debtors.

Whatever your situation, it’s vital to secure legal advice and representation as soon as possible to ensure the best possible outcome for your or your business. Contact us online today to find out more about how our insolvency solicitors can help you.

Payment options to suit your needs and circumstances

Extensive experience in advising and acting for creditors and debtors

Offices across the country

Professional and confidential service

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0370 1500 100

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Irwin Mitchell are a very professional, trustworthy and straightforward company to deal with. I would recommend them to anyone."

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Frequently Asked Questions

What Is An Individual Voluntary Arrangement (IVA)?

An Individual Voluntary Arrangement (IVA) is an agreement that you make with your creditors to pay back all or part of your debts.

To make an IVA, you must work with an insolvency practitioner and give them details about your assets, income, debts, and creditors. They will work out what you can afford to repay and how long repayments will take.

The insolvency practitioner will propose these repayments to your creditors. If the creditors holding 75% of your debt agree, the IVA will start. You make payments to the insolvency practitioner, who divides the money between your creditors.

You will have to pay fees to the insolvency practitioner, but the IVA prevents your creditors from filing a bankruptcy order or taking court action against you. However, the insolvency practitioner can cancel the IVA or even make you bankrupt themselves if you fail to keep up with the agreed repayments.

Who Can Irwin Mitchell Help With Insolvency Issues?

We can help you if:

You or your business are struggling with debt and are facing insolvency
Your creditors have already forced you into insolvency
Someone in your family is insolvent
You are a stakeholder or shareholder in an insolvent company
You are a director of an insolvent company facing legal action
You are owed money by an insolvent person or company
You’re an insolvency practitioner acting as administrators, liquidators or trustees in bankruptcy.

What Is Bankruptcy?

Bankruptcy is a declaration that you can’t reasonably pay back all of your debt. You can declare bankruptcy voluntarily or you can be forced to do it by a creditor if you have missed repayments too long.

Once you are bankrupt, a Trustee takes over responsibility for your assets and money. They’ll sell your assets – and potentially your home - to pay back your debts. If you own a business, it will probably be liquidated, its assets sold off, and your staff laid off.

They’ll also decide how much of your income will go towards your monthly debt repayments. You’ll be able to keep a portion of your income to pay for necessities such as housing and food.

Bankruptcy usually lasts a year, after which you will no longer be liable for your pre-bankruptcy debts. It can last longer if you don’t cooperate with your Trustee. Bankruptcy will stay on your credit report for up to six years, making it hard for you to borrow money again in the future.

Bankruptcy is a serious form of insolvency but can sometimes be the best option for resolving your debt problems.

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Insolvency Solicitors

For general enquiries

Insolvency Solicitors - More Information

What Is Insolvency?

How Does Insolvency Work?

How Can I Pay?

Can You Help Keep My Debt Private?

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