When your business is in financial difficulty you need sensible commercial and legal advice fast. Our lawyers are known for their innovative solutions to legal problems and work are used to working to tight timescales when clients need a solution quickly.
If a business is capable of rescue, our lawyers provide guidance on the technical and procedural aspects of the Insolvency Act and Insolvency Rules 1986 so as to ensure that any rescue plan does not fall foul of insolvency law and/or leave directors open to personal liability.
Where it serves our client’s best interests we make Introductions to specialist Insolvency Practitioners who can be appointed as office holders under insolvency law to use one of the following forms of insolvency process to rescue the company:-
- Administration
- Receivership
- Company or Individual Voluntary Arrangements (CVAs or IVAs)
- Schemes of arrangement
Where it is not possible to rescue the company we advise on the orderly winding up of the business’s affairs. Again, in appropriate cases we make introductions to specialist Insolvency Practitioners. The processes by which a business’s affairs can be wound up include:-
- Creditor’s Voluntary Liquidation
- Member’s Voluntary Liquidation (where the company is solvent on a balance sheet basis)
- Compulsory Liquidation
- Bankruptcy (in the case of sole traders or partnerships)
- Our lawyers also regularly advise Insolvency Practitioners on all technical aspects of the insolvency process such as the appropriate form of appointment, the order of priority of creditors and procedural applications to the court
- Our experience includes
- Advising a leisure company which was cash flow insolvent in connection with the effects of a formal insolvency process on contacts with its public authority clients;
- Advising a client facing a substantial uninsured personal injury claim on using formal insolvency processes to ring fence its assets from that liability.
Call Luke Harrison on 01727 735639 (DDI) or email lth@dolegal.co.uk
