Insolvency and bankruptcy
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Businesses can sometimes find themselves in severe financial difficulty, which may lead to administration, administrative receivership, company voluntary arrangements and liquidation.
Our litigation lawyers offer businesses advice and assistance when faced with the possibility of insolvency or can help recover debts as quickly as possible should a customer become insolvent.
If your business cannot pay its debts as they come due, the business is insolvent. Under insolvency law, a business is also insolvent (sometimes referred to as “technically insolvent”) if its assets exceed its liabilities. In either case, the consequences both for the business and for the individuals concerned can be severe.
If insolvency seems likely, or if your business is already insolvent, you should act quickly. Our dispute resolution lawyers can work with you to assess your options. Doing nothing, or trying to protect your personal position at the expense of other creditors, is not an option. The consequences can include personal liability for the business debts or even a charge of fraud.
We can advise you on the best way to deal with your debts and help you through the process. Options can include negotiating a voluntary agreement with your creditors, entering some form of administrative arrangement, winding-up a business and/or personal bankruptcy.
We also assist businesses seeking to restrain the advertisement of a winding up petition or, if a winding up petition has been advertised, our lawyers can advise on the application for a Validation Order to allow your business to continue to trade.
Recovering your debts
If you are a business trying to recover your debts from a customer threatened with insolvency, our lawyers can assist with protecting you interests through various means, such as issuing letters before action, serving statutory demands and applying to the courts for winding up orders.