Whether it is consumer debt or an individual’s business which has caused concerns we can use our experience to assist you in choosing the correct approach to dealing with your problem.
We can advise on all formal insolvency procedures and negotiate on your behalf with your creditors should this be your preferred choice.
In the event that bankruptcy is considered the most appropriate solution to your problems we can assist you in completing the relevant forms as well as guiding you through your obligations to the Official Receiver and your Trustee in Bankruptcy. We will also advise you on the effect and consequences of bankruptcy.
In recent times both companies and individuals have shown a greater willingness to serve a statutory demand to recover debts owed to them. If you are served with a statutory demand you need to act quickly to prevent a bankruptcy petition being issued. We have experience of applying to Court to set aside such demands. Furthermore, in certain circumstances the issuing of a demand may also be an abuse of process.
We can assist companies and their directors in assessing the options available and the issues facing them when they hit troubled times. Early advice increases the potential to avoid liquidation and allows other options to be investigated.
Restructuring and Turnaround
We have years of experience working with directors and Insolvency Practitioners in advising on turnaround and restructuring. We can assist directors in the good times and the not so good times. Our advice will be practical and pragmatic.
When a company enters an insolvency procedure the Insolvency Practitioner will be looking to achieve the best return for creditors, directors will be looking to start over as well to deal with the issues arising from the insolvency.
Directors will need to be alert to several issues and potential claims that the Liquidator or Administrator may raise against them including:
- misconduct claims,
- Illegal Dividends,
- challenges to transactions which may have taken place prior to insolvency.
As a director of an insolvent company you may also be unfortunate enough to face:
- a Director Disqualification investigation,
- Director Disqualification Compensation Order.
We have experience of fighting these or negotiating better terms for the disqualification.
If disqualified, we have also successfully applied to Court for disqualified directors to be given permission to act as a director.
Many directors do not see insolvency as the end, neither do we. We can assist you in:
- Pre-pack purchases,
- Setting up new entities, and
- Permission to re-use company names.
We can offer advice and guidance before it is too late to achieve a turnaround or to assist after the insolvency of a company to help the directors start up again.