Is insolvency looming for you as a private individual or business? How do you stop yourself or your business becoming bankrupt? What are the alternatives? What are the ramifications of insolvency for you?
Our Insolvency Department acts for corporate and private individuals, trustees in bankruptcy, liquidators and insolvency practitioners in undertaking insolvency related legal work for both creditors and debtors.
We prepare and serve statutory demands on individuals and companies, which can be a very effective debt recovery tool. If payment is not made as requested, we issue and process petitions for bankruptcy or winding up throughout the United Kingdom. We will aim to recover our fees along with the debt. Often, bankruptcy is avoided only by the debtor paying all the debt plus costs. If the debtor is made bankrupt, we will liaise with the Official Receiver and collect any dividends. Where appropriate, if the bankrupt has assets to pay off the debt and costs, we can appoint a Trustee in Bankruptcy to collect and realise those assets.
With company debts we offer a very competitive fixed fee for an unopposed winding up process through the Companies’ Court from the issue of the petition to the appointment of a liquidator. If the process becomes opposed, we will advise on the appropriate action.
Our work for trustees in bankruptcy involves us in realising the assets of the bankrupt; including any shares in jointly-owned property, collecting sundry debts due to the estate and taking emergency action to freeze assets if they are at risk of being disposed of to the detriment of creditors.
We offer a similar service to liquidators in corporate insolvency cases. We are experienced in the more complex area of setting aside fraudulent transactions or preferences made by the debtor or company.
For individuals, we can assist in preparing and filing debtors’ petitions nationwide, we are experienced in annulments and setting aside bankruptcy orders. We regularly act as local Solicitor Agents in the courts close to us for solicitors and insolvency practitioners elsewhere in the U.K. We have excellent relationships with licensed insolvency practitioners and “turnaround” specialists and, if appropriate, will recommend individuals and corporate clients to an insolvency practitioner for assistance with voluntary agreements, receiverships, administration procedures and company turnarounds.