When a business or individual becomes insolvent it usually has far reaching consequences. The impact of insolvency on owners, employees, creditors and debtors can be huge and it is important that whatever your relationship is to an insolvent business or individual you are pro-active at seeking legal advice so that you know what to expect and are able to plan as best you can against an uncertain backdrop.
We are experienced at advising individuals and businesses at each stage of the insolvency process, from early difficulties paying debts through to formal insolvency proceedings.
If it is your business that is experiencing financial trouble, by taking advice at an early stage, the challenges of maintaining your cash flow can be managed and following a careful review of your operations and contractual commitments (usually done in conjunction with a licensed insolvency practitioner), insolvency may be avoided altogether.
If, alternatively, you are the creditor of a business that you know or suspect to be insolvent then a carefully considered and swiftly implemented plan of action for recovery of what you are owed will put in you in a more favourable position than those other creditors that are reactive in dealing with the problem and who may eventually be vying for the same assets as you are in the event the debtor business is unable to shake off its financial problems.
Our dispute resolution lawyers are experienced at assisting individuals, companies and insolvency practitioners in relation to:
- Partnership Insolvency
- Asset tracing
- Preferences and transactions at an undervalue
- Voluntary arrangements (individual and corporate)
- Wrongful and fraudulent trading
- Director’s duties
- Ownership or management disputes
- Retention of title claims