Business Recovery & Insolvency

We have an enviable reputation for insolvency advice. Our team has a wealth of experience in advising businesses and the people behind them over all stages of the business cycle, with particular emphasis on corporate restructurings and directors' duties.

Led by an insolvency practitioner, we understand your need for proactive advice in a timely fashion on the full range of issues likely to be encountered by office holders including:

• checking validity of appointment
• challenging prior transactions
• insolvency-related litigation
• breach of directors' duties
• sales of assets
• redundancies
• restructuring pursuant to s110 Insolvency Act

We may consider accepting work on a conditional fee basis.

Directors' duties

When a company starts to fail it reaches a tipping point beyond which the directors
must have regard to the interests of the creditors rather than their shareholders. If
they fail to recognise that point, or to take the correct steps when they reach it, they face significant risks including personal liability for the company's debts and disqualification as director. In extreme cases they can face criminal sanctions as well. We can help to identify when this point has been reached and to advise on the actions to take from then on.

Directors' disqualification

Bankruptcy and company failure can lead to an individual being disqualified from acting as a director for up to 15 years. We advise on steps that can be taken to avoid, reduce or challenge any such period of disqualification.

Redundancy

Shedding staff is unpleasant at the best of times but can be vital if a business is to survive. We can provide practical guidance on the steps needed to deal with this as painlessly as possible.

Corporate restructuring

Options under consideration could include sub-dividing, striking off or winding up one or more members of a group. We work with the company's accountants to ascertain the most appropriate way forward and to put this into effect.

Insolvent debtors

If a debtor fails we can assist in lodging the proof of debt, attending the creditors' meeting and advising on any proposals received.

Property insolvency

Many landlords are not aware of how their rights are affected by the different types of insolvency suffered by their tenant. With proper advice they can ensure that they receive all sums to which they are entitled and minimise the period during which property lies empty.

Bankruptcy of family members

We can advise any spouse or other family member of a bankrupt on the
opportunity to acquire his or her interest in the matrimonial home. This can be at a nominal sum in the right circumstances. We can also advise on how the position would change if there is negative equity in the house. It may also be advisable for family members to re-write wills or reconsider matrimonial settlements where solvency is an issue.

Customer failure

All suppliers of goods should include effective retention of title provisions in their contracts. We can advise on incorporating such terms and enforcing them if the company fails.

Opportunities

As more businesses fail there are increasing opportunities to buy up trading assets at favourable prices. Care has to be taken, however, to ensure that the buyer knows what it is letting itself in for. Will it be forced to take over the workforce, can it use the business name and goodwill, and what protection is available if a third party claims some or all of the sale assets? We will guide buyers through such complexities to enable them to benefit from these situations.

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