We have a well-regarded, niche, contentious insolvency practice and we are regularly instructed by Insolvency Practitioners, Property owners, Accountants, Investment Funds, Companies and individuals in all aspects of contentious insolvency.
As we are also in business we understand the uncertainty and pressures you can face when you or your company are or may be heading towards financial distress. We will work with you, discuss your options and objectives and develop a strategy to resolve the problem as quickly and painlessly as possible.
We act for and against Liquidators and other office holders and have over 20 years’ practical, hands-on experience of all forms of contentious Insolvency work. We do not undertake traditional non-contentious Insolvency work such as property and asset sales.
We offer a personal and partner-led service and our lawyers advise on all insolvency procedures including:
- Company voluntary arrangements (CVAs)
- Creditors’ rights on insolvency
- Claims against Directors
- Directors’ disqualification
- Landlords’ rights on insolvency
- Individual voluntary arrangements
- Post order enforcement and asset tracing
Our experience enables us to advise commercially on the legal options open to an individual in financial distress, which may include seeking a voluntary arrangement to avoid bankruptcy, advising on the effects of bankruptcy including taking steps to protect the family’s interests in the matrimonial home and defending possession and other proceedings brought by a Trustee in bankruptcy. We act for and against Trustee’s in Bankruptcy.
We have extensive experience of acting for and against Trustee’s in Bankruptcy dealing with all aspects including;
- Claims of preference
- Transactions at an undervalue
- Taking and defending possession proceedings
- Taking and defending claims in relation to Bankruptcy offences
- Applications and the defence of applications to suspend discharge or bankruptcy restriction orders
- Transaction defrauding Creditors
Liquidation is the process whereby a Company is subject to an enforced demise by the actions of Creditor or sometimes by the actions of a Member.
A Creditor may have no idea of the financial difficulties a customer may find themselves in until they receive a notice to attend a creditors’ meeting. This right can be valuable and utilised as leverage in certain circumstances. Accordingly advice should be sought in advance of the Creditors’ meeting. The effect of Liquidation on the rights of Creditors such as Landlords, suppliers holding retention of title, persons owing money to the company etc., can be complex and Creditors should seek specialist legal advice to guide them through the procedures
The earlier action is taken the more likely it is that a positive outcome can be produced and Creditors rights protected either before the onset of Insolvency proceedings or by careful negotiation post-issue of any proceedings .
DIRECTORS/ SHAREHOLDERS POSITION
Insolvency Practitioners appointed over a company will frequently seek to recover payments made to Directors or to 3rd Parties including:
- Preferential payments
- Repayment of Directors loan accounts
- Over payment of Directors’ remuneration
- The recovery of Company property
- They may also make claims against directors alleging personal liability for company debts including:
- Claims for wrongful trading or fraudulent trading
- Transactions made which were at an undervalue or constituted a voidable preference
We have considerable experience in this area derived from acting for both Insolvency Practitioners and Directors. This experience gives us a genuine advantage when acting for Directors who are faced with difficulty arising from Company Insolvency. We have very substantial experience of Bankruptcy applications and Winding up hearings and will usually undertake those applications in house rather than instruct a Barrister to do so on your behalf.
DIRECTORS DISQUALIFICATION APPLICATIONS
We have substantial experience of defending Company Directors in Disqualification proceedings either by way of undertaking or litigation and have succeeded in defeating claims entirely, ensuring that the claim was withdrawn or obtaining a reduced period of disqualification.
Court action is not always appropriate or indeed encouraged by the Courts. Accordingly we actively encourage alternative methods of dispute resolution whether that is by way of formal or informal mediation, expert determination or early neutral evaluation. Our dispute resolution Lawyers will always seek to avoid confrontation if possible and strive to help you settle your dispute without recourse to litigation where appropriate.
We have substantial experience of alternative methods of dispute resolution such as mediation and arbitration which have proven successful in resolving cases efficiently and usually in a more cost-effective way than had a dispute been dealt with via the courts.
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