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Corporate Insolvency

We regularly advise on all types of Corporate Insolvency process including Administration, Winding up petitions, Creditors Voluntary Liquidation and Members Voluntary Liquidation, Receivership and Company Voluntary Arrangement. Our Insolvency Solicitors also advise on restructuring and distressed business sales.

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Corporate Insolvency

We regularly advise on all types of Corporate Insolvency process including Administration, Winding up petitions, Creditors Voluntary Liquidation and Members Voluntary Liquidation, Receivership and Company Voluntary Arrangement. Our Insolvency Solicitors also advise on restructuring and distressed business sales.

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Personal Insolvency

We regularly act for Trustees in Bankruptcy and Supervisors of Individual Voluntary Arrangements.  (IVA). Our Insolvency Solicitors also advise individuals on applications to the Office of the Adjudicator, responding to bankruptcy petitions, annulment and set aside of bankruptcy orders,  after acquired property. Bankruptcy restrictions and IVAs.

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Personal Insolvency

We regularly act for Trustees in Bankruptcy and Supervisors of Individual Voluntary Arrangements.  (IVA). Our Insolvency Solicitors also advise individuals on applications to the Office of the Adjudicator, responding to bankruptcy petitions, annulment and set aside of bankruptcy orders,  after acquired property. Bankruptcy restrictions and IVAs.

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Director Disqualification

Liquidators, Insolvency Office Holders and the Official Receiver are all required to report to the Secretary of State for Business, Energy and Industrial Strategy on unbefitting conduct on the part of the directors of insolvent companies. This can result in an application to court for disqualification from acting as a director for up to 15 years. Our Insolvency Solicitors are experienced in all stages of an investigation into director conduct and disqualification proceedings.

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Insolvency Practitioners and Liquidators

Our Insolvency Solicitors regularly act on behalf of Insolvency Practitioners and Office Holders. We advise on appointment formalities, validity of charges registered against a company, creditor claims and ad hoc legal issues arising during an appointment.  We represent Insolvency Practitioners in litigation including the recovery of assets for the corporate insolvency or bankruptcy estate to enable distribution to creditors.

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Tax Disputes

Insolvency proceedings are often accompanied by disputes with HM Revenue & Customs. Tax demands can be a significant proportion of the debts in insolvency cases. We are experienced in defending winding up petitions presented by HMRC and acting in proceedings before the First tier Tax Tribunal.

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Company Directors

Our Insolvency Solicitors can assist with applications to set aside statutory demands and to defend winding up petitions. We work with Insolvency Practitioners to achieve the restructuring of a business and can advise you on the most appropriate insolvency process.

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Creditor Services

We can advise on making statutory demands, taking security for loan advances, enforcement and presenting or supporting winding up petitions. We can also advise on debt recovery action against individuals.

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FAQs

What do you mean by liquidation of a company?

Liquidation is the process of ending, or ‘winding up’, a business, whereby the assets of the business are collected and then sold in order to repay creditors. Liquidation can take one of three forms. If the company is unable to pay its debts and the shareholders agree to liquidate the company then this is known as creditors’ voluntary liquidation. If, on the other hand, shareholders do not agree then compulsory liquidation may occur and this induces Court proceedings. The third form of liquidation is known as members’ voluntary liquidation, whereby the company is able to pay its creditors but shareholders wish to wind up the business anyway.

When a company goes into liquidation who gets paid first?

When a company enters liquidation the primary objective will be to meet as many of the outstanding creditor claims against the company as is possible. The priority of claims therefore establishes the order in which those with a claim against the company should be paid. The liquidator’s costs are considered to be of primary importance, followed by creditors who have a fixed charge over assets. Shareholders are the last to be paid, with any remaining unclaimed assets going to the Crown as bona vacantia.

What does it mean to call in a loan?

The term “calling in a loan” refers to when a lender demands full repayment of a loan within a short period of time, and refuses to renew the loan. This can occur if you fail to meet the terms of your loan or have defaulted on your loan.

What is an LPA receiver?

An LPA receiver is a person who is appointed to enforce a charge over your property. They are appointed by a lender who holds a fixed charge over your property in order to recover the debt due. An LPA receiver has specific powers and duties to deal with the property, which can include being appointed with a view to selling the charged property or collecting rental income on behalf of the lender.

Our experts

Caroline Palacio

Senior Associate Solicitor and Head of Insolvency & Business Recovery

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Neil Cook

Partner, Solicitor & Head of Business Services

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William Fox Bregman

Partner, Solicitor & Head of Banking and Finance Litigation

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Paul Kanolik

Partner & Solicitor

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Damon Watt

Senior Associate Solicitor

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Maria Evans

Associate Solicitor

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Bethanie Watson

Associate Solicitor

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Emma Bowditch

Junior Paralegal

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Ellie Sherriff

Personal Assistant

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I highly recommend Ellis Jones. For the wide variety of services they provide, they are professional and reasonably priced. I will continue to rely on their services in the future.

Mr Raza, 28th November 2020

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Bournemouth
302 Charminster Road Bournemouth Dorset BH8 9RU
01202 525333 Contact
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Office 309 107 – 111 Fleet Street London EC4A 2AB
02039 784720 Contact
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