Claims by Creditors and Third Parties
Insolvency considerations arise in any commercial disputes. There is little reason to obtain a Court Judgment against a Defendant if they are unable to pay it.
We regularly advise creditors of insolvent and struggling companies or individuals who wish to recover debts owed to them. We are able to advise on the most appropriate methods of recovering debts due, which may involve insolvency proceedings against debtors.
We specialise in commercial litigation including debt recovery. Therefore, we have all of the necessary specialisms to provide a full service in this regard. Please visit our commercial litigation and debt recovery pages for information on how we can assist you in this this.
In terms of pursuing insolvent or struggling companies, we regularly assist creditors as follows:-
- Advising on their potential claims and the most appropriate and safest methods of recovering monies owed and the steps that should be take to protect their position.
- Negotiating with debtors and seeking to agree repayment schemes, where necessary, to ensure maximum recovery for creditors.
- Preparing and serving Statutory Demands.
- Preparing and serving Bankruptcy and Winding Up Petitions and representing creditors during this process to seek a bankruptcy or winding up order.
- Enforcing bankruptcy or winding up Orders.
- Advising on pursuing directors personally for the debts owed by a company i.e. for misfeasance (breach of duty) including negligence.
- Forcing the sale of assets, tracing assets, and freezing bank accounts of debtors to recover sums due to a creditor.
Understanding the realistic recovery of a debt is crucial when dealing with insolvent or struggling debtors. Quickly protecting monies due is also vital. We appreciate this and ensure sound advice is provided at the outset on the chances of recovery and protect creditors’ positions so far as possible.