We regularly act for companies and their directors facing insolvency proceedings by creditors or insolvency claims by liquidators.
We can assist at all stages of a matter, whether it be prior to proceedings being commenced e.g. a Statutory Demand or a Letter of Claim has been received, or following a Winding Up Petition being presented at Court, or following a Winding Up Order being obtained.
For individual insolvency disputes, please click here.
We are able to provide advice and assistance in regards to the full range of corporate insolvency disputes. Below is an example of our experience:-
- Advising companies and directors at the outset of insolvency proceedings, to devise a tailored strategy going forward.
- Acting on behalf of companies and it’s directors in respect of claims brought by Insolvency Practitioners, Official Receivers or Liquidators that have arisen from the insolvency. There are many actions that can be taken against directors personally. Claims include for wrongful or fraudulent trading, misfeasance (breach of duty) including negligence, unlawful dividends, preferences and transactions at an undervalue.
- Advising companies that have received a Statutory Demand or some form of notice of intended insolvency proceedings. This usually results in us either seeking to set aside the Statutory Demand, issuing Injunction proceedings, or negotiating a settlement to avoid Court proceedings.
- Defending Winding Up Petitions presented at Court by creditors by seeking adjournments of the Petition so to dispute the underlying debt, with a view of ultimately seeking the Petition’s dismissal and avoiding the company’s winding up.
- Advising the company and it’s directors on the insolvency options available, in situations when it is more beneficial or necessary to take proactive voluntary insolvency steps. These may include Company Voluntary Arrangements (CVAs) or Members Voluntary Arrangements (MVAs) or Administration. Often, such vehicles are much more beneficial for a company and it’s directors than allowing the company to be compulsorily wound up by creditors.
- Advising companies and directors on any claims, counterclaims or set off claims they may have.
- Advising directors in respect of director disqualification proceedings under the Company Director Disqualification Act 1986.
- Advising Insolvency Practitioners, creditors and Liquidators in respect of claims that they may have against an insolvent company or directors.
- Advising struggling companies on their duties, responsibilities, liabilities and risks presented by insolvency. Taking timely advice can avoid serious issues later on. We have published a short article on our website that highlights some of the risks that struggling companies face in this regard.
- Acting on behalf of companies and creditors wishing to purchase assets, goodwill and trading names from insolvent companies and, where necessary, creating new companies to from which to trade.
We act closely with specialist Barristers, Tax Advisors and Accountants to ensure that you have the best chances of achieving a successful outcome.
We understand how devastating insolvency issues can be to a company and so look to act as quickly and effectively as possible so to limit the damage to a company and its directors.