The insolvency of a company can manifest itself in a number of ways, whether it be liquidation, receivership, administration or a Creditors Voluntary Arrangement (CVA). Bankruptcy is the ultimate civil sanction on an individual’s financial status.
On Behalf of Creditors and Insolvency Practitioners
Businesses must keep on top of their finances and ensure that they are not unduly lenient to their debtors.
We act for companies and individuals who want to get paid. Our Litigation team have experience in representing clients in issuing winding up petitions against companies and bankruptcy petitions against individuals.
We will advise when it is appropriate to bring insolvency proceedings, along with the likely costs of such an application.
When acting for creditors, it is important to fully explore all the possible enforcement options available and also to think about what other remedies may be available such as retention of title clauses and applications to set aside transactions.
On Behalf of Debtors
We defend companies who are being pursued through the insolvency courts, where it is inappropriate for the creditor to do so. The insolvency process should not be used where the sum pursued is disputed.
The advertisement of a winding up petition can lead to the collapse of a company, if its lenders and other creditors become aware of the pending petition. Accordingly, quick and appropriate action needs to be taken in response to the threat of a petition to be brought by a creditor.
Following the collapse of a company, proceedings may be brought by the Crown to disqualify a director. We have experience of defending such proceedings and compromising them on favourable terms where possible.
We work with insolvency practitioners when seeking to place a company into administration or where an individual is in financial difficulties.