Insolvency
Our insolvency team draws from specialists within the Litigation, Employment and Corporate departments to advise and assist insolvency practitioners, other professionals, creditors, and companies and individuals with financial difficulties.
We work hard to demystify the process of and remove the stigma attached to insolvency. Often the various insolvency regimes can offer positive outcomes, and in many cases will ensure that jobs are preserved. If instructed early enough we can help remedy the underlying causes of insolvency and possibly even avoid the process altogether. Where this is not possible, we will help you to the best possible outcome in the circumstances of your case.
On behalf of international, national and local insolvency practitioners:
· Negotiating with creditors for and formalising the appointment of Administrators, Liquidators, LPA Receivers, Supervisors of Voluntary Arrangements, and Trustees in Bankruptcy
· Advice and assistance with turnaround of companies and successfully trading out of Administration
· Advising on the validity of both secured and unsecured creditor’s claims and, where necessary, resisting them
· Adjustment of prior transactions, including payments at a preference, unlawful dividends and transactions at an undervalue
· Recovery and protection of assets, including property and book debts
· Advice and assistance with regard to conduct of directors, in particular wrongful / fraudulent trading and breaches of duty
· Advising in respect of the workforce implications involved in insolvency processes, including redundancies
· Advising and negotiating on behalf of insolvency practitioners in relation to the disposal of businesses and assets by insolvent companies/businesses
· Support throughout traded Administrations
· Regularisation of title to and disposal of assets
· Disclaiming property and assets
On behalf of companies and their directors:
· Advising on corporate recovery options, refinancing and the restructuring of businesses so as to avoid potential insolvency
· Advising on the various insolvency regimes and ascertaining which, if any, is appropriate to the circumstances of the company or individual
· Advice regarding staff and workforce issues, including redundancies
· Negotiating with creditors
· Advising on and preparing proposals for voluntary arrangements with creditors
· Annulments of bankruptcy orders
On behalf of secured and unsecured creditors:
· Advising on the enforceability of security and, where appropriate, enforcing it
· Investigation of debtor’s assets and advising on commercial viability of claims
· Advising on the effects of the various insolvency regimes on a creditor’s ability to recover the debt and advising on the most cost effective method of recovery
· Where appropriate obtaining security in property for debts (either through negotiation or following judgment)
· Preparation and service of statutory demands
· Obtaining bankruptcy / winding up orders
· Liaising with insolvency practitioners in office to secure maximum dividends for creditors, including investigation of directors’ conduct and advising on directors’ personal liability to the creditors
On behalf of other third parties:
· Negotiating for and assisting with business and asset purchases from insolvency practitioners in office
· Advising on any liabilities that may be transferred with the purchase of an insolvent business, and in particular on the application of the TUPE Regulations
· Applications to restore dissolved companies and other Companies Act applications.