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Insolvency of a business will be a difficult time for all concerned, including business owners and their employees. In these situations, seeking out the support and guidance of an expert corporate insolvency solicitor is essential.
At Warner Goodman, we have many years of experience supporting individuals and companies dealing with corporate insolvency cases, providing tailored legal advice on various associated matters.
We understand the need for time-critical and practical solutions in insolvency situations. As such, our team will proactively support you with your matter, ensuring that proceedings are resolved efficiently and without any unnecessary complications.
Our expertise in handling corporate insolvency matters includes the following:
For advice on insolvency matters, you can contact Torion Bowles on 023 8071 7455 or email torionbowles@warnergoodman.co.uk.
Alternatively, for information on how we can support you with property insolvency, please contact Helen Porter on 023 8071 7425 or by email at helenporter@warnergoodman.co.uk.
Insolvency can present a particularly uncertain time for company directors, especially when it is not immediately clear what the best approach should be regarding the future of the business. Accessing expert legal advice at the earliest opportunity is essential. It can help reduce the potential for any further action to be taken against the company and mitigate the consequences of any mistakes.
Our corporate insolvency experts can provide comprehensive support to companies on all aspects of insolvency and restructuring, including advising on the following:
Insolvency practitioners will be licensed to act on behalf of companies facing insolvency. Our corporate insolvency solicitors can support practitioners through all aspects of the process. This includes making the process as straightforward as possible and advising on all legal issues arising on appointment.
We can support practitioners with matters such as:
Directors of insolvent companies often face personal claims, disqualification, and criminal action. Family members of directors could also have their assets targeted. Our corporate insolvency lawyers can advise directors on claims, including those related to:
To summarise, a company will be considered insolvent if its assets are insufficient to discharge its debts and/or liabilities. Usually, an insolvent company will be unable to pay its debts as they fall due or has liabilities which are more than its assets.
A number of options could be available to a company that has become insolvent. Depending on the circumstances, this could include:
During administration, the company is handed over to an insolvency practitioner. Throughout this period, the company's creditors cannot take any legal action to recover debts or start compulsory liquidation without the court's permission.
An appointed administrator will draw up proposals to:
Company voluntary agreements (CVAs) are agreements between an insolvent company and its creditors which will involve the company compromising its debts or agreeing on an arrangement for their discharge.
Liquidation is a procedure which involves the assets of a company being handed over to the insolvency practitioner who acts as the liquidator. A company in liquidation will usually cease to trade immediately. The liquidator sells the company's assets and distributes any proceeds to creditors.
Insolvency practitioners are licenced to support companies and individuals facing financial difficulty. Usually, a company director will approach an insolvency practitioner voluntarily to enlist their support in helping the insolvent company.
Insolvency is not necessarily a terminal issue. Depending on the action taken, it may be possible to regain solvency. As can be expected, the larger the debts that need to be repaid, the more difficult it may be to avoid being subject to liquidation proceedings. It is, therefore, essential to intercut expert business insolvency support as soon as possible.
As a firm, we are proud to have been recognised for our outstanding service and legal knowledge through governing body Lexcel following an audit of different areas of our firm. This extends to client care, risk management, file and case management, people management, structure and strategy, information management and financial management.
We understand the impact corporate insolvency will likely have, no matter the surrounding circumstances. That is why we take the time to carefully understand the situation's broader context and your goals, using this to provide bespoke legal advice that aligns with this.
Need help with corporate insolvency law? We have specialists in Southampton, Portsmouth, Fareham, Chandler'sFord and Waterlooville. For advice on insolvency matters, you can contact Torion Bowles on 023 8071 7455 or email torionbowles@warnergoodman.co.uk.
Alternatively, for information on how we can support you with property insolvency, please contact Helen Porter on 023 8071 7425 or by email at helenporter@warnergoodman.co.uk.
To speak to one of our experts please call us
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