How to deal with an Insolvency?

Where a company or an individual is unable to pay their debts as they fall due, or where they find themselves with greater liabilities than assets, they will be deemed to be insolvent. The individual or company may be helped in this situation through an appropriate insolvency procedure. Companies may use liquidation, administration or a Company Voluntary arrangement and individuals may use Bankruptcy or an Individual Voluntary arrangement.

Insolvency can be a difficult time.

PMCG specializes on Insolvency matters. Our specialist insolvency lawyers can help you determine which is the best procedure for your circumstances and advise you of your obligations under each type of procedure.

Our team work with individuals and businesses covering the full range of the insolvency spectrum. Whether the debts involved are consumer debts, trading liabilities, unpaid tax and VAT or winding up on the grounds of public interest.

We can advise you and your business on:

Avoiding insolvency if you’re in financial difficulty;
Provide you with strategic advice in the lead up to formal insolvency;
Going through formal or informal insolvency, restructuring, bankruptcy, or administration;
Advise you in respect of your fiduciary and directors’ duties, particularly in the period leading up to insolvency;
Negotiating repayment agreements with your creditors or debtors;
Recovering money owed by an insolvent individual or company;
Resolving disputes if you own shares in an insolvent company;
Protecting family assets if a family member is insolvent;
Purchasing assets from insolvency estates;
Structuring transactions to manage the risk of other parties becoming insolvent;
Provide you with guidance about the insolvency process generally, whether you are a director or shareholder or creditor of the business in financial distress.

The longer a debtor leaves repayment, the more punitive restrictions they face. Creditors must act quickly in order to recover as much money as possible from insolvent debtors.

Whatever your situation, it’s vital to secure legal advice and representation as soon as possible to ensure the best possible outcome for you or your business.

How to deal with an Insolvency?