BUSINESS OBJECTIVES ACHIEVED
We provide Insolvency services in the following areas:
Insolvency is a legal term used to describe a situation where a person or business is no longer able to meet their financial obligations and is unable to pay their debts on time. It is a form of financial distress that can be resolved through bankruptcy, liquidation, administration, restructuring, or other arrangements with creditors.
Whatever your debt circumstances, our experienced team provide insolvency advice to practitioners, businesses, individuals and corporate lenders to assist with both practical and legal issues at what is commonly a difficult time.
We are able to assist in all areas of contentious and non-contentious insolvency to bring about an effective solution to your problems.
We have good relationships with many insolvency practitioners and can work alongside them to provide guidance and a swift conclusion to any matter.
Our combined experience covers the following:
Our insolvency solicitors are dedicated to providing expert legal advice and support to individuals and businesses facing financial difficulties. With years of experience in the field, we have a proven track record of successfully guiding clients through the insolvency process, helping them to achieve the best possible outcome. Our team is committed to providing a personalised service, tailored to meet the specific needs of each client. We pride ourselves on our professionalism, integrity, and commitment to achieving the best possible results for our clients. Choose us for expert legal advice and support when you need it most.Who do our insolvency solicitors help?At Forbes Solicitors, our insolvency solicitors help individuals, businesses, and creditors who are facing financial difficulties or insolvency issues.
Our insolvency lawyers can help individuals and businesses navigate the complex legal process of insolvency, including bankruptcy, liquidation, and debt restructuring. We can provide advice on the best course of action for your specific situation, negotiate with creditors, and represent you in court if necessary. Our goal is to help you achieve the best possible outcome and minimise the impact of insolvency on your financial future.
An insolvency solicitor provides legal advice and representation to individuals and businesses facing financial difficulties, including bankruptcy, liquidation, and administration. They assist with debt restructuring, negotiations with creditors, and court proceedings related to insolvency. They also advise on directors' duties and liabilities, and assist with the sale of assets to repay debts.
An example of insolvency would be a company that is unable to pay its debts as they become due, or whose liabilities exceed its assets. This could result in the company being forced into liquidation or administration, where its assets are sold to pay off creditors. Another example could be an individual who is unable to pay their debts and is declared bankrupt.
Insolvency is a situation where a business is unable to pay its debts as they fall due or has more liabilities than assets. It can lead to the closure of the business, liquidation of assets, and potential legal action against the directors. there are various insolvency procedures available, such as administration, liquidation, and company voluntary arrangements, to help businesses in financial distress.
The different types of insolvency procedures available for businesses are administration, liquidation, company voluntary arrangement (CVA), and individual voluntary arrangement (IVA). Administration is a process where a company is placed under the control of an insolvency practitioner to restructure and save the business. Liquidation is a process where a company's assets are sold to pay off its debts. CVA is a process where a company agrees to pay its creditors over a period of time. IVA is a process where an individual agrees to pay their debts over a period of time.
A business is considered insolvent if it is unable to pay its debts as they fall due or if its liabilities exceed its assets. This can be determined by conducting a cash flow analysis and reviewing the company's financial statements. the Insolvency Act 1986 provides guidance on the definition of insolvency and the procedures for dealing with insolvent companies.
If a business becomes insolvent, the directors may face personal liability for the company's debts. They may also be disqualified from acting as directors in the future. The business may be liquidated, and its assets sold to pay off creditors. The reputation of the business and its owners may also be damaged.
The steps involved in a formal insolvency process are as follows:
Yes, a business can continue to trade during insolvency but it depends on the type of insolvency procedure being used. In some cases, such as administration, the business can continue to trade while a plan is put in place to repay creditors. However, in other cases, such as liquidation, the business will cease trading and its assets will be sold to repay creditors.
A business facing creditor pressures and demands during insolvency can seek the assistance of an insolvency practitioner who can help negotiate with creditors and develop a repayment plan. The business can also consider entering into a Company Voluntary Arrangement (CVA) or administration, which can provide protection from legal action by creditors while a restructuring plan is developed. It is important to seek professional advice and act quickly to address creditor demands.
There are several options available to rescue a financially distressed business including negotiating with creditors, restructuring the business, entering into a Company Voluntary Arrangement (CVA), or filing for administration or liquidation. Other options may include seeking financial assistance from the government or private investors, or selling the business to a new owner. The best course of action will depend on the specific circumstances of the business and its financial situation.
Directors can be held personally liable for the debts of a company in an insolvency situation if they have acted negligently or fraudulently. This can result in legal action being taken against them, including fines, disqualification from acting as a director, and even imprisonment. Directors must ensure they act in the best interests of the company and its creditors to avoid personal liability.
Insolvency is a term used when a company or individual's financial position results in them being unable to meet their financial obligations to lenders or pay their debts when they fall due.
If you are struggling to pay debts as they fall due, you may wish to take preventative action to stop you being wound up by a creditor or having to appoint an administrator.
We can assist in you exploring options such as a CVA, company restructuring or if necessary the dissolution of the company.
You are discharged from bankruptcy after 12 months however it will stay on your record for 6 years.
To wind up a company you must be owed £750 or more and be able to prove that the company cannot pay you.
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