BUSINESS OBJECTIVES ACHIEVED
Our specialist team can assist with all aspects of contentious insolvency whether you are an individual, business or practitioner.
We regularly advise individuals and businesses on the presentation of statutory demands and petitions and can assist in the resolution of the same. Alternatively if you are struggling financially we can advise on options such as IVA's (Individual Voluntary Arrangement) or CVA's for businesses and can work with you to find a way through a difficult financial time.
If you are/have been a company director you may be presented with a claim following the winding up of your company. These claims may be as a result of wrongful trading, preferential payments or in respect of directors loans. Whatever the claim is our team will be able to advise on the merits of the same and assist in seeking a swift resolution.
We have good relationships with many insolvency practitioners and provide regular assistance following the dissolution of companies. This may include the recovery of debts from outstanding company debtors or pursuing directors.
Whatever your insolvent needs Forbes' expert team can help you navigate the difficult times to bring a suitable resolution.
Areas that we can assist -
If you are an individual whether a sole trader or a Partner of a business you may be able to file an application to set aside the statutory demand if you contest it. You have 18 days from the day of service to file this application. We can advise you if we think you have merits in making this application.
If you are a limited company you are unable to file such an application but we can advise you on alternative options and the next steps that your opposition may take.
All insolvency petitions - whether for individuals or for limited companies have to be advertised. This is usually done through the London Gazette. Credit agencies often track these and as such if you have customers who track through those agencies they are likely to find out that you have been presented with a petition.
You need to locate who is handling the case and advise them of your debt. If your debt is more than £1000 then you will need to submit a proof of debt form.
You may have grounds to set aside the application and a court can make such an order as it sees fit.
This can depend on the amount of money you are owed and whether the debt is contested. Insolvency should not be used as a tool for debt recovery but when there is an undisputed debt and it appears the company is unable to pay.
We can advise you of the benefits and downfalls of each course of action and advise on the right procedure for you.