Directors and business owners
Explore how we help businesses with their insolvency and restructuring legal requirements.
Contact our teamMaximising the options for your business and its chances of recovery when facing financial difficulty
- First-class legal advice and support if your business is facing insolvency
Financial pressures have a wide-reaching impact and can be stressful and worrying for all concerned. If your business is experiencing financial difficulties, it is important that you ask for support as early as possible in order to maximise the options for your business and its chances of recovery.
Seeking the right advice from insolvency solicitors who are specialists in their field and who understand the commercial reality of the situation you are in is important in ensuring the best outcome for you.
Our experienced, approachable team can advise and assist you with:
- Understanding the financial position and prospects of the business, and the options available, which may include negotiating with creditors, liquidation, administration, or a voluntary arrangement
- All insolvency procedures including: company voluntary arrangement (CVA), administration, creditors’ voluntary liquidation (CVL) compulsory liquidation, and receivership
- Restructuring the business
- Responding to a statutory demand
- Defending a winding up petition
- Payments after a winding up petition has been presented as well as validation order applications so that the business can continue trading and pay key suppliers and employees
- Alleged breaches of a company voluntary arrangement
- Your duties as a director, and practical steps you should be taking if the business is facing financial difficulties, if it is subject to a demand or winding up petition, or if it has been placed into an insolvency process.
Meet our team of insolvency solicitors
Other factors to be aware of
Aside from the financial aspects of insolvency, there are a number of other factors you need to be aware of that affect you directly, including:
- Defending misconduct claims by insolvency practitioners, such as misfeasance, wrongful trading or fraudulent trading
- Defending challenges regarding pre-insolvency transactions, for example: unlawful dividend payments; repayment of overdrawn director’s loan accounts; preferential payments; transactions at an undervalue; and void dispositions of the company property, including payments and asset transfers
- Proceedings to disqualify you from acting as a director
- Buying the business or assets out of insolvency.
Insolvency does not necessarily mean the end of your business. It is possible to purchase the assets in order to continue trading with a different entity.
We also provide assistance with:
- Pre-pack purchases
- Setting up new entities
- Permission to re-use company names
- Retention of title issues.
Our priority is to furnish you with the information you need to comply with your duties, and to understand the implications for you personally in the event that the company you manage is in financial difficulties.
If you are facing a claim, we will provide clear advice and practical solutions and fight on your behalf to secure the most cost-effective resolution. If you want to continue the business as a new entity, we can turn around a business sale quickly using jargon-free short form agreements.
Why choose our liquidation solicitors?
We have solicitors who specialise in liquidation cases and are the best choice for directors and business owners facing insolvency and restructuring issues. With years of experience and a proven track record of success, our team is dedicated to providing personalised and effective legal solutions to help clients navigate complex legal and financial challenges. We understand the unique needs of each client and work tirelessly to protect their interests and achieve the best possible outcome. Choose us for expert guidance and support throughout the liquidation process.
How can our liquidation solicitors help?
Our experienced liquidation solicitors can provide expert guidance and support to directors and business owners facing insolvency and restructuring. We can help you navigate complex legal processes and protect your interests, ensuring that you achieve the best possible outcome for your business. Whether you need advice on liquidation, administration, or company voluntary arrangements, we are here to help you every step of the way.
Our expert teams work across our offices in London, Richmond, Southampton, Guildford, Lymington and Woking. Contact us for specialist advice and support.
Contact our insolvency team
Frequently asked questions
What does an insolvency solicitor do?
An insolvency solicitor is a legal professional who helps individuals and businesses navigate insolvency procedures. They provide advice on bankruptcy, debt restructuring, and other forms of insolvency law, representing clients in court proceedings and negotiations with creditors.
How do I liquidate a company with no money?
If a company has no money, it should approach its creditors and negotiate a debt settlement or payment plan. It can also opt for a voluntary liquidation process, where an insolvency practitioner is appointed to sell the company’s assets and distribute the proceeds among creditors.
What happens when a company goes into liquidation?
When a company goes into liquidation, its assets are sold off to pay off its debts. The company ceases operations and is dissolved. Any remaining funds are distributed to shareholders, if there are any, in accordance with their ownership stakes.
What happens to a director of a company in liquidation?
The director’s duties shift from managing the company to cooperating with the liquidator. They must provide all necessary information and documents to aid in the liquidation process, while also following any instructions or directions provided by the liquidator.
What happens to employees when a company goes into liquidation?
Employees may be made redundant and lose their jobs. They may be entitled to receive statutory redundancy pay and other benefits, but the amounts may be limited. They may also have to claim for any unpaid wages or other outstanding payments from the company.
How long does liquidation take?
The duration of liquidation varies depending on the complexity of the business and the number of assets involved. It can take several months to several years for the entire process to be completed.
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