Business Insolvency

Our highly skilled team of lawyers deal with all types of insolvency matters. Our team act for various insolvency practitioners, directors and individuals. Under the Insolvency Act 1986, the definition of insolvency is when you are unable to pay your debts as and when they fall due. The key is to face it and act quickly to have options available to you.
If you are an office holder (or member) and feel that your organisation in unable to pay its creditors as and when they fall due, your company is most likely facing the onset of insolvency.

As a director you are under a duty to act in the best interests of the company. If you do not do this, you may be in breach of the Insolvency Act 1986 and Companies Act 2006 and could face criminal sanctions. We will advise you on the options available to you using formal and informal procedures based on your situation, including,

  • Considering all the different options available to the company when facing the onset of insolvency;
  • The viability of a Company Voluntary Arrangement ("CVA") with the company and all of its creditors. We advise on terms of a CVA and can assist you in finding a supervisor;
  • Placing the company into administration, creating a barrier (moratorium) from creditor, bailiff and landlord actions;
  • Assisting directors who face directors disqualification proceedings;
  • Assisting and dealing with the restoration of a company;
  • Making recession applications which would treat the company as though it had never been wound up:
  • Advising commercial tenants on their rights if their Landlord becomes insolvent;
  • Assisting in the winding up of a company compulsorily;
  • If you have been subjected to a Winding petition, we assist in seeking emergency validation orders to allow payments out of the company bank accounts lawfully;
  • Assist in making Section 216 applications for you to allow you to reuse a company name of a previously liquidated company.

 

For further information on the services we may offer you, please do not hesitate to contact the Dispute Resolution department at drteam@herrington-carmichael.com or 01276 686222.

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Camberley:    +44 (0)1276 686 222
Wokingham:  +44 (0)1189 774 045
Key contacts
Frankie Tierney
Head of Dispute Resolution, Chief Executive