Insolvency Litigation

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A statutory demand is a formal written notice issued by a creditor to a debtor, indicating the creditor's intention to initiate legal proceedings to establish the debtor's insolvency unless the outstanding debt is paid or a mutually agreed repayment arrangement is made.

Once a statutory demand is received, the recipient has several options:

• Apply to have the demand set aside within 18 days of receipt;
• Pay the debt in full;
• Propose a payment plan by instalments; or
• Provide security against the debt.

A winding-up petition is a formal request to the court to place a company into compulsory liquidation on the basis that it cannot pay its debts.

If a debt remains unpaid after a statutory demand has been served, a creditor may initiate a bankruptcy petition for individuals or a winding-up petition for companies. Should the court grant the petition, a winding-up order will be issued, resulting in the company entering compulsory liquidation. This process typically includes freezing the company's bank accounts.

If your company has been wound up, you may apply to the court to have the winding-up order set aside. This application must be made within seven days of the order and must be supported by evidence showing that the company is solvent. Preparing such an application requires a high evidential threshold, speak to one of our solicitors today to find out how we can assist.

If you need to preserve or prevent the loss of an asset, protect against personal harm, prevent loss or damage to or otherwise safeguard business or personal interests, it may be necessary to apply for an injunction.

An injunction is a court order that either stops someone from doing something or requires them to take a specific action. Injunctions are used in urgent situations – for example, to stop the sale of assets, prevent the misuse of confidential information, prevent someone from breaching a contract or to freeze a bank account.

Injunctions are serious and often time sensitive. If granted, they can take immediate effect. If you need an injunction or receive notification that someone has applied for injunctive relief against you, it is important to act quickly.

Our team can advise on or help apply for and obtain injunctions in the following situations:

• Preventing misuse if confidential information
• Freezing orders
• Preventing nuisance and trespass
• Preventing breach of contract
• Preventing breaches of intellectual property rights including trademark and copyright infringement
• Enforcing restrictive covenants including non-compete and non-solicitation clauses
• Restraining winding up petitions
• Requiring a party to perform a specific act.
• Norwich Pharmacal orders
• Privacy matters