Could your firm be at risk of insolvency? We’ll help you stay afloat, or ease the process if the worst happens.
If your firm takes on debts that it can’t repay as they fall due, you could be technically insolvent. That means you have enough cash to keep trading from day to day, but in reality, your assets outweigh your liabilities. This is known as ‘wrongful trading’.
If you don’t act to put things right, you could run out of cash completely and have to go into administration. This could also lead to some personal liabilities for the directors or shareholders.
How we can help
If we feel you’re taking on too many liabilities, we’ll let you know so you can take stock and rethink your direction.
If you’re already technically insolvent, we’ll suggest that you take advice from your accountant and/or an insolvency expert. We can advise you at a general level, or put you in touch with an expert if that’s more appropriate.
If the worst comes to the worst, we can also help deal with the fallout from an insolvency situation, acting either for the insolvent firm itself or for a creditor of such a firm.
We’ll explain the options you have at every stage, helping to limit personal exposure and make the process as painless as possible.
If you are a creditor, we can help prepare and submit a claim, find the debtor and recover as much money as possible.
If you’re insolvent and you’ve received a claim(s), we can help you respond to it in the right way.
These are when a company pays a creditor around the time it goes into insolvency, unfairly putting that creditor in a better position. Liquidators can look at these transactions and, if they find them unfair, get the money back and share it out more equally.
If you are going insolvent, we’ll help you avoid making preferential transactions and falling foul of the rules.
If you’re a creditor who has been found to have received a preferential payment, or you feel a creditor has been treated preferentially above you, we can explain your options and suggest what to do next.
WE’LL EXPLAIN THE OPTIONS YOU HAVE AT EVERY STAGE, HELPING TO LIMIT PERSONAL EXPOSURE AND MAKE THE PROCESS AS PAINLESS AS POSSIBLE
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