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Corporate & Personal Insolvency

Corporate & Personal Insolvency

Whether you are facing insolvency personally or are a business at the start of or going through proceedings, it is important to get practical and straightforward advice from experts in the complex field of financial law that can successfully navigate the minefield involved.

We appreciate the difficulties that come with insolvency and understand that an accurate assessment of your current position and options is the key to damage limitation.

Our team of experts will work with you to assess your options and with a creative approach look at unexplored avenues for recovery. Should insolvency be your only option, we can then provide a strategy to ensure that proceedings are conducted as painlessly as possible and that you are prepared at the time of the proceedings and for the future after they have concluded.

Our expertise also extends to sorting through financial affairs and advising on growing debts, working on financial solutions before debt becomes an issue, and also providing debt avoidance strategies for a securer personal and commercial future.

For more information on how we can assist with personal and corporate insolvency, please contact us at corporatelaw@taylor-rose.co.uk

If you are a creditor, you can still claim part of an insolvent estate and have a factor in decisions made regarding the insolvency.

The Official Receiver and Insolvency Practitioner will hold creditor meetings at which creditors can have their say and influence insolvency proceedings, but creditors will need to complete a proof of debt form. 

As a creditor you will want to ensure you are in the strongest possible position and that both you and the courts are fully aware of the effect of any liquidation as to your rights.  

Early action is always the best policy (particularly when a creditor has a limited amount of time to pursue their claim) and we can assist with a team of corporate experts who can act with you, serving your best interests from start to finish, negotiating your position with the Practitioner and Receiver and ensuring the best possible outcome.

We can offer support in some of the following areas;

  • Filing and completing of the relevant proof of debt and claim forms
  • Pursuing your claim outside of the UK
  • Finding a debtor
  • Advise on your options and solutions
  • Debtor investigation (if you have missed the time limit and the debtor has accrued assets since then it may still be possible to recover monies)
  • Advising on claims for debtors gone into liquidation
  • Recovery strategies

For more information please contact corporatelaw@taylor-rose.co.uk

A personal guarantee is a promise made by a person or business entity to accept responsibility for a debt should they be unable to pay it. If a guarantee has been made by someone on behalf of another individual, this person is known as the co-signer.

Providing that the individual giving the guarantee has a good credit history, anyone can be a guarantor; this even extends to organisations acting in this stead.

A Director of a business will often be asked to act as a personal guarantor to allow other businesses or individuals to obtain credit, however many Directors find themselves caught out when the individual or organisation they act as guarantor for, are unable to meet their financial responsibilities, and find that actually, they were unaware of their real liability for the debt.

If you have agreed to be a guarantor or are thinking of signing as a guarantor we can assist, by minimising your exposure and advising you as to your liability for any debts. Directors should be particularly aware that even if they are part of an LLP company, this does not limit their personal exposure.

A personal guarantee means that even in the case of bankruptcy the guarantor is still liable for the debt, and creditors have the ability to chase the guarantor for a debt if the debtor is unable or unwilling to pay.

Personal guarantees should always be entered into carefully, with a detailed assessment as to the position of individual or business requesting the guarantee. For more information on how we can assist, please contact corporatelaw@taylor-rose.co.uk

A preferential transaction (or unfair preference) is where a company pays a creditor in preference of other creditors, just before going into insolvency.

Preferential transactions can be identified by

1.The transaction has put the creditor in a better position than the other creditors

2.The transaction occurred very shortly after insolvency began

3.There is a clear reflection that the debtor intended to grant preference

4.The transaction was made while the debtor was going through the insolvency process

5.The creditor suspected or had reason to suspect that the debtor was about to go insolvent

The liquidator must be the one to determine whether a creditor has received preferential treatment before liquidation, and has the ability to void the transaction if it is found to be so and recover the payment, ensuring a more even distribution between all creditors involved.

If you are 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 assist, please contact us at corporatelaw@taylor-rose.co.uk

Our team have a great deal of experience in acting for stakeholders involved in corporate insolvency, as well as expertise in acting for individuals and office holders in terms of personal insolvency proceedings. Some areas of our assistance in this field include;

Forensic Investigations: We are experts in identifying assessing assets of both businesses and individuals, as well as provide advice on risk management and trace acquisitions, funds and transactions.

Bankruptcy, Debt Advice & Petitions: Our team are well placed to offer advice on debt and the consequences to you personally and commercially of bankruptcy, we can also assist in putting the wheels in motion should this be the only option in terms of bankruptcy petitions.

Individual Voluntary Arrangements: We can assist individuals with making voluntary arrangements with creditors to pay off part or all of the outstanding debt, by working with you to ascertain your debt, assets and the requirements of your creditors.

Consultancy: Our team can also be employed on a consultancy basis to review businesses financial records, financial commitments and security.

Insolvency Practitioners: We can assist administrators, liquidators, supervisors and receivers advising on their respective duties in terms of the business in question.

Debt Collection: We can assist with debt collection from clients and pre assess potential clients and their ability to pay contractual amounts.

For more information on how we can assist with personal and corporate insolvency, please contact us at corporatelaw@taylor-rose.co.uk

Useful Guides

Elements of preferential transactions
Elements of preferential transactions

A preferential transaction (or unfair preference) is where a company pays a creditor in preference of other creditors, just before going into insolvency. Below we have outlined the main points behind preferential transactions and your rights as both a creditor accused of preference, and a creditor who believes another creditor has been given preference. A preferential transaction can be defined in some of the following ways Transaction A transaction must have occurred between the company and a creditor; usually this can be traced through bank account transfers. This can also be found in the transferring of an asset. This proves that the transaction physically took place to the cr...

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