Insolvency & Bankruptcy
We provide advice and can assist with personal and corporate insolvency and regularly act for individuals, companies, creditors, administrators, receivers and liquidators respectively.
A person or company is insolvent if it is unable to pay its debts as and when those debts fall due.
If you suspect that you personally, your company or a company with whom you or your company is doing business is or may be trading whilst insolvent, you should contact us immediately.
Likewise, directors who are unsure about their duties when their company is insolvent, or whether their company should be making payments to a creditor company that may be insolvent, should urgently seek our advice.
Personal Insolvency and Bankruptcy
Bankruptcy is the legal process that controls the affairs of an individual who is insolvent; that is, unable to pay his or her debts as those debts fall due.
Being declared bankrupt is a dramatic step that, while providing an insolvent person with relief from the pressure of creditors and the chance to start over, will likely have significant and long-lasting consequences for that person. These consequences may include:
- The impact of bankruptcy on creditworthiness ratings
- The inability to hold a company directorship
- The inability to be a principal in or earn an income in certain professions
- Penalties for any improper or dishonest conduct uncovered by a bankruptcy trustee in the course of the trustee's mandatory investigation into a person's pre-bankruptcy conduct
By acting promptly you may be able to avoid it by entering into private arrangements with creditors under Part X of the Bankruptcy Act, or by proposing a debt agreement under Part IX of the Act.
If you suspect you are or risk becoming insolvent, you should contact us immediately.
We are experienced in advising on all aspects of corporate insolvency and regular represent companies facing insolvency, creditors, administrators, receivers and liquidators respectively.
For creditors, we can assist to enforce debts by seeking that insolvent debtors be made bankrupt, and by proving claims in debtors' bankrupt estates.
Contact one of our Insolvency & Bankruptcy team today for assistance and advice tailored to your needs and circumstances.