A person or a business is said to be "insolvent", if they are unable to pay their debts as they fall due. Becoming insolvent can have grave financial and personal implications to individuals, partnerships and companies alike.
We effectively use the full range of Insolvency procedures, to either act as a "Shield" when seeking to defend a client with debt problems, or as a "Sword” to pursue a debtor, when issuing Bankruptcy or Winding up Petitions to recover debts due to creditor clients.
These Petitions can be said to be the "nuclear deterrent" of the enforcement process, as making a party either bankrupt or placed into liquidation can have severe repercussions to those parties. We will advise you on the required steps, following all procedures in a cost effective fashion to enhance the prospects of a recovery.
Where appropriate, we act closely in conjunction with firms of Insolvency Practitioners following such bankruptcy or liquidation orders to investigate the financial affairs of the subject, establishing the viability of a recovery being made.
Insolvency procedures have been said to be analogous to a game of poker between the parties, as it can be a high risk strategy to employ. For that reason the combined experience of the department will provide a client with the necessary guidance and tactical support throughout.
Conversely some clients will from time to time be made the subject of insolvency actions themselves. We can provide assistance in seeking to ward off those Petition threats or conjunction with our panel of Insolvency Practitioners provide alternative solutions. This may include seeking to restructure a persons or businesses debts, or entering into an Individual Voluntary Arrangement, or Company Voluntary Arrangement with your creditors to prevent the more onerous repercussions flowing from Bankruptcy or Liquidation. Other options exist, such as, applying for an Administration Order as the alternative to liquidation, to afford a client company some protection.
The best interests of the client are uppermost in our minds when giving practical, beneficial advice and assistance.