Insolvency law for businesses
Unfortunately, despite best efforts, a company can face an uncertain future. This can be due to things outside our control such as increased competition, rising costs or increasing interest rates. Our Insolvency solicitors can assist you and your company in the early stages of any financial difficulties and advise you on a strategy which can provide a beneficial outcome.
We can support you in:
- Working with creditors to create informal agreements
- Recovering money owed from debtors
- Advising directors as to their obligations to a company with financial difficulties
- Company Involuntary Agreements
However, sometimes that will not be enough, and the company will become insolvent. Insolvency can be a complex process covering employment, tax, property, family and others.
Monarch Solicitors can provide advice regarding:
- Formal or informal insolvency
- Commercial recoveries
If you are a creditor, you will have to act quickly to secure as much money as you can from insolvent debtors. Monarch Solicitors can help you recover what you are owed.
Whether your company is facing financial difficulties, is insolvent, or you are owed money from an insolvent company, we can help.
Contact Our Insolvency Solicitors
If you would like to enquire about any matters relating to insolvency please complete our online contact form here or send an email to us at [email protected] and one of our solicitors shall call you back. Alternatively, please call our insolvency solicitors on 0330 127 8888 for a no obligation discussion.
Call us for a free initial consultation
If you are a company director, you should certainly not just resign (which could be a breach of your duty as a company director) and do not just continue to trade (which could lead to personal liability). Take advice as soon as possible and act on that advice and, in particular, do not transfer assets without first obtaining advice.
Liquidation is a formal insolvency procedure that brings the existence of a company to an end. There are three main methods for liquidation; members’ voluntary liquidation, creditors’ voluntary liquidation and compulsory liquidation. In each a liquidator will take over from the directors and assume day to day control of the company.
You could be made personally liable for your company’s debts and could face criminal prosecution, a fine, and/or disqualification as a director. For the next five years you are not allowed to be a director of another company with a similar name without the court’s permission.
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