We recognise that occasionally businesses will get into financial difficulty. In those circumstances there are a number of ways in which we can help.
Help for Directors
There are various courses of action available to directors of companies in financial difficulty and facing insolvency. They include:
- Administration – the primary aim being to rescue the company as a going concern
- Company Voluntary Arrangements – a procedure involving a voluntary agreement with creditors and a moratorium on the company’s debts
- Informal arrangements with creditors
- Winding up and liquidation
We can advise directors on which course of action is most appropriate to their company’s circumstances.
Directors of companies in financial difficulty may also incur personal liability for their company’s debts and, in extreme cases, may be banned from holding office as a director.
We can advise directors on the circumstances in which they may be personally liable for offences such as wrongful trading under the Insolvency Act 1986 and/or be in breach of their duties under the Companies Act 2006 and the steps they can take to avoid or mitigate such liability.
Help for Owners
Even if your company is successful and solvent, circumstances may arise in which you wish to restructure the company or wind it up and realise your investment. We can assist in the processes to achieve either of these aims.
Help for Creditors
If you are a creditor we can advise on your rights against a debtor Company or business.
This may include advice on:
- Petitioning to wind up a company
- Enforcing security over a company’s assets
- Responding to proposals for a company voluntary arrangement
What will it cost me?
We understand how important it is to have absolute transparency on costs. Where possible, we offer competitive fixed fees on a range of our services. Please contact our Corporate & Commercial team on 020 7228 0017 to discuss your requirements.