When a company is struggling financially and unable to pay its debts, expert legal advice is vital to help directors and shareholders understand their rights and find the best solution to their difficulties.
Every insolvency is unique, and you need representation from a law firm that has a deep understanding of commercial realities, whether you are the director of a struggling business or a creditor who needs to recover assets from an insolvent company.
A company in financial trouble sometimes tries to put assets out of the reach of creditors, or makes preferential payments to some creditors at the expense of others. These types of transactions, known as antecedent transactions, can be “set aside”. This means they are effectively reversed so that a liquidator can recover those assets for the benefit of all creditors.
How we can help
At Else Solicitors, we represent both creditors and insolvency practitioners and specialise in setting aside antecedent transactions and recovering the assets involved. We can help creditors to thoroughly investigate the debtor company’s finances and uncover any dubious activity.
Else Solicitors offers a free Proof of Debt (POD) service for unsecured creditors. If a creditor is owed money by a company, we can complete the necessary paperwork for an unsecured creditor and ensure it is lodged with the insolvency practitioner. We can also liaise with the insolvency practitioner early on to discover the likelihood of a creditor receiving some or all of the sums due.
Else Solicitors has experience of advising administrators, receivers, liquidators and insolvency practitioners to help minimise job losses and disruption to struggling businesses and oversee the dispersal of assets fairly and within the terms of the law.
Our personal, expert service includes advice and help with all formal and informal insolvency procedures including:
- Creditors’ rights on insolvency.
- Restructuring and refinancing.
- Company voluntary arrangements (CVAs).
- Claims against directors and directors’ disqualification.
For more detailed legal advice on how we can help, please contact the insolvency and business recovery team team on 01283 526200, alternatively you can send us a message and we will get in touch at a time that suits you.