The mere mention of insolvency can strike fear into people, but don’t worry ‘there is light at the end of the tunnel’. Let Avisons help rescue you from today's financial pressures.
At Avisons we listen to our clients' needs and provide sensible straightforward advice, not only, on how to survive but also how to build towards a brighter future.
Our insolvency teams are dedicated to devising strategies that achieve the best possible outcome for you. Steps, taken at an early stage, can create much needed breathing space to see you through the credit crunch. It can, in effect, turnaround lives and businesses alike.
The department consists of members and solicitors who specialise in all aspects of insolvency law and practice. Our specialist team can help creditors extract payment from a debtor while for debtor companies they will help dispute winding up proceedings.
Avisons have the expertise and the experience to deal with any of the situations which are likely to befall a client.
Our lawyers are always available and can advise on disputes involving:
- Shareholders claiming against directors for causing a company to go insolvent
- Liquidators claiming against directors or shareholders of insolvent companies
- Debtors using insolvency processes to try and avoid paying debt
- Companies facing winding-up petitions or individuals facing bankruptcy petitions
- Claims against insolvency practitioners who have breached their duty to creditors
- Insolvency practitioners recovering assets from individuals or companies.
Statutory Demands
A Statutory Demand is a formal demand for money due and is usually the first step to making someone bankrupt. A Statutory Demand can be a very useful tool to recover a payment from a debtor. Our experts can assist you draft an effective Statutory Demand to ensure that you obtain a tactical advantage in the commencement of litigation or even in the recovery of an outstanding amount.
On the other hand, if you have received a Statutory Demand, whether you are a company or an individual, you must not ignore it and need to act fast. Our experts can offer you several options to either challenge or dispute the demand or alternatively assist you in achieving a settlement if that is the route that you wish to take.
We have a great track record of challenging incorrectly drafted Statutory Demands, although an error in a demand does not automatically render it void or unenforceable.
Bankruptcy
The decision to file for Bankruptcy is usually a last resort when finances have spiralled out of control. Bankruptcy allows an individual the opportunity to eliminate their debts by coming to an arrangement with the trustee in bankruptcy who will use the persons assets and income to make payments and contributions to the debtors.
Although the process to file for bankruptcy can be straight forward, once in the bankruptcy process the individual has no control over his assets and has no part in the decision-making process. The official receiver and the trustee in bankruptcy are appointed to ensure that any assets are held and realised for the benefit of the debtors.
What We Do
We have specialists in contentious insolvency legal matters. We also have lawyers who can deal with transactional matters either on behalf of the insolvency practitioner wishing to sell a business or asset, or a client wishing to purchase a business or asset from an insolvency practitioner. Specialist insolvency advice on property matters and employment law can also be provided by dedicated members of the team who specialise in this area.
As we deal with all aspects of insolvency law, we are able to advise on possible claims against you where you may have been a director of an insolvent company. We can also act for directors when faced with such claims.
We can help you with:
- Administrations
- Liquidations
- Creditors' rights on insolvency
- Directors' Disqualification/ restrictions on insolvency
- Landlords' rights on insolvency
- Bankruptcy, including setting aside bankruptcies
- Individual Voluntary Arrangements (IVA's)