Bankruptcy and Insolvency

Insolvency

It may be necessary to enforce a debt or a Judgment by bankruptcy of an individual or winding up a company or partnership.

You need good advice on pursuing debts in this way. Court fees are substantial and even if you succeed you will become an unsecured creditor and you will not jump the queue.

However, the first step to insolvency is serving a simple document, a Statutory Demand on the Debtor. This frequently draws a response and the Debtor pays up or does a deal.

If you decide to go all the way, we will lead you through the process.

And what if you are served with a Statutory Demand? You must act quickly. If you are an individual and the debt is disputed you can apply to the Court to “set aside” the demand. It can be more complicated for a Company where the same process does not exist. After 21 days the creditor can issue a “Winding Up Petition”. This is advertised and banks then freeze bank accounts; urgent action is needed including the possibility of an Injunction to prevent the issue or advertising of the Petition.

This needs fast and accurate action. We will advise what to do

Acting for Insolvency Practitioners

You need to recover property either from the Bankrupt or a Company. Most commonly this is to seek an Order for sale of a property, always a delicate matter where the Bankrupt and his family still live in the property.

A Director has removed company assets for his own use. You need to recover them for the benefit of the Creditors.

These matters involve specialized applications to the Court and we have the knowledge and experience to work with you. And we recognise that some recoveries are successful and some are not and we will tailor our chares accordingly.

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