Insolvency and Corporate Recovery
We work closely with all those involved in any insolvency situation including insolvency professionals (including LPA receivers), banks and other financial institutions, companies and individuals facing insolvency, directors of failing companies and creditors.
Corporate recovery
We are able to give a full range of advice and bring our considerable experience to bear on turnaround, re-organisation and recovery.
We have particular experience in the property sphere, partnerships and professional practices and construction.
Our property insolvency expertise includes advice to landlords in the event of tenant insolvency from a single retail, office industrial or residential unit to a large retail chain. We acted in the Powerhouse case for one of the main landlords in the action to set aside the tenant’s voluntary arrangement. This was a landmark case in the balance of power between landlord and tenant when the tenant is in financial difficulties. We also advise tenants in financial difficulty including the insolvency options available and how best to deal with landlords.
For partnerships and professional practices we can advise on restructuring and merger so as to avoid insolvency; the removal of under-performing partners and the employment of staff. We can also advise on formal insolvency processes available to LLPs.
The construction industry is said to be the first in and first out of recession. Financial difficulty invariably causes payment issues. See our guide to the payment provisions under the Construction Act. Adjudication can be used to get an early payment and is often used by liquidators to avoid lengthy court or arbitration proceedings. Calls under performance bonds are also a feature of insolvency that we can advise upon especially for bond holders and claimants.
For businesses in difficulty collecting in cash is essential. Paying lawyers to pursue debts can compound difficulties and some businesses may chose to pursue matters themselves. If you want to pursue a debt yourself you may find our Guide to Dealing with a Small Claim helpful.
We have considerable experience in drafting and enforcing retention of title claims. These can be a valuable weapon for businesses who face the insolvency of customers to whom they have supplied goods.
Insolvency at a personal level
Our expertise includes:
- advising individuals in a bankruptcy situation in relation to dealing with the family home and in particular safeguarding the interests of joint owners;
- pursuing the annulment of bankruptcies;
- advising directors of their personal duties in relation to company insolvency
- representing directors in directors disqualification proceedings.