Insolvency occurs when a company can no longer meet its financial obligations. Before this happens, companies may contact creditors directly to restructure their debts, into manageable monthly instalments. No business wants to find themselves in this situation, however, with the help of legal professionals, companies may be able to negotiate an out-of-court arrangement with the creditors. Alternative solutions to insolvency can involve:
- Restructuring of distressed debt trading
- Dealing with counterparty risks
- Making a Company Voluntary Arrangement (CVA) between creditors and companies
In situations where a Company Voluntary Arrangement (CVA) can’t be made, businesses can use a pre-pack administration. This accelerated disposal process, facilitates a smooth transition with minimal disruption for the company. Many opt to use pre-pack administration because it effectively reduces costs, protects businesses reputation and helps avoid redundancies.
If your company has exhausted all means of dispute resolution with their creditors, and there is no option for Company Voluntary Arrangements (CVA) and pre-pack administration, then insolvency proceedings will start. At this stage, most companies will go into insolvent liquidation, meaning that business assets will be sold and proceeds will be distributed to creditors to pay outstanding debts.
When a business is facing restructuring and insolvency it can be an extremely technical and complex process, which is why you should seek legal support at the earliest opportunity. Our professional debt advisors and solicitors can offer legal support on debt restructuring and rescheduling, credit bidding, insolvency proceedings and out-of-court negotiations. We can also advise companies on solutions that will quickly improve cash flow and stop winding up orders and pressure from the HMRC.
Our legal experts also offer cost-effective payment plans to help you pay your legal costs affordably and conveniently. If you would like to discuss your restructuring or insolvency issue, speak with to a member of our legal team today on 020 3376 1888
Throughout a company’s lifetime there may be certain situations where you need guidance from a trusted legal professional. Our experienced corporate lawyers and barristers are on standby to assist you with company formation, shareholder agreements, director’s rights, corporate transactions and financial restructuring.
We work closely with you and your colleagues to understand the nature of your business in order to provide commercially-focused advice and practical solutions that streamline your operations.
We ensure you receive the best possible representation by appointing corporate legal experts to meet the specific needs of your case.
Your business issue may involve, dispute resolution and possible litigation, which may result in costly legal fees. We will provide you with a payment plan to cover your legal costs, so you can get the legal support you need, without making large payments upfront.
Our company law solicitors and lawyers deal with cases for businesses of all sizes, from entrepreneurial start-ups to large corporations. We can assist you in drafted legal documents and offer advice in strategic company procedures, to ensure that any legal issue be resolved as quickly and efficiently as possible. To get tactical support and affordable payment solutions, contact one of our legal experts today on 0203 376 1888.
If you have already appointed a company law solicitor, we can still offer you advice and cost-effective payment solutions. We will make all the necessary arrangements on your behalf. Start your payment plan now.
Spread your legal expenses conveniently over time to minimise impact on your business
We provide payment plans to cover your legal costs, so you or your business can get the legal support you require – without the need for large up front payments.
We will connect you with a lawyer who specialises in company law matters and who is right for your individual circumstances. If you have already appointed a lawyer, we can still offer you a payment plan solution and will make all the necessary arrangements with your lawyer on your behalf.
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