Insolvency can be a complicated process, incorporating various areas of law including property, tax, employment, family law and more. Insolvency is a time-sensitive issue for debtors and creditors – action should be taken quickly by debtors as the longer repayment is put off, the more punitive the restrictions are likely to be. For creditors, acting fast when it becomes aware that a debtor is facing insolvency is crucial to recover as much money as possible.
We advise insolvency practitioners concerning their rights and obligations as officeholders. We also assist companies and individuals in connection with difficult insolvency issues that they may be facing.
To discuss your circumstances, contact us today on 0161 834 2200 or complete our online contact form.
Expert insolvency advice
Insolvency is when a business or individual is unable to pay their debts when they fall due. The result will often be insolvency proceedings whereby legal action is taken, potentially resulting in the business or person facing insolvency having their assets liquidated to pay off debts owed to creditors.
How we can help
The specialist insolvency lawyers at Chandler Harris can offer advice to companies, individuals and insolvency practitioners on all aspect of insolvency. Whether the debts in question are trading liabilities, consumer debts, unpaid tax or VAT, our insolvency lawyers can help. We will take the time to meet with you to assess your situation carefully, providing strategic and pragmatic guidance on the potential effects and implications of insolvency proceedings.
Individuals and companies can voluntarily start insolvency proceedings, negotiating Voluntary Agreements with creditors to put in place arrangements for the repayment of debts in a way that benefits all parties. If these steps are not taken, creditors can instead take steps to force debtors into insolvency. As such, you must seek specialist legal advice at the earliest possible stage – our team can take instruction at the outset, advising you on the best way to proceed, whatever your circumstances.
Insolvency services for individuals
If you are unable to pay off your debts when they are due, you can enter insolvency by applying for bankruptcy, an Individual Voluntary Agreement (IVA), or a Debt Relief Order (DRO). This enables you to arrange for reduced payments and write off any debt that you are not able to pay. Our lawyers can advise on what will be the best option for you based on your specific circumstances. A creditor may also be able to force you into insolvency by making an application to the court.
Insolvency services for companies
Businesses that cannot pay their debts can also enter voluntary arrangements to manage their repayments. In more severe cases, more restrictive options such as liquidation and administration are available. Creditors can also force a company into administration as a consequence of unpaid debts.
Insolvency services for practitioners
The specialist insolvency lawyers at Chandler Harris can also provide legal support for insolvency practitioners carrying out individual or commercial insolvency work. We can offer guidance on any issues related to insolvency proceedings, resolving disputes, applications for insolvency or legal advice required by clients.
Contact our insolvency team
For comprehensive advice on any matter relating to insolvency, speak to a member of our team today by calling 0161 834 2200 or complete our online enquiry form.