Insolvency, Restructuring & Bankruptcy
Welcome to Lawson West Solicitor's Insolvency,
Restructuring & Bankruptcy services.
From this section of the website you will find out more about business and
personal insolvency and the services we provide.
You can find our contact details at the bottom of this page.
We look forward to hearing from you.
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Insolvency Proceedings – and how to manage the process
An insolvency proceeding can be brought by creditors seeking the repayment of a debt owed under The Insolvency Act 1986. When a company is unable to pay its debts to other businesses, it is technically ‘insolvent’. This is when:
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it can’t pay bills when they become due; or and
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it has more liabilities than assets on its balance sheet.
Whilst a struggling business may recognise that it has cashflow issues, it may decide to do nothing and wait it out, hoping that the business climate will change, or the business performance will improve, or debts will be repaid.
Formal insolvency procedures can be a voluntary action e.g. you choose to put the business into company administration or liquidation (a Creditors Voluntary Liquidation), but it can also be forced upon the business by a creditor seeking remuneration for an unpaid debt or by a lender to whom you owe capital (Compulsory Liquidation and a winding-up petition being issued).
For a sole practitioner business, a director or entrepreneur can decide to opt for personal bankruptcy at any time, or they can be made bankrupt by a creditor.
Whatever the insolvency impact, Lawson West’s Litigation and Disputes team can help advise you about the process involved, what to expect and to provide legal assistance to position your business in the best possible place, whatever the circumstances, and help to protect your business against creditor action where possible.
Not only can we advise on the process of insolvency procedures, we can help to identify where changes could be made and discuss the legal implications and solutions of each area of insolvency law, delivering to you a plan to help your business recover or fold.
It is vital that advice is taken at the very outset when you have identified that the company may be failing, in order to avoid inadvertently committing a criminal act such as Wrongful Trading, Fraudulent Trading or Misfeasance.
Types of Insolvency
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- Compulsory Voluntary Arrangement (CVA)
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Business Turnaround – Business Recovery
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Creditors Voluntary Liquidation (CVL)
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County Court Judgments (CCJs)
Contact Us
Our experienced Litigation and Disputes team of lawyers and solicitors is here ready to help you further in any insolvency action or litigation. We act for business directors and business owners and we can advise and provide support.
Please complete our enquiry form here. Meet the Team.
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Judith Owen Head of Litigation & Dispute Resolution Senior Associate Solicitor 0116 212 1061 |
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Sarah Hickey Associate 0116 212 1054 |
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Imaan Abdul-Karim Paralegal 0116 212 1015 |
