Insolvency and dealing with Debt
If you or your business are being pursued by creditors but you have insufficient funds to pay them and there is no legitimate reason to withhold payment, Hill and Abbott Solicitors can advise you and assist you in negotiating with your creditors.
We can also advise you in relation to what options may be available to you. This could include formal arrangements with your creditors (also known as Individual Voluntary Arrangements for individuals or Company Voluntary Arrangements for companies) or bankruptcy for individuals and liquidation or administration for companies.
There are ‘rescue’ mechanisms available for individuals and companies and we work closely with a number of insolvency practitioners who can help you.
If the debt is legitimately disputed for one reason or another, then insolvency procedures are unlikely to be appropriate and grounds may exist to set aside a statutory demand, oppose a bankruptcy petition or oppose a winding up petition.
It is important to deal with these matters as quickly as possible as ignoring mounting debts can make things significantly worse moving forward.
Equally, delay in making applications to the court in relation to steps which creditors have taken against you can prejudice your or your company’s ability to dispose of those proceedings.
If you or your business is having financial difficulty then contact us as soon as possible. We can assist you in restructuring your business or dealing with debts generally.
If appropriate, we can put you in touch with an insolvency practitioner. If done at the right time, this can often avoid formal court proceedings and can save a business entirely.
We also work for insolvency practitioners in their capacities as trustees in bankruptcy, administrators, receivers or liquidators.
We will be happy to provide you with some initial advice and a no obligations quote for any work that may be required.