Often for individuals and business owners, the prospect of insolvency is daunting and can appear very unfair and complicated.
Prevention is better than a cure and if financial problems are dealt with early enough, the onset of formal insolvency procedures can be avoided altogether.
However, if insolvency cannot be avoided, we can help you through the process. If a company is placed into administration or liquidation or enters into a Creditors Voluntary Arrangement, or if an individual is made bankrupt or enters into an Individual Voluntary Arrangement, Hill and Abbott Solicitors can assist.
We act for and against liquidators, administrators, receivers and trustees in bankruptcy.
We can assist in clawing back previous transactions that may have been entered into with a view to defrauding creditors or reducing company assets, which might otherwise be available to creditors.
We can also assist and advise office holders in relation to challenges to their remuneration, the terms of a Company Voluntary Arrangements and allegations of breach of their duty, which can give rise to personal liability.
Often, if a director is accused of some sort of act or omission that has led to the company’s ultimate downfall, they may face director disqualification proceedings, misfeasance claims or other proceedings issued by liquidators or office holders. Such claims can result in the director being made personally liable and having to contribute a sum to the assets of the company for the benefit of the creditors. We can assist office holders in respect of bringing such claims and directors against whom claims may have been made.
Whether you are an insolvency practitioner looking to recover sums or a director facing such allegations, we can assist you.
We also have experience of acting for creditors of insolvent companies. This includes challenging the remuneration of insolvency practitioners and dealing with the appointment and replacement insolvency practitioners.
As with companies, the sooner that debt issues are addressed the better and generally means that more options are available to debtors with a view to avoiding bankruptcy or other formal insolvency process completely.
However, if bankruptcy cannot be avoided, or if an application for a formal Individual Voluntary arrangement is required, we can assist you.
We act for creditors, debtors and office holders and can assist all of them in the event that there are challenges or allegations made in relation to remuneration, actions or conduct.
If an income payment order is sought by an office holder or opposed by the bankrupt, then we are able to advise in relation to the best action to take when considering this course of action.
We can assist office holders in making applications to sell a bankrupt’s home or assist a bankrupt in responding to such an application, which generally has to be made within 3 years of bankruptcy.
We also act for spouses and family members of bankrupts, who may have claims against the bankrupt’s estate or are facing claims against them in respect of jointly owned assets.
We can also assist in recovering sums that a bankrupt may have put beyond the reach of creditors or responding to such claims and look to claw back such transactions for the benefit of the creditors.
Individuals who are made bankrupt are not allowed to act as company directors, which can have a serious detrimental impact on their lives moving forward. We can help bankrupts to make an application to the court for permission to act as a director if appropriate.