Specialist Legal Advice For Corporate Insolvency
Whether you are a business going through insolvency or you are an administrator or liquidator engaged to deal with the same, our dedicated business law solicitors can provide you with the legal support you need. Covering all aspects of corporate insolvency law, we have the knowledge and experience in acting on behalf of administrators, receivers, liquidators and insolvency practitioners. More business services from Tinsdills include:
Tinsdills recently expanded this department following an acquisition of Grindeys Solicitors
Dedicated To Helping Your Business Recover
Wherever possible, the focus of our specialist business law team is on the recovery of the business and its corporate structure. Seeking expert legal advice quickly may be the difference between recovering a struggling business organisation and facing formal insolvency proceedings.
We advise management boards and directors on when and how to restructure their business including providing advice on finance, security and related issues. We can also advise banks and asset-based lenders on the validity and strength of their security and their options for enhancement and/or enforcement of the same. Corporate insolvency matters in which we can assist include advice to creditors and investors seeking financial return from a struggling business; advising directors of their ongoing duties in an event of insolvency; and advising on the legal issues that might be faced when attempting to turn around a failing company.
Following a recent change in law under the Corporate Insolvency and Governance Act 2020, there is now some additional support for companies facing financial difficultly. This Act introduced both temporary and permanent measures in order to attempt to assist businesses in financial distress. Our team of dedicated business law solicitors is able to advise your business on how the change in law might affect your business.
A statutory demand is a form of a written warning from a company’s creditor. A statutory demand will state that if your business does not pay its debt or come to another arrangement for payment of the same, which is acceptable to the creditor, the creditor may commence court proceedings to put your business into liquidation.
A winding up petition is an application made to the courts for an order that forces an insolvent company into compulsory liquidation. This process involves the appointment of an official receiver by the court whose role it to liquidate all of the company’s assets in order to repay the company’s creditors.
An antecedent transaction is a transaction made before a company becomes insolvent and which may be challenged in the event of insolvency. Antecedent transactions may be reversed or ‘set aside’ by a liquidator or administrator if the company was insolvent at the time the agreement was made, or transaction entered into, or because the company became insolvent at a later date. In an attempt to avoid having a transaction or agreement set aside, parties will therefore often wish to include a provision in any agreement involving the creation of a financial burden or obligation whereby the company confirms it is not insolvent and will not become insolvent as a result of that transaction.
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Contact Us To Discuss Corporate Law
If you have questions regarding Corporate Law, or wish to discuss your case with our team, we’d be happy to hear from you. Contact your nearest branch today.
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Tinsdills Solicitors – managing all aspects of Corporate Law across Staffordshire, Cheshire, Derbyshire and Shropshire.
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