Insolvency or potential insolvency is unwelcome. It is though, at times, an unavoidable issue faced by both businesses and individuals.
At Jacksons Law Firm we have established strong working relationships with many of the North East’s leading insolvency practitioners. We have a thorough understanding of the insolvency process for companies, partnerships and individuals from start to finish.
The team advises those businesses and individuals who either find themselves in difficulty or deal with insolvent parties; for example the landlord of an insolvent tenant. The liquidation of a company, or the bankruptcy of a person frequently, have implications for a wide range of parties, be they directors or relatives.
We look to provide practical advice based on our experience, not everything can be learnt from a book or website. That extends to the likely stance of banks, other lenders and HMRC. What action will the take if they are owed money? Will they be sympathetic to future plans? Is a guarantee given for the debts of an insolvent company effective? Can security given to a creditor be enforced? If yes, what are the options and possible outcomes on both sides?
Examples of the team’s work:
- Acting for administrators, liquidators, receivers, trustees in bankruptcy and supervisors of voluntary arrangements
- Security and guarantees
- Defending claims made against businesses and individuals by liquidators, trustees in bankruptcy and others (preference, transactions at an undervalue, wrongful trading and misfeasance)
- Advising as to insolvency related matters including director disqualification
- The protection, restructuring and recovery of businesses
- Statutory demands, winding up petitions and bankruptcy petitions: for both creditor and debtor
Our Corporate Recovery and Insolvency team is often called to assist the work of our corporate and banking departments.