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. Essentially, we have a thorough understanding of the insolvency process from start to finish. Because of this we can work with companies, partnerships and individuals to help meet their specific needs.
The world is changing for directors of companies that may become insolvent or have already gone into liquidation or administration. HMRC is pressing forward with plans to expand the possible personal liability of directors for their company’s tax debts. The government has already extended its reach from prohibiting people from acting as directors to demanding compensation payments from directors.
Also, the team advises businesses and individuals who either find themselves in difficulty or deal with insolvent parties. The insolvency of a company or person often has implications for many other companies and people, be they suppliers, customers, directors or relatives.
At Jacksons we look to provide practical advice based on our experience. You can’t learn everything from a book or website. In brief, this extends to the likely stance of banks, other lenders and HMRC. In short,what action will they take if they are owed money? Will they be sympathetic to future plans? What is a time to pay agreement and will HMRC agree to it? Is a guarantee given for the debts of an insolvent company effective? Can security given to a creditor be enforced? Also, Can you challenge HMRC’s claim for payment and if so what does that involve? In addition, is a creditor able to claim against the director of an insolvent company?
As a result of the answer being yes to any of these; 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
- Director disqualification
- Advising businesses and their directors as to best action
- Security and guarantees: banks and otherwise
- Defending claims made against businesses and individuals by liquidators, trustees in bankruptcy and others (preference, transactions at an undervalue, wrongful trading and misfeasance)
- The protection, restructuring and recovery of businesses
- Recovering assets from insolvent companies
- Statutory demands, winding up petitions and bankruptcy petitions: seeking to wind up or defend
As well as working with our own clients, our specialist team is often called to assist the work of our corporate departments.