Bankruptcy & Insolvency
Bankruptcy & Insolvency
Corporate and Personal, Bankruptcy and Liquidations. Every insolvency situation is different. Our lawyers have the experience to know how to handle each type of situation, minimising risk and safeguarding clients’ positions.
Altion Law advises individuals, and businesses at all stages of the insolvency process, from early difficulties paying debts through to formal insolvency proceedings. There are advantages to getting advice straight away, as with preventative support insolvency and bankruptcy may be avoided altogether. Our approach is to build strong relationships with our clients, ensuring a thorough understanding of the commercial issues they face.
For a free enquiry, call us today on 01908 414990 or complete our free enquiry request for a free, confidential and no obligation discussion and let one of our expert team discuss your situation and the options available to you.
If a Winding Up Petition is threatened or brought against your business, you are strongly advised to seek immediate legal advice. Most winding up petitions are brought by HMRC against businesses who cannot pay their PAYE, VAT, Corporation Tax and Wrongdoing Penalties
This can be a frightening prospect for any business. Our advice is don’t give up. At Altion Law we are experienced negotiators who will fight your corner and take the stress out of your situation. Our Litigation lawyers have a proven track record of negotiating mutually agreeable deals with creditors, including HMRC.
Visit our Insolvency page for more information or for specialist legal advice and support from our experienced insolvency solicitor, please contact us on 0908 414990 or by using our free enquiry form.
Bankruptcy is a form of insolvency and suitable if you are unable to reasonably pay off your existing unsecured debts within a specific time. Your assets will be sold to pay off your debts to the creditors by the trustee in bankruptcy. It allows you to make a fresh start and be debt free in 12 months. The threat and consequences of bankruptcy can be very serious and the situation can be very stressful. We act for Creditors and Insolvency Practitioners seeking to recover money due to them as well as advising Directors, Sole Traders and Individuals. Altion Law can also assist Trustees in Bankruptcy.
To make an individual bankrupt you must be owed at least £5,000 (or owed by a company for an amount exceeding £750.00 to wind up a company) and the debtor appears either to be unable or to have no reasonable prospect of being able to pay the debt.
We have experienced insolvency solicitors and barristers who are experts in dealing with Statutory Demands. Often we are able to make applications to the Court to set aside Statutory Demands, and oppose bankruptcy orders.
If a company becomes insolvent and goes into liquidation, a director may be deemed personally liable for ‘wrongful trading’.
This happens if it can be shown that, at some time before winding up proceedings began, they knew (or should have known) that there was no reasonable prospect of the company avoiding insolvent liquidation. In these circumstances a court can order the directors to make a contribution to the company’s assets.
The only defence to wrongful trading is if you can show that you took every action possible to minimise the potential loss to the company’s creditors. This makes it essential that as a director you have properly documented all the steps when your company faces the threat of insolvency. We have experience of representing directors when their interests are different from the company, or where proceedings have been threatened or taken against them personally.
Our expert team understands the complexities and challenges when proceedings involve serious allegations such fraud. This can be a frightening prospect for any director. Our advice is don’t give up. At Altion Law we are experienced negotiators who will fight your corner and take the stress out of your situation. Our lawyers have a proven track record of negotiating mutually agreeable deals with creditors, including HMRC.
At Altion Law we can also help by advising you from the outset on best practice and compliance procedures. We can provide clear, jargon-free explanations of directors and officers liabilities and compliance procedures and review all your existing procedures and processes to avoid future problems. To speak to a solicitor who specialises in wrongful trading and directors liabilities cases, please contact us.