Business Insolvency Solicitors
When a business is unable to meet its obligations to Creditors, it can cause significant problems for the business. However, while insolvency might be unavoidable in some situations, it can often be side-stepped with the correct strategy.
Based in Gloucester, Tayntons’ team of insolvency lawyers advise businesses at risk of insolvency as well as creditors who are experiencing problems recovering monies owed. We take a practical, commercially minded approach, helping to find the best short and long-term solutions for your needs.
Our business insolvency expertise includes:
- Statutory demands
- Company Voluntary Arrangements (CVAs)
- Corporate restructuring
- Refinancing
- Winding-up proceedings
- Administration
- Liquidation
- Claims against directors
We can provide options for avoiding insolvency, as well as guiding businesses through the insolvency process where this cannot be avoided. We also advise creditors of insolvent businesses.
Given that there are strict rules governing the insolvency process, it is essential to take legal advice whether you wish to start proceedings or need to respond to proceedings started by your creditors.
With many years of experience, Tayntons’ business insolvency lawyers can guide you clearly and effectively, making sure you are able to achieve the best outcome for your interests while meeting your legal obligations.
Our commercial department also offers expertise in other relevant areas, including employment law, commercial property, commercial dispute resolution and commercial litigation
We offer an initial fixed fee consultation at £150 plus VAT (£180) for corporate clients so we can discuss your needs, then explain how we can help and the likely costs involved.
You can speak to one of our corporate insolvency solicitors by calling 0800 158 4147, or you can request a call back.
How our business insolvency lawyers can help you
Advice for businesses at risk of insolvency
We can provide expert legal support for businesses at risk of insolvency that have received statutory demands or are subject to a winding up petition. We can assist with options for avoiding insolvency wherever possible.
Our insolvency solicitors in Gloucester can assist businesses with matters including:
- Statutory demands
- Winding-up petitions
- County Court Judgements (CCJs) & other debt enforcement actions
- Company Voluntary Arrangements (CVAs)
- Corporate restructuring
- Selling business assets or part of a business
- Management buyouts
- Redundancies
- Corporate refinancing
Guiding businesses through insolvency proceedings
We can assist businesses that have become insolvent through the insolvency process and related matters. Our business insolvency lawyers can help to ensure that you achieve the best outcome for your circumstances, while meeting your obligations to your creditors, employees and other key partners.
Our Gloucester insolvency solicitors can assist with matters including:
- Working with insolvency practitioners
- Administration
- Liquidation
- Selling insolvent businesses
- Claims against directors
Our corporate insolvency advice fees
Our fees are transparent and competitive. We will provide a realistic estimate of the cost involved at the outset and can deal with matters on a fixed fee basis where appropriate.
To find out more about our business insolvency fees, please get in touch.
Business insolvency FAQs
What is the difference between insolvency and liquidation?
When a business is insolvent its debts are greater than its assets. Insolvency is the state of a company’s financial affairs, whereas liquidation is a process.
Liquidation is the process of selling the business assets to distribute realised funds to creditors (and sometimes to shareholders). Usually, failing insolvent businesses are liquidated by a court petition from creditors such as banks, major finance providers or HMRC.
Solvent business can be wound up when the owners no longer wish to trade. There can be some tax benefits in a solvent liquidation.
Can a winding-up petition be stopped?
Winding-up orders are used by creditors in an attempt to force a creditor company to pay its debt. Once issued the creditor company has 7 days to stop a winding up order becoming final. There are various ways to prevent this, examples of which are:
- Paying off the Creditor
- Agreeing a CVA
- Putting the Company into liquidation
- Persuading the creditor not to advertise the petition
- Dispute the existence or amount of the debt
- Request the court adjourns or vacates the hearing.
Can a director be held liable for business debts?
While limited liability protects directors from many business debts, there are situations where a director can be held liable, including:
- Personal guarantees against a debt as security
- Directors guilty of fraud, misconduct or theft
- Directors borrowing money from the business – an overdrawn director’s loan account can be recovered to help settle the company’s other debts
- Directors who draw dividends when they know or ought to have known the company was insolvent
Can a director’s personal assets be seized when a company becomes insolvent?
Yes. If a director is personally liable for company debt, having borrowed money from the business or as a result of a personal guarantee, these debts can be recovered.
If the company is being liquidated or in administration, the Insolvency Practitioner (IP) will be responsible for collecting or releasing company assets, including overdrawn directors loan accounts. It is the IP’s responsibility to release the company’s assets to settle as much of the company’s outstanding creditors as possible.
How long does director disqualification last?
The Insolvency Service can take directors to court and have them disqualified for up to 15 years, and they will not be able to be a Director of any UK registered company or be involved in running a company. Directors can be fined or imprisoned if they break disqualification terms.
Why choose Tayntons for business insolvency advice?
Tayntons’ business insolvency experts have advised a wide range of businesses in Gloucester, Cheltenham, the Gloucestershire area and the Forest of Dean for many years.
Our modern, efficient legal service is tailored to our client’s individual needs, with a firm focus on achieving the best available outcome no matter how challenging the circumstances.
Drawing on our extensive experience with different corporate insolvency scenarios, we can provide clear, confident advice on the best course of action for your business, you as a director and for your employees and creditors. At all times, we will ensure you are meeting your legal and governance responsibilities, minimising the risk of any personal liability.
Our clients tell us they value the depth and breadth of our commercial expertise, as well as our commercially-minded approach to dealing with distressed businesses. Our solicitors are approachable and highly responsive, offering fast legal solutions and advice in plain English.
We offer our corporate and commercial clients an initial fixed fee consultation so we can better understand your requirements and suggest an appropriate course of action and fee structure before you decide whether to move forward with our services.
Get in touch with our business insolvency solicitors in Gloucester
To speak to one of our specialist business insolvency lawyers, please contact us today by calling 0800 158 4147, or you can request a call back.