Debt collection and disputing debts can be a complicated process that include several challenges, which is why you need a careful strategy and clear information on your enforcement options. This is none moreso the case than in situations when an insolvency situation is lingering in the background.
Our expert team can advise you on all areas of debt litigation and insolvency situations, so you know your legal rights and what you need to do.
Speak with our expert team for all queries on debt and insolvency
Our services
Palmers Solicitors are experienced in providing corporate insolvency advice in a wide variety of scenarios including:
- To Insolvency Practitioners in their roles as appointed Liquidators, Receivers and Administrators
- To Companies seeking to defend debt claims, statutory demands, winding up petitions or receiverships
- To Companies who are considering CVAs;
- To Companies seeking to recover monies owed from another business in financial difficulties including by Court Claim, Statutory Demand, winding up petition, appointment of receivers.
- Company directors being personally pursued (either by a creditor under a personal guarantee or as a part of the insolvency process)
- Companies seeking to enter into mediation to reach a solution to monies owed
We therefore work with:
- Many Insolvency Practitioners advising on all aspects of insolvency law and procedure across a wide range of business sectors.
- Companies advising on bringing or defending insolvency claims/proceedings.
- Directors, advising on their duties and potential personal liabilities in connection with insolvent companies, particularly where there are allegations of inappropriate conduct.
In acting on behalf of both Insolvency Practitioners and directors it means that we are acutely aware of the competing risks and vulnerabilities from both parties’ perspectives. The advice that we provide includes but is not limited to advice on:
- Misapplying company funds or continuing to pay shareholder dividends whilst the company is insolvent (Misfeasance and Breach of Fiduciary Duties)
- Carrying on the business of the company (i) with the intent to defraud creditors and/or (ii) when it is clear the business will go into insolvent liquidation (Fraudulent and Wrongful Trading)
- Disposing of company assets at undervalue (Transactions at Undervalue)
- Preferring one creditor over another (Preference).
Our Commercial Property team is also able to assist in property-related aspects of insolvency, including:
- Advice on impact of insolvency on residential and commercial property ownership
- In conjunction with the Company-Commercial team, advise disposal of freehold, leasehold and, with the company-commercial team, business assets on behalf of Insolvency Practitioners
- Transfer of equitable interests in properties to existing part-owners of properties and to third parties
- Advising all parties affected by matters of insolvency in property-related matters. This includes not only Insolvency Practitioners, but also tenants whose landlords are in financial problems, landlords whose tenants are in financial difficulties and co-owners.
Insolvency practitioner, Ian Robert of Kingston Smith LLP said: “My department specialises in providing formal insolvency advice to corporates and individuals and Palmers Solicitors handles property conveyancing on our behalf, as part of that process.
“We get along because Palmers Solicitors actually do what they say they will do – which is not a given in business”.
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