A creditor can commence bankruptcy proceedings if more than £5000 is owed to them and they have served a statutory demand and received no response.
If you are a director of a company and a bankruptcy order is made against you, you would have to cease acting in that capacity and if you are self-employed your business assets are also at risk. Bankruptcy also affects your ability to obtain credit, and your long term credit rating, as well as your ability to control your assets such as your house and vehicles and potentially your pension.
If you dispute the debt then you need to act fast upon service of the statutory demand or bankruptcy petition and our team are here to assist be it in negotiations with your creditors or defending the proceedings.
If you have been subject to a bankruptcy order and have paid your debts in full and want to annul your bankruptcy from the records then we can provide advice on how to make your application.
Insolvency, winding up a company
If your business has financial problems then you need to consider if it can legally continue to operate. This can be a stressful time for the owners and managers and we can point out the problem areas, suggest solutions and help steer you to calmer waters.
If you are a business or individual facing insolvency or need advice on corporate restructure, our expert lawyers can advise you on all aspects of insolvency and liquidation.
Business need insurance and regularly businesses enter into insurance contracts without fully appreciating the obligations of the business and or the insurer. As a consequence when a claim is made by an insured party problems can arise with both the liability of the insurer as well as the value of the claim that will be paid. We can assist in resolving such disputes and where appropriate dealing with them in arbitration proceedings.
Changes to insurance contracts for business are being introduced in 2016 which will govern misrepresentation, non-disclosure and warranties.
We are here to support your business, directors or officers in claims against your insurers whether it be alongside existing litigation or as an independent claim.