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Insolvency
What is insolvency?
Insolvency is a procedure for individuals or companies to manage their debt when they are unable to make repayments when they are due. Insolvency is aimed to help creditors receive the money they are owed.
A company can voluntarily begin insolvency and negotiate Voluntary Agreements with creditors to arrange the best way of repaying debts for all involved. If this is not possible creditors are able to force their debtors into insolvency. When a business is forced into insolvency it is more restrictive and the debtor may have repayments and other controls imposed on them.
Once a company has become insolvent, its assets will be sold to repay creditors in strict order of priority.
What services do we offer?
We provide tailored advice and clarity if you are seeking insolvency as a company or if you are a creditor looking for payments. The services we offer to our clients are the following:
- Avoiding insolvency
- Formal and informal insolvency
- Negotiating repayment agreements with creditors and debtors
- Recovering money owed by an insolvent individual or company
- Protecting family assets if a family member is insolvent
Do you need our help?
Are you seeking insolvency as a company contact our solicitors today on 0161 798 9000.
