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In 2018 according to government statistics, over 17000 companies across the UK entered insolvency, with the construction industry taking a huge hit.
If your company is facing extreme financial hardship, Spencer Churchill Solicitors can provide specialist advice to guide you through the insolvency process. We take a pragmatic approach to minimise risks and put your interests first.
Read on to find out more about how we can support your business through an insolvency process or contact us today to get bespoke and tailored advice.Speak With An Expert
Corporate insolvency occurs when a business cannot pay its debts on time and is subject to corporate insolvency law.
An insolvent company has two options according to law:
1. In a bid to save the company, a rescue plan can come into play to pay off creditors and regain financial security.
2. The company goes into liquidation and sells its assets.Contact Us
Spencer Churchill Solicitors offer specialist legal advice on a number of insolvency issues:
If a company cannot pay its debts or negotiate an agreement with creditors, an administrator can protect your business from the harmful actions of creditors by implementing a moratorium.
Administration can bide your company time whilst you take the necessary steps to either try to negotiate a means of paying the debts, sell the company or enter a process of liquidation.
We can offer advice on how to achieve the best outcome for your company and for everyone involved.
To find out more information about our advice on company administration, contact us.
If your business is struggling to pay off its debts to creditors, we can liaise with creditors and debt collectors to achieve the best possible outcome and settlement for your business.
To find out more information about our debt settlement advice, contact us.
Her Majesty’s Revenue & Customs Service (HMRC) is responsible for ensuring that due taxes are paid and has the power to conduct investigations where appropriate.
Our tax solicitors can work with you and your accountant if you are currently under investigation by HMRC.
To find out more information about our HMRC investigation advice, contact us.
If you own shares in a business that is undergoing a process of insolvency, we can liaise with stakeholders to resolve any disputes.
Many people are worried that their family assets may fall victim to bankruptcies or their inheritance might be snatched up by creditors. This can be particularly alarming for clients considered to be in high-risk positions such as company directors.
There are, however, measures that can be implemented in order to protect family assets.
Our team of experts can offer specialist advice regarding insolvency, structuring, succession and liabilities in businesses.
For more information about our advice on protecting assets during insolvency, contact us.
Why Choose Spencer Churchill for corporate insolvency advice?
We understand that businesses often fall into cash-flow troubles.
In the unfortunate event that insolvency does need to happen, Spencer Churchill Solicitors have an expert team to make this process go as smoothly as possible, with your business interests at the heart of it.
Whether you need arrangements to be made to accommodate more time to pay outstanding debts or require legal advice regarding debt negotiations, our corporate insolvency specialists are here to tailor a service that suits you.Speak With A Specialist
To avoid the risk of insolvency, making sure that your business has a secure financial position and cash flow control is crucial. Discussing any issues with legal and financial advisors can assist with this.
It is also important to develop a positive relationship with creditors to reduce the risk of them taking action against you should your company find itself in financial trouble.
Choosing a good business structure can also help to reduce the risk of insolvency.
Do not do nothing if you feel that your business may be on the road to becoming insolvent. As a director of a company, you have a duty to take the necessary steps to minimise any loss to creditors or to anyone else involved.
Taking action sooner rather than later when you identify a problem can help you implement the best course of action that might save your business or at least put it in the best position it can be in.
Extracting money or assets from a business can lead to fraud charges or a preference.
It is important to take legal advice on the right course of action as hasty mistakes can end up becoming very costly and lead to criminal charges.
A preference is considered to be anything that benefits the position of a creditor. For instance, repaying one creditor before other creditors.
Trying to create a preference can lead to other creditors pushing for liquidation to protect themselves.
A creditor that is owed more than £750 can begin insolvency proceedings and take action against you if you have outstanding debts and can apply for bankruptcy if that debt is over £5000.
If the company cannot pull through then the best course of action is to go into liquidation. This means that the company will cease trading, sell any assets and repay creditors its proceeds.
If the company is insolvent but the business can still function, it may be a viable option to restructure the company or go into administration to bide time to get its affairs in order.