Financial difficulties and winding up
It’s never easy when an organisation has financial difficulties or needs to be wound up. This is especially true when it comes to charities.
You need to achieve the best outcomes for your charity’s beneficiaries and your trustees. But navigating the maze of legislation that not only involves charity law but often also insolvency law, company law and employment law can be complex and confusing at what is already a tricky time.
We are here to help. Our charity law team can give you advice on the duties of trustees or directors when a charity runs into financial difficulties. We can also call on the expertise of our insolvency team and specialist accountants to help you resolve all the issues satisfactorily.
We can also oversee the smooth transfer of services from one provider to another, meaning that the needs of your charity’s beneficiaries can still be met. Examples of our previous work include:
- The transfer of the assets and liabilities of a charity to provide leisure facilities to a local authority
- Advice to a care home followed by its transfer to another charity
- Advice upon the transfer of an independent school in financial difficulties
A recent London arbitration decision has looked at how a receiver’s claim for the diminution in the value of a cargo, which arose solely because of the delay by a ship caused by the owners of the vessel, should be interpreted against the backdrop of the Inter-Club Agreement (ICA) wording.