In addition to collection and litigation support, we are able to provide insolvency expertise.
The Litigation & Recoveries Team are able to advise and act on petitions for bankruptcy and winding up.
The team are regularly instructed to consider retention of title.
Our insolvency solicitors in London and Southampton are experts in their field, providing both contentious and non-contentious insolvency expertise, and are able to advise on all matters arising out of insolvency.
From Bournemouth, we offer an insolvency monitoring service.
We have longstanding relationships with Insolvency Practitioners that provide both national and international support.
How can our insolvency solicitors help?
By definition, someone is insolvent if they are unable to pay debts owed.
If your business is owed money by an individual/partners and that debt is undisputed, you may wish to consider bankruptcy legal advice and proceedings.
If a bankruptcy order is successfully obtained, the Official Receiver/Trustee in bankruptcy will investigate the bankrupt’s affairs and any assets & recoveries will form part of the bankruptcy estate for distribution to creditors.
The first stage of bankruptcy proceedings will normally be to serve a Statutory Demand giving the individual 21 days to respond. If the demand goes unanswered, a petition for bankruptcy can be presented which will normally be heard at a Court hearing in around 8 weeks.
If you wish to consider insolvency action, our bankruptcy solicitors can consider the merits of your case and will advise on whether insolvency action is appropriate and the steps required to proceed.
An uncontested bankruptcy action can usually be handled under an agreed fixed fee.
If a winding up order is successfully obtained, the Official Receiver/Liquidator will investigate the company’s affairs and director’s conduct and any assets & recoveries will form part of the liquidation for distribution to creditors.
The first stage of winding up proceedings will normally be to serve a demand for payment. If the demand goes unanswered, a petition can be presented which will normally be heard at a Court hearing in around 8-12 weeks. The petition will be served on the company and advertised in the London Gazette before the hearing.
If you wish to consider insolvency action, our insolvency solicitors can consider the merits of your case and will advise on whether insolvency action is appropriate and the steps required to proceed.
Uncontested winding up action can usually be handled under an agreed fixed fee.
Insolvency Monitoring Service
Working closely with insolvency practitioners that we partner with throughout the country, we are able to deliver an Insolvency Monitoring Service for all your debt accounts.
You are able to forward all insolvency notices to us including:
- Individual Voluntary Arrangements
- Debt Relief Orders
- Company Voluntary Arrangements
We will review the documentation and where appropriate, will recommend an insolvency practitioner for nomination.
We will monitor the insolvency going forwards, reviewing reports and assessing dividend prospects, responding to proposed decisions, completing proof and proxy forms, and arranging attendance at creditor meetings as required.
Insolvency monitoring will usually be undertaken for an agreed fixed fee.
Retention of Title
What is retention of title?
Retention of title (“ROT”) is a provision in your contract/terms which means that legal ownership of the goods supplied by your business remains with you as the supplier, until certain obligations are fulfilled by your customer, usually full payment for the goods.
Clauses are often poorly worded, rendering them ineffective.
To be effective, ROT provisions must be well drafted. A good ROT provision should include:
- Provision that title will not pass until certain obligations have been fulfilled.
- Goods to be stored separately, and easily identifiable. Mixed goods clause if applicable.
- Risk passing to the customer on delivery, provision for insurance.
- Access to view the goods.
- An all monies clause – reserving title over all goods until all outstanding invoices have been settled.
- Adequate provisions to differentiate ROT from the creation of a charge over goods
Adhoc Insolvency Advice for Creditors
Insolvency is a wide, highly complex area.
In addition to providing petition and insolvency monitoring services, our specialist team can provide insolvency legal advice on all aspects of insolvency law effecting individuals and businesses.
Our team regularly provide guidance to creditors and debtors, as well as insolvency practitioners.
What is the process?
We will discuss each individual instruction with you. We will then provide you with our advice and quotation to take the matter forward.
Fixed fees can be discussed for the insolvency monitoring service.
How long does it take?
We pride ourselves in building lasting relationships with our clients. As a case concludes, we continue to work with our clients on other matters.
Frequently Asked Questions
Yes, we are. We are regulated by the Solicitors Regulation Authority. We are also accredited by Lexcel and strive to the standards of ISO27001.
Yes, we can offer fixed fees for the insolvency monitoring service and petition work.