Unfortunately, given the current climate which we are facing as a national and global economy corporate insolvency is a matter which more and more businesses are having to consider. 

 

Options

 

Here at West London Law we are able to provide companies with practical advice on the different options available to companies who are considering insolvency, including:

 

• Receivership.

 

• Administration.

 

• Liquidation, both voluntary and forced.

 

If a company is solvent and the directors wish to wind the company up, then there is a procedure for carrying this out, in order to have the company cease trading, settle all its debts, collect in all monies owing, sell assets and realise any available profit for distribution to its members.

 

Alternatively, if the company finds itself in financial difficulties, then there are various options available to it in order to satisfy the objectives of the company, which can be:

 

(a)                To restructure the company and make it a financially viable ongoing entity.

 

(b)               Settle liabilities to the best of its ability and cease trading.

 

Director’s Conduct

 

Some routes of corporate insolvency can potentially attract investigation into the directors’ conduct as there are a number of duties which directors must comply with, especially when a company finds itself in an insolvent situation.  We are able to provide advice to directors of companies about their duties and responsibilities.  We can also advise on the consequences of non-compliance with the duties that directors are bound to act in compliance with. 

 

Our Services

 

If you require advice about how to proceed in relation to a company, we will be happy to consider papers and provide you with advice.  We are in touch with a number of insolvency practitioners who are also able to assist should winding up your company be the next step. 

 

Furthermore, should a Statutory Demand or Winding Up Petition be presented to your company, we are able to advise on how to defend and resist the winding up of your company, and we have successfully managed to set aside Winding Up Petitions due to technical errors made on the opponent’s behalf as well as through negotiating settlement of creditors’ claims, providing a commercially sensible solution to problems which are becoming increasingly common in this difficult financial climate. 

 

If you would like further information on how we can assist you or if you have a specific problem which you would like to discuss, please do not hesitate to contact us on 020 8434 3508 or by email at info@westlondonlaw.com.