Insolvency law applies to companies that are in financial difficulty. For those companies, it is important to remain in control as much as possible. Such a process is often nerve-wracking, and it is difficult for those directly involved to determine the right priorities.
Get timely advice on your insolvency options and risks if your company is financially in danger. The insolvency and business bankruptcy specialists at LexQuire not only have the right legal expertise, but can also provide strategic solutions.
LexQuire’s specialists have vast insolvency experience in:
If one of your debtors is in financial difficulty you can of course also turn to LexQuire for advice and support. We offer specialist advice for all company levels and sizes, including corporate insolvency and corporate bankruptcy services.
If your company is in a bad financial state, it is important not to wait for bankruptcy to occur, but to seek timely and sound legal advice about your options. Sometimes you can still create time and space by making a payment arrangement or signing creditors’ agreement. Negotiations with banks or the tax authorities can also give you some respite.
You may be able to use that time to ensure that your business can continue, whether or not in a slimmed-down form. For example, by reorganising or restructuring your company.
The insolvency specialists at LexQuire can help you with every step of that process.
If your company is declared bankrupt by the court, the consequences are often considerable. The court appoints an insolvency practitioner, who will investigate the lead-up to the bankruptcy and your role in it and who will look after the interests of the creditors. In order to pay off as many creditors as possible, the receiver will, among other things, sell the inventory and stocks of your company and make decisions about your staff. You yourself are sidelined during this process.
As the interests of the insolvency practitioner often clash with your own, it may be necessary to consult or negotiate with them. The bankruptcy specialists at LexQuire know exactly what an insolvency practitioner in a bankruptcy process considers important. This enables us to consult or negotiate with the insolvency practitioner on your behalf, to make the bankruptcy proceedings as smooth as possible.
In a bankruptcy, it is one of the insolvency practitioner’s tasks to investigate whether you, as director, fulfilled your legal and statutory obligations prior to the business bankruptcy. If the trustee finds that there was fraud or mismanagement on your part, you can be personally liable for the financial shortfalls. The trustee in bankruptcy will then ask you to reimburse part of these deficits. It is not uncommon for the amounts involved to be large.
Get in touch today with our insolvency and corporate bankruptcy expert team at LexQuire to get professional advice. We are here to assist you with even the most complex case.
