Insolvency

Insolvency can be applicable to an individual or an organisation and in simple terms means that you cannot pay your debts as they fall due. Every insolvency case is unique as it can occur for a variety of reasons which makes it essential that you are assisted by a professional to guide you on the right path through this difficult time. With insolvency cases, it is important to tackle these at the earliest convenience as ignoring this issue will only make it worse for you or your business in the long term.

At Cartwright King, our Civil Litigation team are available to listen to your circumstances surrounding either your or your company’s insolvency and will advise you on how to rectify your financial problems. If insolvency is your last resort, they will be able to take on the case both professionally and will take you through the correct legal process. 

Free initial consultation

Our highly skilled Civil Litigation team are available to aid you throughout the legal process. We can provide an initial telephone consultation to see how we can assist in your case. For more information, please call us on 0808 168 5550 or email info@cartwrightking.co.uk.

Insolvency and the law

There is no limit to where insolvency can occur as it can happen at both a personal and corporate level. Despite the reasoning behind the insolvency, there are steps that you can take to limit the damage to either yourself or your company which means that it is wise for you to seek professional legal assistance as soon as possible.

Personal Insolvency  

In today’s society – especially leading up to Christmas – it has become more likely to get into trouble with debt as credit is more accessible which can potentially lead you to lose track of your expenses. If you have found yourself in a situation where you have got yourself into debt, you may be threatened with court action from the organisations to whom you owe money. 

Becoming personally insolvent can arise due to a variety of reasons which include, but are not limited to the following: 

  • Reduced income due to redundancy
  • A change in career
  • Taken on too much credit
  • Bereavement

At Cartwright King, our Civil Litigation department will consider bankruptcy as a last resort and will work with a variety of organisations and creditors to relieve you of any debts. If bankruptcy is inevitable, we will guide you through the procedure and clearly outline what action is being taken along the way.

Corporate Insolvency

If your business is facing bankruptcy, this is what is known as ‘corporate insolvency’ which will require the courts to intervene in order to go through the appropriate procedure. You can find out if your company has become insolvent by using the following two tests:

The Cash Flow Test – Finding out if your company’s debts are unable to be paid.

The Balance Sheet Test – Finding out if your company’s assets are less than those of its amount of liabilities.

If the answer to either of these tests is ‘yes’ then the likelihood is that your company is insolvent and will have to go through the correct procedure by you as the director/shareholder or the courts. During this time, there are four procedures which will be undertaken by an appointed Insolvency Practitioner to minimise the damage to your company which include:

  • Administration
  • Administrative Receivership
  • Company Voluntary Arrangement
  • Liquidation

Our Civil Litigation department are available to advise both you and any Insolvency Practitioners throughout the entirety of the proceedings. It is essential to know that the earlier we can get involved, the more likely it is that minimal damage will be caused to your company and that insolvency could potentially be avoided altogether.

How can we help you?

If you or your company need to go through the insolvency process, our experienced Civil Litigation Solicitors are available to advise you throughout the entirety of the proceedings and explain everything to you along the way. We promise to:

  • Advise you throughout the entire process
  • Treat your case in a non-judgemental, sensitive manner
  • Deal confidentially with any concerns you may have
  • Prepare and collate any and all documentary evidence that may be required
  • Represent you in both Magistrates and Crown Court as necessary
  • Take the worry off your hands
  • Work alongside any Insolvency Practitioners and any other organisations as necessary

Our team are highly ranked in the Legal 500 and Chambers and Partners guides. We have extensive experience in successfully aiding those who are going through the insolvency process and limiting the damage to both them and their company.

Why Choose Us?

At Cartwright King, our solicitors understand the stress that the insolvency process can cause and the potentially negative impact it can have on you and your company. We are available to support you throughout the entirety of the proceedings and represent you in in court if the need arises. 

How to make contact

If you require legal advice or if you would like a no obligation, free initial telephone discussion, then please call us on 0808 168 5550. Alternatively you can email the Civil Litigation team on info@cartwrightking.co.uk and we will get back to you as soon as possible.

Our Solicitors can provide advice and are happy to meet at a time and location that suits you. We also have a network of offices in London, Birmingham, Bedford, Bolton, Derby, Leeds, Leicester, Luton, Manchester, Milton Keynes, Newcastle Gateshead, Northampton, Nottingham, Oxford, Reading, Sheffield and Worcester.

CONTACT
For further information please get in touch with our dedicated team.

Lee Xavier - Civil Litigation Solicitor

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