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Corporate Recovery Farleys Solicitors LLP
Corporate Recovery Farleys Solicitors LLP

Corporate Insolvency Solicitors Accrington

Insolvency is a highly delicate issue, so whether you’re dealing with it as a business or as an individual, your priority will be getting practical, trustworthy legal advice. Here at Farleys Solicitors, that’s exactly what we strive to provide. Our team of insolvency experts are here to help you reach a solution that works for you.

Our insolvency and restructuring team have considerable experience in acting on behalf of administrators, receivers, liquidators and insolvency practitioners, as well as providing advice on ‘turnaround’ strategies for businesses experiencing financial difficulties.

Drawing on decades of specialist expertise and knowledge, as well as extensive legal resources, over our 50 years in business we’ve firmly established our reputation as a firm that delivers unrivalled results for clients across the UK.

All aspects of corporate insolvency law are covered by our corporate insolvency solicitors, from creditors and investors seeking a return from struggling businesses, through to directors attempting to rescue a failing company. We’re able to provide legal advice and expertise on:

  • Directors and Duties
  • Administration Applications
  • Administration Restoration
  • Claims by Administrators or Liquidators
  • Injunctions to Restrain Winding Up Petitions
  • Corporate Insolvency and Government Act 2020

Our team also have expertise across a wide range of personal insolvency matters, including bankruptcy, IVAs, debt recovery and statutory demands.

What is Corporate Insolvency?

In business and legal terms, corporate insolvency refers to the state of being insolvent. A company can be accurately described as insolvent when the scale of its debts or liabilities outweigh the value of its assets. In most cases, but not all, this means that the company is in turn unable to pay its debts as they fall due. (This is referred to as cash-flow insolvency.)

It’s important to note that a business dealing with corporate insolvency is not necessarily facing certain liquidation. However, it’s vital that any remedial actions are undertaken swiftly to mitigate this risk.

Who can get help with Corporate Insolvency in Accrington?

We provide the full spectrum of corporate insolvency services in Accrington, delivering first-class service to businesses, individuals and insolvency practitioners alike. We have a wealth of experience with a variety of related issues, including consumer debts, trading liabilities, unpaid tax and VAT, and liquidations of businesses.

Insolvency law for businesses in Accrington

Our legal specialists provide insolvency law services to Accrington businesses of all sizes, and across any sector. We can provide guidance and in-depth advice on the full range of formal insolvency procedures, including the liquidation of your business.

In a nutshell, liquidation is the term used for the process in which a company is formally brought to an end. The company’s assets and properties are sold, and all proceeds from these sales are used to pay back the creditors. If the company remains solvent at the time of liquidation, the generated cash may be distributed to its shareholders.

Liquidation proceedings can take several forms:

  • When the company’s shareholders decide to liquidate the company under their own volition, they may choose to do so with a Company Voluntary Arrangement, or a Members Voluntary Arrangement.
  • Alternatively, a creditor may petition a court to instigate a Compulsory Liquidation. Company directors and shareholders will be notified of intended insolvency proceedings with a Winding Up order or Statutory Demand, and may choose to challenge them.

At Farleys Solicitors, we always take care to assess your individual situation, and tailor our recommendations according to ensure that we achieve the most desirable outcome for you. If we deem it beneficial for you to take proactive voluntary steps towards liquidation, we can advise on the various insolvency options available to you. Alternatively, if you’re looking at rescuing your business from insolvency, we can look at the most reliable avenues of doing so.

Equally, we can provide help with the best way to respond to Compulsory Liquidation orders, or notifications of formal proceedings. No matter the specifics of your individual situation, you can always rely on our expert solicitors to act with your best interests at heart.

Insolvency law for individuals in Accrington

As part of our range of corporate insolvency services in Accrington, we also provide a range of insolvency services tailored towards individuals, such as company directors. We know that managing personal debts and liabilities can be a highly stressful experience, whatever the amounts involved, so here at Farleys we take care to try and make the entire process go as smoothly as possible for you by tailoring our advice to your specific circumstances.

For example, we can provide professional advice on the best way to navigate your negotiations with creditors, and help you to organise informal payment plans should you wish to, or arrange an Individual Voluntary Agreement (IVA). If bankruptcy is a factor, we can provide detailed advice on this area of law too, including the possible implications of non-payment.

If your creditors decide to take enforcement action, we can explain all the ways in which this might affect you, and all the available ways in which you might choose to respond. If we feel that it would be worth challenging any enforcement actions, we can sit down with you to explore the most effective ways to do so.

How can Farleys Corporate Solicitors help?

Farleys Solicitors LLP is a friendly, trusted, and straight-talking local firm with over 50 years of experience in serving clients in Accrington and across the North West. Our solicitors draw upon a wealth of knowledge and industry-specific expertise in order to answer all of your most pressing questions regarding Administrative Restoration.

Feel free to get in touch with our Accrington Corporate Solicitors today on 01254 367853 or contact us by email.

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