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Corporate Recovery Farleys Solicitors LLP
Corporate Recovery Farleys Solicitors LLP

Corporate Insolvency Solicitors Manchester

Corporate insolvency is a situation that many businesses face. It happens when a company can no longer pay its debts, is unable to pay them when they fall due, or when its liabilities exceed that of its assets. In 2023 alone, over 25,000 companies registered as insolvent. If you’re dealing with corporate insolvency in Manchester, whether as an individual or a business, our expert corporate insolvency solicitors are here to help you find a solution that suits your needs.

At Farleys, our insolvency and restructuring team has spent years honing their skills. We act on behalf of administrators, receivers, liquidators, and insolvency practitioners alike. When a business is insolvent, it doesn’t necessarily mean it will need to liquidate. We provide expert guidance on how to turn things around and overcome the financial challenges you’re currently facing.

How can our Manchester solicitors help you?

We can help you with many aspects of corporate insolvency law, whether you’re a creditor or investor of a company pursuing a return for your investment or a director seeking to prevent liquidation of your company. Our legal advice includes the following areas:

Head to our subpages to read in more depth about how we can offer advice and guidance on each of these separate issues, or call our office on 0161 660 4254 to be put in touch with our friendly corporate insolvency solicitors.

Other financial legal advice

We also offer other services in our Manchester office if you need assistance handling consumer debts, trading liabilities, unpaid taxes and VAT, and wind up orders. Whether you’re just looking for a second opinion or some advice, or you need help managing your overall financial situation, we’re here to find a solution that works in your best interest.

Insolvency Services for businesses in Manchester

At Farleys, our legal specialists provide insolvency guidance to businesses of all sizes, from SMEs to international businesses, covering a variety of formal insolvency procedures like liquidation, for example. The liquidation process involves selling any remaining assets that belong to your business to reimburse creditors and pay off any other debts, and it can take various forms:

  • Company Voluntary Arrangement (CVA) – A CVA allows unmanageable company debt to be paid back over a period of years.
  • Members Voluntary Liquidation (MVL) – An MVL involves distributing assets to shareholders as capital instead of income and can lead to lower personal tax rates.
  • Compulsory Liquidation – A court normally orders compulsory liquidation after a creditor petitions it. Directors and shareholders will be formally notified in writing of the initiation of these proceedings, typically by a winding up order or a statutory demand.

Our corporate insolvency solicitors know that the circumstances surrounding insolvency can vary greatly from business to business, so we’ll always take the time to understand your current situation and tailor our approach to suit your individual needs. We’ll always be clear and upfront with our suggestions and act in your best interest, recommending what we see as the best course of action for your business, whether that’s a voluntary liquidation or a turnaround strategy.

If you’ve received a statutory demand or a winding up order from the courts, we can help you navigate the situation and instruct you on the best way to respond to help minimise any further damage. No matter the specifics of your case, you can rest assured that we’ll always keep you in the loop.

Insolvency law for individuals in Manchester

We also offer services tailored to individuals like company directors as well as other senior members of staff. We know how stressful these situations can be, and we’re here to help alleviate that stress and provide the necessary guidance and advice you need to navigate the situation.

We can assist you with negotiating with creditors and arranging payment plans, including Individual Voluntary Agreements (IVA). If you’re dealing with bankruptcy, we can also help you with the legal aspects. We’ll also identify and fully explain any implications that might arise from non-payment.

Our insolvency services in Manchester also cover possible enforcement actions by creditors. Our corporate insolvency solicitors will sit with you, explain how every aspect of the process could affect you, and give their recommendations for how to proceed. If necessary, we can also help you challenge this effective action if we believe it is in your best interest.

Why choose Farleys?

We have over 60 years of experience dealing with corporate insolvency matters at Farleys. So, when you come to us, you can trust us to handle the situation proactively.
To ensure you’re informed, we’ll keep you in the loop every step of the way, thoroughly explaining all the available avenues you can take.

We’ll take the necessary time to fully understand your business’s or individual circumstances, and do our utmost to help you navigate through this difficult period. If you would like the assistance of one of the expert corporate insolvency solicitors in our Manchester office, you can request a callback or directly call us at 01254606008 to speak to a member of our team today.

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