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Corporate Recovery Farleys Solicitors LLP

Corporate Insolvency Solicitors Burnley

When you’re facing the issue of insolvency, either as a business or as an individual, we know that you’ll always need practical, trustworthy legal advice. Here at Farleys Solicitors, that’s exactly what we aim to provide, and our team of insolvency experts are here to help you reach the most desirable outcome for you.

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

Now with over 50 years of history behind us, we use decades of specialist expertise and the considerable resources at our disposal to deliver first-class service to our clients across the UK.

Our corporate insolvency solicitors cover all aspects of insolvency law, from creditors and investors seeking a return from struggling businesses, right through to directors seeking to rescue a failing company. We can 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?

A business enters the state of corporate insolvency when the scale of its debts and liabilities outweigh the value of its assets. This often means that the company is unable to pay its debts as they fall due (which is referred to as cash-flow insolvency.)

An insolvent business might not necessarily be facing certain liquidation, but in the vast majority of cases, the situation requires swift remedial action to be taken if the company is ultimately to continue trading.

Who can get help with Corporate Insolvency in Burnley?

We provide a full spectrum of corporate insolvency services in Burnley to everyone who might need them, including businesses, individuals and insolvency practitioners alike. Consumer debts, trading liabilities, unpaid tax and VAT, and liquidations are all well within our sphere of expertise, and we take pride in delivering a first-class service to every one of our customers.

Insolvency law for businesses in Burnley

Our legal specialists provide insolvency law services to Burnley businesses of any size, from SMEs to larger corporations, and across a wide variety of sectors. Our decades of expertise enables us to provide detailed guidance and advice on the full range of formal insolvency issues, right up to (and including) liquidation.

In business and accounting, liquidation is the process whereby a limited company in the UK is formally brought to an end. Part of this procedure involves selling the company’s assets and properties, with all proceeds used to pay back the creditors. If the company is still solvent at the time of liquidation, any generated cash may also be distributed to its shareholders.

Liquidation proceedings can take several forms:

  • A Company Voluntary Arrangement and a Members Voluntary Arrangement are two examples of liquidation proceedings that are instigated by the company’s shareholders, who may decide to wind up the business of their own volition.
  • A Compulsory Liquidation is initiated by a court, normally as the result of a petition by a creditor. In this case, company directors shareholders have comparatively little agency over the proceedings. They will normally be notified of intended insolvency proceedings with a Winding Up order or Statutory Demand.

At Farleys Solicitors, we know that each situation is different, so we always take care to assess your individual circumstances and goals before recommending a course of action. For example, if we deem it beneficial for you to take proactive voluntary steps towards insolvency, we can lay out the various insolvency options available to you. Alternatively, we can use our expertise to help formulate a turnaround strategy which has the best chance of rescuing your business.

If your company has been in receipt of a Statutory Demand, a Winding Up order or a Letter Before Claim, we can assist you in working out the best way to respond. Whatever the specifics of your circumstances, you can always trust our solicitors to be compassionate, efficient and proactive, making sure that we’re acting in your best interests at all times.

Insolvency law for individuals in Burnley

Our insolvency services in Burnley also encompass a range of legal services for individuals, including company directors. We know that finding yourself in the midst of any kind of legal proceedings can be stressful enough, but especially so when they relate to debt and other financial disputes. With our decades of expertise and customer focused approach, we’re here to minimise that stress by making everything as simple and straightforward for you as we can.

We can provide assistance in negotiations with your creditors, and help you to achieve a satisfactory resolution to your issue as efficiently as possible. This may involve (for example) an informal repayment plan, or the arrangement of an Individual Voluntary Agreement (IVA). If bankruptcy is a factor, we can also provide detailed advice here as well, including any possible implications that might arise from non-payment.

If any of your creditors decide to take enforcement action against you, we can provide tailored, in-depth advice about how these proceedings can affect you, and what your options are for responding. If we feel it would be within your best interests to challenge these enforcement actions, we can even assist you in doing 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 Burnley 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 Burnley Corporate Solicitors today on 01282 798664 or contact us by email.

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