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Corporate Recovery Farleys Solicitors LLP

Corporate Insolvency Solicitors Preston

When you’re facing the prospect of corporate insolvency, either as a business or as an individual, you’ll always need practical legal advice you can trust. 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 a considerable wealth of 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.

Now with over 50 years of history to our name, we draw on decades of specialist expertise and extensive legal resources to deliver first-class service to our clients across the UK.

All aspects of insolvency law are covered by our corporate insolvency solicitors, from creditors and investors seeking a return on struggling businesses, through to directors seeking to avert the liquidation of 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?

A business enters the state of corporate insolvency when the scale of its debts and liabilities outweigh the value of its assets. Most of the time, but not necessarily always, this also means that the company is unable to pay its debts as they fall due. (This is referred to as cash-flow insolvency.)

It’s worth noting that an insolvent business is not necessarily facing certain liquidation. However, the situation normally requires the company directors or shareholders to take swift remedial action in order to mitigate this risk.

Who can get help with Corporate Insolvency in Preston?

We provide the full spectrum of corporate insolvency services in Preston, delivering unrivalled service to business, individuals and insolvency practitioners alike. Our experts can advise on a range of issues relating to corporate insolvency, including consumer debts, trading liabilities, unpaid tax and VAT, and liquidations of businesses.

Insolvency law for businesses in Preston

Farleys Solicitors provides insolvency law services to Preston business of all sizes – from SMEs to larger corporations, and across any sector. We can provide in-depth assistance and guidance on the full range of formal insolvency issues, up to and including the liquidation of your business.

Liquidation is the standard procedure used to wind up a company in the UK. As part of this procedure, the company’s assets and properties are sold, and the proceeds used to pay back the creditors. If the company is still technically solvent at the time of liquidation, the cash generated may be distributed amongst shareholders.

Liquidation proceedings can take several forms:

A Company Voluntary Arrangement and a Members Voluntary Agreement are two similar but separate types of liquidation proceedings, in which the company’s shareholders decide to wind up the business of their own volition.

Compulsory Liquidation is a type of liquidation that is not instigated on a voluntary basis, but is instead ordered by a court, normally because of a successful petition by a creditor. Company directors and shareholders are informed through a formal notice of intended insolvency proceedings, typically via 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 in detail, so that we can tailor our advice towards achieving the most desirable outcome for you. This includes advising you on the range of insolvency options available to you, if we deem it beneficial for you to take proactive voluntary steps towards liquidation. Alternatively, we can work closely with you to formulate the best strategy to rescue your business.

If your company has been the recipient of a Statutory Demand, a Winding Up order or a Letter Before Claim, we can provide helpful guidance on the best way to respond, and the implications of each option. Whatever the specifics of your circumstances, you can always trust our solicitors to be efficient and proactive, and to always act in your best interests.

Insolvency law for individuals in Preston

We also provide a range of insolvency services specifically tailored for individuals, such as company directors and other senior staff. We know that dealing with any sort of legal proceedings can be stressful, but especially so when they relate to debt and other financial disputes. Here at Farleys Solicitors, we’re dedicated to minimising that stress for you by making everything as simple and straightforward as we can.

We can provide assistance in negotiations with your creditors, and explore the most successful avenues of resolution with you – which may include an informal repayment plan, or the arrangement of an individual Voluntary Agreement (IVA). We can also provide detailed advice on bankruptcy, if it’s relevant to your situation, and the possible implications of non-payment.

Our insolvency services in Preston also cover possible enforcement actions by creditors. Our insolvency solicitors can fully explain how each of these enforcement actions affect you. If necessary, we can assist you in challenging these enforcement actions, if we’re confident that your best interests would be served by 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 Preston 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 Preston Corporate Solicitors today on 01772 978680 or contact us by email.

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