Insolvency is the more modern term for what used to be known as company liquidations and bankruptcy.
Insolvency practitioners are appointed by the courts to oversee affairs of troubled corporations or individuals to either have them trade out of their difficulties or to wind them up.
Where an insolvency practitioner has been appointed, anyone who is either a secured or unsecured creditor may need to seek professional assistance from a legal practitioner practising in this field.
We advise secured and unsecured creditors, companies or individuals on their exposures to insolvent traders and what consequences this may have for their organisations or personally. As part of this, we have to examine the true nature of the transaction(s) between the insolvent trader and our client to ascertain whether or not they are void or voidable.
Of course, various schemes of arrangement may be entered into by the insolvent trader whilst we act to protect our creditor client(s). In some cases, clients need protection against others who are legally represented and who may mistakenly pursue the wrong entity from which they are seeking payment.
Irrespective of the nature of the relationship or transaction, where the spectre of insolvency is involved, you need to seek legal advice and we are available to assist you in this complicated area.