Commercial Insolvency: Both commercial and personal Insolvency is a core practice area of the Barristers and Legal Practitioners of Cambria Chambers.
We advice and act for Directors, Shareholders, Debtors or Bankrupts as well as Accountants, Liquidators, Trustees in Bankruptcy or Supervisors of Individual or Company Voluntary Arrangements.
We offer first class advice and advocacy on:
Issuing and Applications to set aside or Injunctions against Petitions. You can make a statutory demand to ask for payment of a debt from an individual or company. Anyone who is owed money (the creditor) can make a statutory demand.
In law, dissolution has multiple meanings. Dissolution is the last stage of liquidation, the process by which a company (or part of) is brought to an end, and the assets and property of the company redistributed.
Creditors Voluntary Liquidations
A director can propose a company stops trading and be liquidated or wound up if the company can not pay its debts (is insolvent) or enough shareholders agree.
- You must call a meeting of shareholders and ask them to vote.
- 75% (by value of shares) of shareholders must agree to the winding-up to pass a winding-up resolution.
Once the resolution is made there are 3 steps you must follow.
- Appoint an authorised insolvency practitioner as liquidator to take charge of liquidating the company.
- Send the resolution to Companies House within 15 days.
- Advertise the resolution in The Gazette (London Gazette) within 14 days.
Provisional liquidation is a process which exists as part of the corporate insolvency laws of a number of common law jurisdictions whereby after the lodging of a petition for the winding-up of a company by the court.
Members Voluntary Liquidations
You may choose members’ voluntary liquidation if your company is ‘solvent’ (can pay its debts) and one of the following applies:
- you want to retire
- you want to step down from the family business and nobody else wants to run it
- you don’t want to run the business any more
To pass a resolution for members’ voluntary liquidation, you must make a Declaration of solvency - English and Welsh companies
Compulsory Winding up and Liquidations
Compulsory liquidation or winding up is a court-based procedure under which the assets of a company are distributed to the company's creditors. The procedure is started by the filing (presenting) of a petition at court. A judge then decides at a court hearing whether it is appropriate to make a winding up order. The most common reason for a winding up order is that the company is insolvent.
Misfeasance and breach of duty - It is possible for a company to bring a claim against a director for negligence, misfeasance, breach of statutory duty under the common law.
Going into administration effectively means your company is being taken under the management of a court appointed administrator – who must be a licensed insolvency practitioner (IP) - appointed by the courts, your creditors, or your company directors.
We offer expert Advice in this respect.
Personal bankruptcy. Bankruptcy is a debt solution and a form of insolvency. It's a legal procedure mainly suited to people whose circumstances are unlikely to change and who have little hope of paying off their debts within a reasonable time.
Property Asset advice and protection
We can proptect assets such as your home should you go into administration.