Even for the healthiest business, insolvency of its suppliers or customers can have a serious impact.
Our lawyers always look to work with our business clients to try to structure their affairs so as to minimise such impact. We would be happy to discuss with you contractual methods to ensure you have the best chance of recovery should a customer fail. We can also utilise security arrangements to protect your position legally.
In the event of business failure, we can tell you quickly what your options are, to ensure that you avoid finding your business last in the queue for payment.
We have particular expertise in advising Landlords on the impact of tenant insolvency. In particular which enforcement rights are preserved by each of the myriad of different formal insolvency processes.
In certain circumstances, it might be your own business that finds itself in difficulty due to pressure from the Banks, HMRC or general trade creditors.
We are experienced in identifying strategies to deal with all these categories of creditors whether they present themselves individually or as is more common collections.
Where appropriate we can look to employ formal restructuring procedures such as:
- Company Voluntary Arrangements and
- in some cases Liquidation.
When advising on such strategies we can also consider the impact on the business owner and how to minimise this.
Where a formal process is contemplated by a creditor we can look to see if this can be challenged or whether cooperation will lead to a better outcome for all stake holders, be that the bank or business owner. We are also equally able to advise on the private enforcement methods adopted by banks and providers of factoring or invoice discounting facilities. Most notably in the case of the banks, the appointment of Law of Property Act (“LPA”) and fixed charge receivers.
Our lawyers aim to keep our advice focused on what matters to you. You can leave us to worry about the technical language and knowledge needed to succeed in this area of the law. We will deliver practical solutions which will ensure that you have a full list of options in circumstances where other may be telling you that you have none.