Insolvency Solicitors

If you are already struggling with debt repayments, or if you are owed money, we know that paying for legal services might be a concern.

We can accept a variety of different payment methods depending on your situation, including hourly rates, fixed costs, or no win no fee agreements.

We also work with litigation funders who can finance the cost of claiming debt from an insolvent person or company. If the claim is successful, the litigation funder receives a pre-agreed share of the final claim. Litigation funders can also buy your claim outright for a lump sum before litigation begins.

We appreciate that debt and insolvency are sensitive issues, so we make confidentiality our key concern.

When negotiating with your creditors, we can ensure that any settlements include a confidentiality agreement to help keep the matter private.

We can also partner with our Defamation and Reputation Management colleagues to control the impact of any information that has already leaked.

An Individual Voluntary Arrangement (IVA) is an agreement that you make with your creditors to pay back all or part of your debts.

To make an IVA, you must work with an insolvency practitioner and give them details about your assets, income, debts, and creditors. They’ll work out what you can afford to repay and how long repayments will take.

The insolvency practitioner will propose these repayments to your creditors. If the creditors holding 75% of your debt agree, the IVA will start. You make payments to the insolvency practitioner, who divides the money between your creditors.

You will have to pay fees to the insolvency practitioner, but the IVA prevents your creditors from filing a bankruptcy order or taking court action against you. However, the insolvency practitioner can cancel the IVA or even make you bankrupt themselves if you fail to keep up with the agreed repayments.

We can help you if:

• You or your business are struggling with debt and are facing insolvency
• Your creditors have already forced you into insolvency
• Someone in your family is insolvent
• You are a stakeholder or shareholder in an insolvent company
• You are a director of an insolvent company facing legal action
• You are owed money by an insolvent person or company
• You are an insolvency practitioner acting as administrators, liquidators or trustees in bankruptcy.

Bankruptcy is a declaration that you can’t reasonably pay back all your debt. You can declare bankruptcy voluntarily or you can be forced to do it by a creditor if you have missed too many repayments.

Once you are bankrupt, a Trustee takes over responsibility for your assets and money. They’ll sell your assets – and potentially your home – to pay back your debts. If you own a business, it’ll probably be liquidated, its assets sold off, and your staff laid off.

They’ll also decide how much of your income will go towards your monthly debt repayments. You will be able to keep a portion of your income to pay for necessities such as housing and food.

Bankruptcy usually lasts a year, after which you will no longer be liable for your pre-bankruptcy debts. It can last longer if you don’t cooperate with your Trustee. Bankruptcy will stay on your credit report for up to six years, making it hard for you to borrow money again in the future.

Bankruptcy is a serious form of insolvency, but could be the best option for resolving your debt problems.