Stephen Wawn & Associates are experienced in all matters relating to personal, business and corporate insolvency. By engaging with our team early in the process, our experienced team can help you navigate through the difficult time and ensure that you get the best outcome whilst dealing with creditors.
Bankruptcy
If a person is unable to pay their debts as and when they fall due, they may become bankrupt. Bankruptcy can be initiated by the person or a creditor. A bankrupt person has another person manage their assets & property to attempt to pay any outstanding creditors. If you are unable to pay your debts, contact our team today to explore some alternatives to bankruptcy.
Corporate Insolvency
When a company is unable to pay its debts as and when they fall due, the company is insolvent. If a company is insolvent directors should immediately obtain legal advice to ensure they do not become personally liable for the company’s debts. Corporate insolvency can lead to administration, liquidation, or receiver. Our experienced lawyers can advise directors, shareholders and company creditors on all aspects on corporate insolveny
Company Administration
A company can put into administration if it is insolvent or close to being insolvent. An administrator is appointed to manage the company affairs and determine if creditors can be paid (potentially in part) and the company continue operating. If you are a director considering appointing an administrator or already in administration, contact our experienced team for advice on how to navigate the administration.
Company Liquidation
If a company is insolvent and it appears that it will need to permanently stop trading and cease to exists, a Liquidator may be appointed. The Liquidator’s job is to realise all the company assets to pay the company’s creditors. On occasion, the company may be able to pay its debts but the shareholders agree to cease the company. The Liquidator will do a similar job but distribute any surplus funds to the shareholders. Our team can assist directors, shareholders and creditors through the liquidation process.
