Miles Herman is a clever, understated lawyer who is at the top of his game.
Our team have experience providing insolvency advice and assistance in a variety of sectors and can assist you regardless of whether your business is in financial services, hospitality, and leisure, retail, energy, healthcare or any other sector. Contact us today to find out more about how we can provide advice and practical solutions at this challenging time.
Where a company or an individual is unable to pay their debts as they fall due, or where they find themselves with greater liabilities than assets, they will be deemed to be insolvent. The individual or company may be helped in this situation through an appropriate insolvency procedure. Companies may use liquidation, administration or a Company Voluntary arrangement and individuals may use Bankruptcy or an Individual Voluntary arrangement. Our specialist insolvency solicitors can help you determine which is the best procedure for your circumstances and advise you of your obligations under each type of procedure.
The person appointed to deal with your insolvency is known as the insolvency practitioner. This person will act as an office holder in bankruptcy, voluntary arrangement, administration or liquidation. Each insolvency procedure differs, and both your obligations under each procedure and the outcome will also differ depending on the procedure you go through. Outlined below are some of the key factors you should understand about each type of procedure, however, your insolvency solicitor will be able to explain these to you more fully. Contact us today to find out more.
For further information or to speak to our expert restructuring & re-organisation solicitors (including corporate recovery and insolvency) please get in touch.
Administration is a procedure of insolvency used to protect a company from creditors whilst is is being restructured either to be sold or to continue as a going concern. During administration, a licenced insolvency practitioner will manage the company’s affairs.
Pre-pack administration occurs where a business is sold immediately after entering into administration. Usually, the pre-pack deal has been organised ahead of the company being put into administration. A pre-pack administration is highly regulated and may only be used where the highest value for the business can be obtained. A pre-pack administration is beneficial in a number of ways, and normally saves more jobs than any other form of insolvency procedure.
Liquidation is the process used to wind up a limited company in the UK. In liquidation, the assets and property of the company will be sold in order to pay back creditors. If the company is solvent on liquidation the cash generated may also be distributed amongst shareholders.
Compulsory liquidation occurs when a winding up order is made in Court. Winding up orders are made on petition, normally by a creditor. In these circumstances, the company Directors have no control over when this procedure occurs and it is very rare for any art of the business to be rescued after going into compulsory liquidation. If your company is insolvent, contact our solicitors today to find out whether voluntary liquidation may be a better option allowing you more control over the affairs of the company.
This is the most common type of liquidation and occurs when the shareholders decide to wind up a company that is no longer solvent.
Members voluntary liquidation occurs where the shareholders of a company have enough assets to pay all the debts of the company. This is a tax efficient method of distributing surplus cash in a company back to the shareholders.
The Companies Act outlines procedure for non-trading or dormant companies to be dissolved.
This means that the company will be removed from the Companies register. However, contracts and relationships will not be terminated and dissolution of a company should not be used to avoid liquidation. Claims against a company can carry on for 20 years, and the company may be reinstated and then put into liquidation to pay back creditors.
Voluntary Arrangement – Voluntary arrangements come in multiple forms; a Company Voluntary Arrangement, Partnership Voluntary Arrangement or Individual Arrangement. Voluntary arrangements are legal procedures which allows a company, partnership or individual to come to an agreement with its creditors that is legally binding, and outlines how the debt owed is to be repaid. In order to enter into a voluntary arrangement, 75% of all creditors must agree to the terms of the arrangement. However, the final arrangement will be binding on all creditors.
Bankruptcy – Bankruptcy occurs where an individual becomes insolvent. In bankruptcy, the financial affairs of the individual are administered by a Trustee. The Trustee’s role is to distribute the bankrupt person’s assets amongst their creditors in alignment with the order of preference. Bankruptcy begins when a court makes a Bankruptcy Order against the individual.
Book a
confidential
consultation
Miles Herman is a clever, understated lawyer who is at the top of his game.
Richard McConnell carried out conveyance for my family on 4 London flats, 1 sale and 3 purchases. In each instance he was excellent. The attention to detail and communication throughout the process was perfect. I have recommended Richard to several family members and friends who have been extremely pleased. I would have no hesitation in using Richard McConnell and Lewis Nedas in the future should the need arise.
I wanted to take the opportunity as well to thank you for everything that you have done on this case. The result that we got on Monday will have a massive positive impact not only on my life but the lives of all my family including that of my own son. I personally was struggling to hold back the tears when the sentence was being delivered by the judge and I know my father and sister felt the same too. It must be fantastic to work in a way that can have such a positive impact on people’s lives and I want you to know how much it all means to us all. Thanks a million and good luck with all that you do going forward.
Lewis Nedas advised me in a serious case of insider dealing. The lead solicitor dealing with my case was Jeffrey Lewis, who impressed me with his quick grasp of the very complex circumstances. His in-depth knowledge of how the City really works and his long experience of serious financial crime gave me great confidence. But it was also his friendly and supportive attitude, and readiness to take calls (or return them promptly if he was in court) which was very reassuring. I was delighted with the positive result of the case, and the speed and efficiency with which it was handled.
Lewis Nedas Law Limited, led by Jeffrey Lewis, is known as ‘an exceptional firm with a strong team of talented and expert criminal lawyers’. The practice offers a wide range of high-end legal services, including on cases concerning espionage, terrorism, and murder. Siobhain Egan has strong experience in multi-jurisdictional matters; recent highlight engagements concern organ trafficking and terrorism financing, among other matters. Unan Choudhury is noted for his work regarding espionage and murders, while Keith Wood is an expert in High Court contempt proceedings which arise from criminal activity. Other key figures include Miles Herman, who represents clients in complex litigations.
Hands on partner involvement leading a dynamic team who like to think out of the box. Results driven. Clear strategies. They can go toe to toe with the big “City” firms.
