Insolvency (Corporate)

What is Corporate insolvency?

If a business can no longer meet its payments as debts become due and its liabilities are greater than its assets, then it is insolvent.

When a business is in financial difficulties, it has a number of potential options called “rescue mechanisms”:

• Administration.

• Administrative Receivership.

• Company Voluntary Arrangement (CVA).

• Scheme of Arrangement.

If the above steps fail, the business may be “liquidated” or “wound up” and the business’ assets sold off to pay its creditors. The business is then dissolved.

What issues are associated with corporate insolvency?

Issues related to corporate insolvency on which you might need advice include:

• Serving or setting aside a statutory demand.

• Formulating/managing/resisting a rescue mechanism.

• Allegations of wrongdoing (“misfeasance”) against officers of the business in connection with its insolvency.

• Director's disqualification proceedings.

• Civil fraud.

Why do I need a barrister?

Corporate insolvency involves many challenging legal issues. There are special rules and procedures relating to insolvency. Barristers are experts in the law, are best placed to advise on the right course of action, can assist you to steer the right course through complicated procedures and will argue your case to the highest standard in any tribunal or court.

Who is the best barrister for me?    

If you need expert advice on corporate insolvency, choose a barrister on myBarrister. Barristers will provide you with guidance so you that you know where you stand and can take the right decisions about what to do next. We can put you in touch with a barrister who can advise you on any proceedings that you need to take or defend.