Using our experience to help you navigate the complex insolvency law.
We have wide ranging experience in acting for debtors, creditors and insolvency professionals throughout Scotland. Whether you are a debtor, creditor or an insolvency professional we can assist with the court process.
We act for Company’s in insolvency situations and can assist with Directors Liquidation Petitions, Company Voluntary Arrangements, Receivership and Administration. We work closely with accountants and corporate recovery specialists.
Our team has extensive experience of insolvency litigation, including;
Petitions For Sequestration
We both pursue and defend bankruptcy petitions in the Sheriff Courts across Scotland. We help our clients by winning them the time they need to get their affairs in order and resolve the dispute with their creditors. At an early stage we can make applications to the court for Time to Pay.
If matters have gone further Debt Arrangement Scheme appeals and other DAS related matters. We were the first firm to successfully appeal to the Sheriff Court the decision of the Accountant in Bankruptcy to revoke a Debt Arrangement Scheme. We had the scheme reinstated protecting our client from bankruptcy. We deal with Appeals to the Sheriff against decisions of the Accountant in Bankruptcy such as revoking a DAS or refusing to grant a DAS.
We act for homeowners and for Trustees in s40 applications, which are applications to the court for permission to sell the debtors home. We also deal with defending repossession of residential and properties where the bank is enforcing a standard security over property. We assist people to negotiate with the bank or trustee to allow the homeowner to stay in the property.
We can help debtors seek relief from creditors such as asking the court for Time to Pay orders, or holding off bankruptcy in order that Debt Arrangement Schemes can be applied for. We appeal decisions not to grant a Debt Arrangement Scheme.
We act for creditors who are seeking payment urgently. In some circumstances we can ask the court to appoint a provisional liquidator to secure a companies assets for its creditors.
We act for people who have granted personal guarantees over company or other third party debts either to prevent the enforcement of the guarantee or to negotiate better terms of repayment.
Directors Liquidation Petitions
Where a company is having difficulty paying its debts as they fall due it is important that the directors of the company take specialist advice about their duties to the company and its creditors. It is important not to continue to trade in a hopeless situation because directors may be personally liable if they fail to take appropriate steps. Directors who continue to trade when a company is insolvent run the risk of being disqualified as directors.
It is important to recognise that there can be and often is a solution if advice and action is taken soon enough. Companies can ask the court to appoint an administrator or even a liquidator who can help save the business by separating the profitable part from the loss-making and at the same time producing a reasonable return for creditors. Similarly a Company Voluntary Arrangement can be agreed to. It is important to get the right legal and accountancy advice. We work closely with experiences corporate recovery accountants and insolvency practitioners.
Inland Revenue Petitions
Time and again we see companies making the same mistakes when the Revenue is pursuing them for a debt. We can assist the management and directors both to buy the company time and to resolve the problem. We aim to make a confusing and worrying situation manageable. Don’t put your head in the sand. There is a solution. Act today to start the process towards recovery.
If the worst happens and the company has gone into insolvent liquidation then there is the possibility of the Department of Trade and Industry seeking to have directors disqualified. It depends on what has been reported to Department of Trade and Industry by the Liquidator winding up the company. It may be that the company has failed through no fault of the directors, in which case you should have nothing to worry about. But if there have been failings on the part of management, or even if there is something to be explained, it is important to take advice at the earliest stage.
Corporate Recovery – What Next?
Assuming that you have been through the process of dealing with the insolvency and the surviving parts of the business are trading and trying to move things forward, how do you ensure that things don’t go wrong again? It is most important to ensure that your company’s documentation is in order whether that be leases, title deeds, loan agreements, personal guarantees, employee’s contracts, compromise agreements, insurance policies, terms and conditions for customers or any of the other important legal documents that a well-run business needs to have. We can assist with these too.
We have consistently achieved great outcomes for our clients through our tailored, straight-talking approach, resulting in a record that we are proud of. This record, combined with our extensive experience give us the confidence to say we can handle and resolve the challenges you are facing.
Contact us today to take the first step towards a successful resolution.