There are a wide range of disputes that can arise in the context of both threatened insolvency and after insolvency proceedings have started.
If you are affected by risks of insolvency of trading partners or your own business faces a risk of insolvency you will need a team of insolvency experts to assist you so that can get to the crux of the problem quickly and take steps to resolve matters efficiently and intelligently.
Following a formal insolvency, disputes often arise simply because the whole process concerns the assessment and appropriate allocation or reallocation of the inevitable losses between the various creditors and stakeholders. There is a responsibility on the insolvency practitioner to examine the conduct of the business and its stakeholders and where appropriate to seek to recover assets or value back into the insolvent business or ‘estate’ for redistribution.
At Thrings, we work with all sorts of businesses, insolvency practitioners, lenders, companies, directors, shareholders, bankrupts, creditors and other affected third parties on all forms of insolvency related disputes.
We have a leading team in this specialist area.
For example we advise on:
- The conduct and defence of petitions for Winding Up Orders, Administration Orders and Bankruptcy Orders.
- Proceedings brought by Insolvency Practitioners against bankrupts, directors, debtors and third parties for specific remedies under the insolvency act such as breach of duty and malfeasance by directors, wrongful trading, transactions at an undervalue, transactions to defraud creditors, preferences and claims for the return or realisation of property claimed by the Insolvency Practitioner.
- Resolving disputes between the insolvent business and its trading parties
- Actions for the recovery of their assets by creditors of insolvent businesses when those assets were in the possession of businesses that have become insolvent under retention of title claims, hire or lease agreements and special purpose trusts.
- Advising other group companies and their directors when an associated company is insolvent
- Advising landlords seeking to recover possession of premises let to businesses entering administration or liquidation.
- Advising companies, directors and guarantors in connection with claims under loans and financial facilities.
- Advising directors and bankrupts in connection with allegations of misconduct and claims for Company Director Disqualification Orders and Bankruptcy Restriction Orders.
- A key part of the team’s work is also in advising, before insolvency arises, on the risks of claims or disputes arising on any future insolvency and the protection of a party’s position should that ever arise.