There have been twice as many instances of formal personal insolvency in England in 2009/2010 compared to 2005.

Despite incorporation of trading activities, personal financial pressures often still arise as a result of pressure on or the failure of an entrepreneurs’ business. Risks of business failure will also carry risks to your family’s financial affairs and can give rise to complex issues.

Our specialist Insolvency team advises on both the risks of and consequences of business and personal insolvency from advance planning against the risks of bankruptcy to dealing with the very difficult decisions when someone is faced with severe financial problems and all of the consequences of formal bankruptcy or alternative processes.

We act for insolvency practitioners, creditors, debtors, their family and associates. Because we regularly have to approach these issues from different parties’ perspectives, we bring this sense of perspective and expertise to all our advice.

Our advice spans innumerable sectors and circumstances including non trading individuals, sole traders, partnerships and the personal issues for owners and managers of limited companies and LLPs and their families.

Our expertise is grounded in understanding the practical financial commercial and legal issues that affect our clients.

We can advise on:

• Insolvency risk in commercial and personal planning
• The consequences of liabilities arising under personal guarantees, warranties and other agreements with third parties
• Pursuing and defending Statutory Demands and Bankruptcy Petitions
• Voluntary Arrangements and Debt Relief Orders
• Issues related to applications for possession and sale of the bankrupt’s home or other property and assets
• Transactions made at an undervalue and payments to creditors in preference to creditors as a whole
• Annulment of Bankruptcy Orders
• Bankruptcy Restriction Orders
• Partnership Insolvency and Voluntary Arrangements
• Directors/partners/family: advice to minimise personal exposure
• Personal Asset planning on commencement of partnership/incorporation
• Fixed Charge and Agricultural Charge Receiverships