Quick thinking, pragmatic approaches for distressed businesses and individuals
When a company runs into financial difficulties events can move alarmingly fast. This is why you’ll need the expertise of a legal team, responding quickly and think on its feet, to navigate you through the storm. Scott-Moncrieff’s top-flight corporate lawyers have the track record and expertise to take the necessary steps to minimise damage and to try and keep insolvency proceedings at bay.
If high debt is the reason for the financial difficulties, we’ll focus on restructuring the debt so that the business remains viable. If operational issues are at the root of the problem, we’ll take a range of steps such as negotiating payment holidays with creditors and improving the management and day-to-day running of the business so that the debt can be more easily serviced.
What can be done to avoid insolvency litigation?
A pro-active legal team that knows its stuff will ensure that before an individual or company is taken to court a restructuring or out-of-court arrangement is set up to agree an alternative repayment schedule that will satisfy creditors. For example, ‘schemes of arrangement’ have become increasingly popular both in the UK and abroad. These entail an agreement between a company and its creditors to reduce debts and are viewed as more affordable than other restructuring tools.
Whether your business is cash-flow insolvent or balance-sheet insolvent, our lawyers will also make sure that any company directors fulfil the specific duties the law requires so they don’t have to face damaging personal claims or, at worst, disqualification.
You’ll find that our specialist insolvency lawyers have that all-important combination of commercial awareness and excellent communication skills needed to deal with people in highly pressured insolvency situations. We also have extensive experience of negotiating and liaising with other professionals such as accountants or liquidators.
An international insolvency service
Our legal team currently offers advice to national and international clients and we’re highly experienced in managing cross-border insolvency matters. We work with individuals, directors, banks, businesses and insolvency practitioners and cover the full spectrum of insolvency and restructuring work, serving clients internationally and throughout England, including London, Bristol, Bath, Nottingham, Leeds, Manchester, Newcastle and Birmingham on a range of matters such as:
- Company Voluntary Arrangements (CVAs)
- Individual Voluntary Arrangements (IVAs)
- Law of Property Act (LPA) Receiverships
- actions for and against directors of insolvent companies
- debt collection
- enforcement of judgments (writs, charging orders and dealing with high court enforcement officers).
We have recently represented:
- a UK PLC in relation to a disputed building contract and subsequent winding up petition
- a green energy company to obtain an injunction against winding up proceedings in the High Court
- a national property management agent in relation to the recovery of debts
- the Board of Directors of a multinational lighting company in relation to the administration of its parent and group companies
- the Board of Directors of a multinational company in relation to wrongful trading claims
- the Trustee in Bankruptcy of a high-profile US bankrupt
- a number of high-profile individuals who have been declared insolvent.
A leading member of our insolvency team was part of the conflicts and strategy counsel for the SIPA Trustee in relation to the liquidation of Bernard L Madoff Investment Securities LLC and the bankruptcy estate of Bernard L Madoff. This involved advising in relation to claims totalling over $300m across a number of jurisdictions – specifically in recovery actions in the Cayman Islands and Gibraltar.
What about the Cost of Legal Advice?
Running into financial problems brings its own additional costs – at a time when businesses can least afford to pay. This is why we make sure we offer competitive rates and, whenever possible, fixed-price fees. We’re committed to achieving the best possible outcomes for our clients and to high quality, ethical practice in every case.
Contact Scomo Corporate Solicitors in London, Bolton and Nottingham
For more information get in touch via our online contact form or call our team now on 02078411099.