Authoritative interventions when a crisis hits
If you’re facing the complexities and stress of business liquidation, you can’t afford to do without the clear thinking of an expert law firm like Scott-Moncrieff. Whether the winding up is voluntary or compulsory, you’ll benefit from our calm professionalism and from our track record of dealing with a huge range of liquidation petitions both within the UK and cross-border.
Our insolvency lawyers regularly deal with all manner of insolvency scenarios including administration, liquidation, Company Voluntary Arrangements (CVAs), Individual Voluntary Arrangements (IVAs), bankruptcy, Law of Property Act (LPA) receiverships and debt recovery. We represent both debtors and creditors and have an impressive track record on both sides of the fence. We’re also highly experienced in fending off liquidation petitions and representing financially viable companies that have run into contractual or cash-flow difficulties.
Our top-flight legal team has dealt with major cases, including representing a UK PLC involved in a disputed building contract and facing a winding up petition. We’ve also represented a green energy company to obtain a High Court injunction against winding up proceedings. We helped to advise in a bankruptcy estate involving claims of over $300 million across a number of jurisdictions – a major case that saw recovery actions in Gibraltar and the Cayman Islands.
How does liquidation work? England and Wales
In general terms, compulsory liquidation can be requested by a creditor who establishes a case, by shareholders, by the Official Receiver or by the Secretary of State.
Voluntary liquidation is when the members of a company decide of their own accord to wind up its affairs. Voluntary liquidation starts when the resolution is passed and the company will generally cease to operate from that moment, if it hasn’t already done so.
What does an insolvency lawyer do?
However complex or unusual your situation, Scott-Moncrieff’s highly commercial team will take care of every aspect of the process – whether this is winding up the business or taking steps to fight a winding-up petition.
Once appointed we’ll take control, typically carrying out a number of key legal steps such as:
- settling any legal disputes or outstanding contracts
- selling off assets and using proceeds to pay creditors
- meeting administrative deadlines and keeping authorities informed as the law requires
- paying liquidation costs and any outstanding VAT
- holding creditor meetings as appropriate and prioritising creditors
- interviewing directors and compiling a report on what went wrong
- removing the business from the Register of Companies.
Legal Advice: Costs
It goes without saying that we’ll make sure we deliver the most cost-effective solution and that you’re kept 100% up-to-date with costs as the winding up process progresses.
Contact our Insolvency Solicitors in London
We serve clients throughout England and Wales, including London, Nottingham, Manchester and Birmingham.