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Commercial Department
Insolvency |
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If insolvency appears to be the likely outcome for your business, the first and most important step to take is to acknowledge that you have a problem that you are unlikely to solve on your own. Seeking advice from a solicitor at the earliest opportunity will help clarify your options, ensuring that you stay on the right side of the law and help preserve what you have left. None of us likes to think that our business could fail. If it does happen though, it's important to seek advice early – from someone with the depth of experience to explore all the options. Remember insolvency law can be complicated and varies considerably depending on the nature of your debts and the legal structure of your business. At HilliersHRW, one of our commercial lawyers will help you deal with the bank, creditors and any personal guarantees. We will also advise you when it's to your advantage to liquidate or when it's better to let others do it, plus we can show you how to maintain the favourable and profitable parts of the business and how to remove the problem areas. We can help you start again, but without the same problems reoccurring; renegotiate finance terms to retain essential plant and machinery; keep employee relationships intact; keep key personnel on board while you're having to make redundancies and show you how to protect any new personal loans you make to the business to help it survive. We can also help with:
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