Palmers are experienced in providing corporate insolvency advice in a wide variety of scenarios including:
- Companies seeking to recovery monies owed from another business in financial difficulties
- Company directors being personally pursued (either by a creditor under a personal guarantee or as a part of the insolvency process); and
- Insolvency practitioners acting on behalf of insolvent companies.
We therefore work with:
- Many Insolvency Practitioners advising on all aspects of insolvency law and procedure across a wide range of business sectors.
- Directors, advising on their duties and potential personal liabilities in connection with insolvent companies, particularly where there are allegations of inappropriate conduct.
In acting on behalf of both Insolvency Practitioners and directors it means that we are acutely aware of the competing risks and vulnerabilities from both parties’ perspectives. The advice that we provide includes but is not limited to advice on:
- Misapplying company funds or continuing to pay shareholder dividends whilst the company is insolvent (Misfeasance and Breach of Fiduciary Duties)
- Carrying on the business of the company (i) with the intent to defraud creditors and/or (ii) when it is clear the business will go into insolvent liquidation (Fraudulent and Wrongful Trading)
- Disposing of company assets at undervalue (Transactions at Undervalue)
- Preferring one creditor over another (Preference).
Alternatively it might be that you are owed money by a company that is in financial difficulties and you are unsure on your recovery options or the best steps to take.
Our Commercial Property team is also able to assist in property-related aspects of insolvency, including:
- Advice on impact of insolvency on residential and commercial property ownership
- Disposal of freehold, leasehold and, with the company-commercial team, business assets on behalf of Insolvency Practitioners
- Transfer of equitable interests in properties to existing part-owners of properties and to third parties
- Advising all parties affected by matters of insolvency in property-related matters. This includes not only Insolvency Practitioners, but also tenants whose landlords are in financial problems, landlords whose tenants are in financial difficulties and co-owners.
Insolvency practitioner, Ian Robert of Kingston Smith LLP said: “My department specialises in providing formal insolvency advice to corporates and individuals and Palmers handles property conveyancing on our behalf, as part of that process.
“We get along because Palmers actually do what they say they will do – which is not a given in business”.