Insolvency and Restructuring Solicitors Norwich
 

Banking Problems

Over the last 20 years banks have become more and more powerful and it appears that the government do not want to take any steps to prevent the abuse of the small business or consumer by the bank. Is this because the bank contributes so much to the economy by way of taxes and represents such a large part of the stock market? Such a large part that the government “couldn’t let the banks fail”.

We can help you particularly in relation to :-

Insolvency/ Bankruptcy

We can help with all forms of insolvency be it individual insolvency which can lead to a bankruptcy or a corporate insolvency leading to a winding up or a restructuring of the company.

Perhaps one of the most important things to remember is that as soon as the insolvency becomes formal (Court proceedings started) an Insolvency practitioner is appointed who's job it is to protect the interest of the creditors. Your question should be who looks after you.

Insolvency and your home

Your interests need to be protected most of all because it is your livelihood and often your home and that of your children which is at stake.

Often there is a conflict between that which is best for creditors and that which is obviously best for you. So long as you operate within the law and before the insolvency proceedings start you are able to rearrange the position to help yourself in the long term.

Keeping your assets or bankruptcy

Your aim must be to retain as much as possible of your assets, both business and personal, and to get back into business as swiftly as possible.

There are specific rules and you need advice.

We can even help your partner to retain a bigger share of your home.  (ask about spouses equity claims)

Disqualification Actions against Directors

Often if you obtain help in time it is possible to change lenders, offer additional security or change the management structure of the business so that the business stands a better chance of succeeding if it continues. Creditors will mainly want to support the business in an effort to ensure they get what they are owed. In a formal insolvency you will find that creditors receive little or nothing as the insolvency practitioner takes from the realised assets a huge sum by way of his fees. 

Informal Insolvency arrangements

Informal arrangements can be made but you need to receive advice to protect yourself before those arrangements are contemplated. We can arrange the deal for you.

There are many organisations which claim to be able to help you. How many of those are run by former bankrupts and former directors of liquidated companies?  Although experience can help it does not mean that they know the full picture.  Their fees are often a percentage of the money which they are supposed to "save for you". Usually many thousands of pounds and far in excess of what would be charged by professional advisors such as ourselves. Not only do these agencies ask you to pay large sums up front, but what happens if they take your money and do no work, go bankrupt, liquidate or do the job badly.  They are invariably not insured and you will have lost not only your chance to save the business but also all the money that you have paid to them.

Back to top of page