Insolvency and restructuring advice for directors, companies and creditors

Financial difficulty narrows a company's options quickly. Directors need to know what they can and cannot do, creditors need to know how to protect their position, and both need advice before decisions become irreversible. We advise companies, directors, shareholders and creditors on restructuring options, formal insolvency procedures and the disputes that often follow.

Our work sits alongside our dispute resolution practice, so we can act where insolvency becomes contentious, and alongside our Spanish Desk, so we can advise where a debtor, its assets or its creditors are in Spain.

What we do

Advice to directors

We advise directors on their duties when a company is in, or approaching, insolvency, including the shift in focus towards creditors' interests and the risks of wrongful trading, fraudulent trading, preferences and transactions at an undervalue. Early advice can reduce the risk of personal liability and disqualification.

Restructuring and rescue

We advise on the options for a viable business: informal arrangements with creditors, company voluntary arrangements, the statutory moratorium, restructuring plans and administration. We work with licensed insolvency practitioners, who take formal appointments, and advise the company and its directors throughout.

Acting for creditors

We act for secured and unsecured creditors, landlords, suppliers and guarantors. That includes statutory demands, winding-up and bankruptcy petitions, proving in insolvencies, enforcing security, and challenging transactions that have prejudiced creditors.

Claims against directors and recovery actions

We act in claims arising after an insolvency, including claims brought by office-holders against former directors and claims to set aside transactions, whether we are acting for the creditor or the director.

Personal insolvency

We advise individuals on bankruptcy and individual voluntary arrangements, and creditors on bankruptcy petitions.

Cross-border insolvency

We advise on applications to recognise foreign proceedings in Great Britain under the Cross-Border Insolvency Regulations 2006, and on recognising UK proceedings in Spain, so that assets can be protected and claims pursued where they are located.

Situations we help with

• Your company cannot pay its debts as they fall due and you need to understand your duties as a director.
• You have received a statutory demand or a winding-up petition.
• A liquidator has written to you about payments made before the company failed.
• A UK company in administration or liquidation has assets or debtors in Spain.

Points to consider

• Act early. The longer a company trades while insolvent, the narrower the options and the greater the risk for directors.
• Transactions can be reviewed. Payments and transfers made before insolvency, especially to connected parties, can be challenged by an office-holder.

How we work

• Legal adviser, not office-holder. We advise companies, directors and creditors and work alongside licensed insolvency practitioners.
• Ready for disputes. Our litigation team handles petitions, applications and claims.
• UK and Spain. Lawyers qualified in both systems advise where proceedings or assets cross the border.

How a matter usually runs

1. Urgent review. We review the financial position, deadlines and any demands or proceedings.
2. Options. We set out the formal and informal options and their consequences.
3. Action. We negotiate, apply to court, file documents or work with the appointed insolvency practitioner.
4. Follow-through. We deal with claims, recoveries and any cross-border steps.

Related services

• Dispute Resolution: enforcement.
• Corporate & Commercial: directors' duties and reorganisations.
• Tax: HMRC debts.
• Spanish Desk: debtors and assets in Spain.