Businesses and individuals can both be affected by financial issues. These issues can sometimes lead to bankruptcy and insolvency. When you or your company are unable to pay off your debts on time, the creditor you owe the money to can take legal action against you in an attempt to recover the money.
This can happen if you owe £5,000 or more (£750.00 if it is a Company that owes money), or have not kept to the terms of an individual voluntary arrangement (IVA), but there is no minimum to apply for your own bankruptcy. Choosing bankruptcy is a serious decision, so seeking specialist advice is crucial.
BTMK’s bankruptcy solicitors in Benfleet can provide you with expert legal advice in all aspects of insolvency or bankruptcy law. We can refer you to liquidators, bankruptcy trustees and administrators to get specialist advice before you need the help of a solicitor. We also have extensive experience as specialists in debt recovery.
Becoming insolvent means you or your company are unable to pay the debts you owe on time and can lead to legal proceedings where assets and property may have to be redistributed (liquidation). Insolvency can lead to filing for bankruptcy if a solution isn’t found during the insolvency process.
The Creditor must be able to prove that you owe £750 or more and also to prove that the Company cannot pay you.
If you are experiencing financial issues, our insolvency solicitors in Benfleet can offer assistance throughout the process, aiming to get the best outcome possible for you. We can ensure that you receive pro-active assistance from other professionals where necessary and appropriate, such as insolvency practitioners or accountants. We’ll be here to provide all the legal support that is necessary when the time is right.
If you own a business that is struggling to make payments and doesn’t own enough assets to pay off the debt, it can put your business at risk of shutting down. Contact our corporate insolvency lawyers in Benfleet for highly experienced legal advicefor your case. We are one of the only law firms in the region to offer a specialist insolvency law team, and we have strong relationships with other professionals to ensure that you are on the front foot from the very outset.
We can help with the issue of, or defence against a Winding Up Petition. If threatened with a petition, steps need to be taken quickly to prevent it from affecting the future of your business.
Receiving a Winding Up Petition can impact:
It is crucial to take advice as early as possible. Likewise, if a company owes you money, our specialists can help ensure you are protected against the petition being defended.
If after going into insolvency you cannot find a solution and need to file for bankruptcy, our bankruptcy solicitors in Benfleet can help you throughout the entire process.
Whether you are facing bankruptcy or insolvency, we can offer our expert legal advice at any stage you are in, hoping to reduce any distress you are currently facing and achieve the best result available for you.
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