Insolvency Services: A Swift Path to Recovery
Insolvency can be a powerful tool for expedited debt recovery, especially when your debtor aims to continue in business. Upon serving a Demand and receiving no denial within 21 days, we can initiate insolvency proceedings, ensuring your recoveries are optimised in minimal time.
Our insolvency services come into play at various stages, whether post-fast-track collections or following the judgment in a court action where no payment has been made after the initial enforcement phase.
Bankruptcy
Recover debts of £3,000 or more by applying for the debtor's bankruptcy. This option is applicable to individuals, sole traders, or partnerships. If the debtor is declared bankrupt, their estate is entrusted to the trustee, typically the accountant in bankruptcy, who sells assets to settle debts and manage the bankruptcy costs.
Instructing Bankruptcy
After Sheriff Officers execute a Charge, we may apply for bankruptcy if the debtor still trades or has ceased trading without payment post fast-track collections. If settlement proposals are not received, we proceed with a bankruptcy order, keeping you informed at every step.
Liquidation
Consider liquidation as a final option when a debt cannot be repaid. A company ceases business operations, and assets are used to settle debts. Liquidation applies to Limited Companies with debts exceeding £1,500.
Instructing Liquidation
Upon receiving your instructions, we swiftly present a petition for a liquidator's appointment. The liquidator assesses the debtor's premises to determine debt settlement possibilities. We keep you updated on progress, discuss options, and collaborate on the next steps.
Solvency Evaluation by Our Expert Team
Our dedicated team of insolvency solicitors evaluates your debtor’s solvency at an early stage, guiding you towards the most strategic approach.
What Happens Once the Petition Is Granted?
If the debtor company pays in full with third-party funds, we present a note to dismiss the petition. If the debtor cannot settle the debt, and company assets are insufficient to cover the liquidator’s fees, we proceed with the liquidation.
For effective debt recovery through strategic insolvency proceedings, contact us today.