We have specialist insolvency solicitors in London and St Albans who deal with wide-ranging insolvency issues involving both personal and corporate insolvency. We act for, among others:
- Senior lenders
- Insolvency practitioners
Sherrards’ insolvency team advise on all aspects of contentious insolvency. Our lawyers offer specialist advice in relation to both corporate recovery and disputes arising in personal bankruptcy. Our team is led by Karen Dobson, who has over 20 years of experience specialising in insolvency-related litigation.
Scroll down past our FAQs to see our services.
Frequently asked questions around Insolvency:
What is an IVA?
An individual voluntary arrangement (IVA) is an arrangement which an individual enters into with their creditors. At Sherrards, we have close links to local insolvency practitioners so are able to advise on the most suitable appointment of a licensed insolvency practitioner, who will help you to draw up the proposal, become the nominee, and arrange the necessary creditors’ meeting.
Can you help with LPA Receivers?
Our team have strong relationships with a number of LPA receivers, so are able to advise secured creditors on the best appointment in their circumstances. We also have expertise in advising LPA receivers in the course of their duties and conversely can advise those who wish to contest the actions of LPA receivers.
What is a Statutory demand?
A statutory demand is a written warning from a creditor. At Sherrards we have experts who can advise creditors and assist with preparing a statutory demand, which can be used against individuals as well as companies. Should the individual or the company fail to pay, our debt recovery team will advise you on the legal processes involved in petitioning for bankruptcy or winding-up.
What does ‘Directors’ liabilities’ mean?
Directors are under certain obligations by law to act in the best interests of their company and the company’s creditors. Directors must adhere to a list of equitable and general duties. A director who breaches their duties runs the risk of being disqualified as a director; being sued by either the company or the appointed insolvency practitioner; having to pay the company’s debts themselves, or face sanctions which could include fines or even imprisonment.
What is Liquidation?
Liquidation is an insolvency procedure under which the assets of a company are realised and distributed to creditors by the appointed liquidator as prescribed by legislation. Liquidation can be compulsory or voluntary. Compulsory liquidation is instigated by a creditor and follows a court order. A voluntary liquidation is instigated by the members or creditors of the company. Unlike administration, liquidation always results in the dissolution of the company.
At Sherrards we can advise on putting your company into liquidation in the best possible way, protecting the directors and shareholders, and, where necessary, liaising with insolvency practitioners.
What does it mean when a company goes into Administration?
Administration is a company rescue procedure under which a company’s assets will be protected by stopping any form of creditor action for a defined period of time.
At Sherrards we provide advice to companies, company directors, shareholders, creditors and insolvency practitioners on a wide range of issues relating to administration.
If you are a director, you may wish to obtain advice with a view to steering your company through these tough times and we can advise on whether administration is appropriate for your company, and examine alternatives. With close ties to insolvency practitioners, Sherrards can provide you with the right advice and, if required, refer you to an insolvency practitioner to begin the process.
For landlords, creditors with existing security, or creditors with retention of title, we can provide detailed guidance.
Sherrards also has experience in advising insolvency practitioners acting as administrators on all aspects of insolvency law, assisting with the legal aspects of group re-organisations and restructurings, schemes of arrangement, business and property sales, pre-packs and the investigation of prior transactions entered into by the company or its directors.