If a business or individual is unable to pay their debts, this can have a significant and potentially long-lasting effect. You need a good understanding of the relevant options, followed by swift action.
We are regularly instructed by business owners, companies, directors, creditors, debtors and insolvency practitioners and are known for providing fast, efficient and cost-effective legal advice built upon many years of specialised experience.
We’re here to find the best solution for you.
What Happens If I Cannot Pay My Debts?
Tough economic times may mean that you are unable to meet your financial commitments. If you are struggling to repay your debts they can quickly spiral out of control. Ignoring creditors and appointed officeholders will only make the situation worse.
It is vital to seek advice as soon as you can and we’re here to help.
Dumonts offers advice and assistance on the following matters:
- Statutory demands and bankruptcy petitions
- Individual voluntary arrangements
- Antecedent transactions, including preferences and transactions at an undervalue
- Disputes with insolvency officeholders, including applications to challenge a trustee’s remuneration
- Suspension of automatic discharge from bankruptcy
- Bankruptcy annulment applications
- Matrimonial home proceedings
- Bankruptcy restriction orders and undertakings
- Interviews with the Official Receiver and public and private examinations
For businesses, directors and business owners
- Bringing and defending winding up petitions
- Injunctions restraining winding up petitions (presentation and advertisement)
- Advising businesses as to insolvency and recovery options
- Pre-pack administration and business and asset sale agreements
- Company Voluntary Arrangements (CVAs)
- Voluntary liquidation options (MVLs and CVLs)
- Provisional liquidation
- Asset tracing
- Prohibited name applications
- Applications for validation orders
- Cross border insolvency
- Provision of technical and compliance support to Insolvency Practitioners
- Wrongful and fraudulent trading claims
- Directors’ disqualification proceedings and applications for permission to act
- Misfeasance claims
- Preference, transactions at a undervalue and transactions defrauding creditors
- Breaches of the Companies Act 2006
- Claims concerning unlawful dividends and director’s loan accounts