Insolvency and Bankruptcy Solicitors in Birmingham
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With nearly four decades of specialised experience in insolvency and bankruptcy cases, our team of expert insolvency solicitors in Birmingham have successfully helped hundreds of clients over the years. Our extensive knowledge in this area of law allows us to inform you about all available options and advise you on the best ways to reach a favourable resolution.
As an established law firm recognised by Legal 500, we have has a proven track record of successfully helping directors, business owners and stakeholders with business insolvency, as well as supporting private individuals in financial distress who are looking to file for bankruptcy.
With punitive restrictions growing while a debt remains unpaid, taking swift action when dealing with insolvency is paramount. Our insolvency solicitors proceed quickly and with discretion, offering practical legal advice on time-sensitive issues while negotiating with both debtors and creditors.
Get in touch with our insolvency and bankruptcy experts on 0300 303 2071 or email us at info@witansolicitors.co.uk for a free, no-obligation consultation today.
What is Insolvency?
When someone, whether it is a private individual or a business, is unable to pay their debts as they fall due, they are considered insolvent. Insolvency is a process for managing debt if individuals or businesses can’t pay the repayments. At this point, creditors seek to obtain the amount owed through court action.
As a result, if a legal dispute and insolvency litigation start, the debtor may be forced to sell assets to pay off the debts. A company may need to be wound up (end business affairs) in preparation for the liquidation of its assets. For a family, bankruptcy can mean losing their car and even their family home.
Seeking legal advice early on may allow you to find alternative methods of settling your debts without having to face your creditors in court or dealing with liquidation. This is where we can help.
Who Do We Help?
Our insolvency team has helped previous businesses recover after insolvency issues. We have experience in representing both private clients and corporate businesses. There isn’t a single solution that fits everyone and this is why we ensure that we take into account the wider scope of the problem before supplying the right advice for your matter. Some of the people we have helped in the past include insolvency practitioners, directors, shareholders, creditors, financial institutions and entrepreneurs.
Business Insolvency
Directors are advised to seek out the support of an insolvency solicitor during difficult times of financial hardship, especially during the collapse of their business. In such cases, recovery plans are crucial in ensuring a favourable outcome. This could allow businesses to be rescued with the help of a well-structured action plan.
Our business insolvency solicitors can assist you with legal advice on a number of matters, including:
- Business restructuring
- Director duties and liabilities (under the Insolvency and Companies legislation)
- Recovering assets from an insolvent business creditor
- Acquisition of a business undergoing insolvency
- Investigating the causes of insolvency
- Breach of director duty claims
- Disputes over assets in an insolvent business
- Recovery of assets from off-shore trusts
Personal Insolvency
Declaring bankruptcy is a last resort. We will advise you on all other options available, including negotiating a debt payment or settlement, increasing income or borrowing money. If all alternatives have been exhausted, we can help you through the insolvency process.
Our private bankruptcy solicitors can support you and your family in many ways, including:
- Offering advice on avoiding insolvency
- Assisting you through the formal bankruptcy process
- Negotiating repayment agreements with creditors
- Protecting family assets if someone in your family is filing for bankruptcy
Qarrar Somji
Solicitor-Advocate
Qarrar qualified as a Solicitor Advocate in 2014 having previously had experience in a varying range of litigation roles.
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How Can Our Insolvency Solicitors Help?
Facing insolvency is challenging for both individuals and companies. We have acted for and against Insolvency Practitioners which enables us to see the dispute from both sides of the fence. This also ensures we advise our clients comprehensively so that they navigate any insolvency claim successfully.
Some of the things we can advise you on include:
- Winding up petitions
- Injunction to prevent presentation of winding-up petition
- Bankruptcy petitions
- Statutory Demands
- Bankruptcy Annulments
- Individual Voluntary Arrangements (IVA)
- Breach of Fiduciary Duties/Misfeasance Claims
- Directors Disqualification
- Transactions at an Undervalue
- Preference Claims
- Validation Orders
- Wrongful Trading and Fraudulent Trading
- Claims by Insolvency Practitioners
- Illegal Dividends
- Prohibited Name Issues – Reuse of a company name after liquidation
For more information on how we can help you, don’t hesitate to contact our bankruptcy solicitors. We will be happy to provide the right advice and support.
Solvent Restructuring
Our specialist restructuring lawyers can help your business avoid insolvency by implementing a solvent restructuring strategy. This includes changes to the business structure, de-mergers, wind-downs and dissolution of related companies within a larger group to improve its value, increase tax return efficiency and secure a better ROI for shareholders and investors.
Our insolvency solicitors can advise you on all relevant documentation involved in solvent restructurings, such as indemnities, reconstruction agreements and distribution agreements.
Are you a director? Read our article on insolvency concerns for company directors.
Why Choose Us?
As legal experts who have been resolving insolvency cases since 1986, we have the expertise and experience to guide you through the challenges of facing bankruptcy.
A bespoke approach to every case
We don’t believe in a one-size-fits-all approach. We always take the time to explore the specifics of your situation to find the most suitable solution in your case.
Clarity throughout the process
When you are dealing with insolvency, you may feel overwhelmed by all the technicalities and legal jargon involved. We are here to help you by eliminating any confusion and providing a clear explanation of the process and your options in simple terms.
Trusted bankruptcy solicitors
With offices in Birmingham, Northampton and London, we are trusted by hundreds of people across the Midlands and the UK. Our proven success record has helped us establish and build our credibility for nearly 40 years.
Contact Us
If you are facing corporate or individual insolvency, please get in touch with our insolvency solicitors on 0300 303 2071 or email us at info@witansolicitors.co.uk
FAQ
What is a company voluntary arrangement (CVA)?
This is an official agreement made between a company and their creditor(s) to repay a proportion of any outstanding debt in instalments over a fixed period, usually 3 to 5 years. This allows the business to continue trading and avoid liquidation.
What is an individual voluntary arrangement (IVA)?
This is an official agreement between an individual and their creditor(s) to repay any outstanding debt in regular payments according to a set plan.
What is an insolvency practitioner (IP)?
A licensed Insolvency Practitioner (IP) is a professional who is authorised to act in relation to an insolvent person, partnership or business. Most IPs are accounting experts who specialise in handling insolvency cases.
What is a winding-up petition?
A winding-up petition is a legal claim by a creditor against a company that owes them money. A creditor can present a winding-up petition for any undisputed debts over £750.
What happens when a company goes into liquidation?
When a company is being liquidated, it has to cease business and its assets are sold to repay creditors.
Can you stop a liquidation?
A winding-up petition can be stopped before it is presented if an Injunction is obtained from the Court. If a petition has already been granted by the Court and the liquidation process has been started, it may still be possible to stop the liquidation and return the company to the control of its directors.
What happens when you are declared bankrupt?
If you are declared bankrupt, your name and details will be published on the individual Insolvency Register (Individual Insolvency Register (IIR)). You may be interviewed about your situation and assets, and your assets can be used to pay off your debts. This includes your family home.
How long does the insolvency process take?
A business liquidation can take some time to complete, depending on the size of the business and its debts. A personal bankruptcy can take 12-18 months to be completed, depending on the number of your assets and debts.
How do you annul a bankruptcy order?
You can apply to cancel a bankruptcy order if:
- Your bankruptcy debts have been paid in full
- If you have a reason to believe that the bankruptcy order should never have been issued
- A voluntary arrangement has been approved by your creditors
Can you help me keep my debt private?
At Witan Solicitors, we ensure your confidentiality and we work with discretion to safeguard your reputation by securing non-disclosure agreements when negotiating settlements.
Our insolvency team also has experience in damage control and mitigation when information about your insolvency situation has been leaked.
What locations do you cover?
We have expert insolvency solicitors based in our offices in London, Northampton and Birmingham but we offer national coverage and work with clients across the UK. We also have an international law team based in our offices in Portugal.
