CORPORATE
LEGAL
Did you know there are more than 20 legal options for enforcing a debt?
We knew.
And we make sure we choose the best for you.
Legal advice for Creditors
Introduction
The remedies available to creditors of companies are, for the most part, the same as those available to creditors of natural persons. There are, however, some important additional remedies available where debts are owed by companies. They include the procedure for the compulsory winding up of an insolvent company under section 569(d) of the Companies Act 2014 or the various reliefs available under section 567 of the Companies Act 2014. Beyond getting paid their debts, creditors will also be eager to ensure that their interests are properly represented in a winding up of the company, for example by the appointment of their choice of liquidator, and where the company goes into examinership.
We specialise in advising and representing creditors of all kinds: actual, prospective and contingent, secured and unsecured. Please see below for more information on how we can ensure you get paid quickly and cost-effectively.
Legal Advice
Corporate creditors will normally require legal advice in getting paid their debt. The advice may range from whether or not the debt is actually owed (for example where the company disputes the debt or its amount) to the best method of getting paid. The creditor may be a natural person or itself be a company. It is important to remember that there are a vast many legal options available to corporate creditors. As a result, it is necessary to ensure that you receive comprehensive advice which takes account of all of them - not just the most standard ones.
We specialise in corporate debt recovery meaning that, whatever the issue, we are confient of giving you the answers you need to get paid.
The following are a handful of examples of situations where we have advised corpoate creditors:
- Winding up companies for refusing to pay their debt.
- Making directors of the company personally liable for their company's debt.
- Assisting a landlord in recovering significant arrears of rent.
- Advising creditors in the examinership of a large corporate debtor.
- Advising secured creditors on the best way to proceed after the debtor-company went into liquidation.
- Advising a substantial creditor on whether its debt was statute-barred.
- Advising trade creditors when the company refused to pay for goods supplied to it.
- Advising a judgment creditor in enforcing its judgment against the company.
- Advising a creditor on whether it had a right of set-off or lien in respect of mutual debts.
- Advising solicitors on the best way to get paid their fees by an insolvent company.
Legal representation
In the case of creditors, legal advice is normally followed by legal representation, whether this involves representation in negotiations, mediation, arbitration or court proceedings. We are pleased to be able to provide highly specialist representation in all these forums. The key consideration is ensuring that your get paid your debt as quickly and cost-effectibely as possible. This will involve making sure that you use the correct, and most efficient, legal enforcement procedure available in your circumstances.
- Court application freezing the assets of a debtor-company.
- Application placing a charge on shares held by the debtor-company in its subsidiary.
- Application for the compulsory winding up of the debtor-company.
- Application for the cross-examination of the directors of the debtor-company before the court.
- Application for a judgment mortgage and sale of assets belonging to the debtor-company.
- Standard application for garnishee orders.
- Application for judgment in circumstances where the company disputed the amount of the debt.
- Application seeking information about the whereabouts of the company's global assets.