7 Village View, Clashmore,
Co. Waterford, Republic of Ireland. P36 Y132
7 Village View, Clashmore,
Co. Waterford, Republic of Ireland. P36 Y132
It is vital to take the correct steps when a business encounters financial difficulty, such as bankruptcy and insolvency. Or any compliance breaches could prove costly – both from a personal and a commercial stand-point.
If your company is struggling financially, please contact us for a confidential discussion. We help directors, sole traders and individuals with:
Bankruptcy
Director Disqualification
Directors’ Liabilities
Insolvency
Liquidation
We can guide you through this uncertain time, ensuring you do not fall foul of the rules, and defending any other claims that are made against you.
Bankruptcy is a form of insolvency and is suitable if you are unable to reasonably pay off your existing unsecured debts within a specific time. The threat of bankruptcy can be very stressful, particularly because the consequences of bankruptcy can be serious. Depending on the situation, we can help prevent a creditor from bankrupting you. Or, we can explore the options available, explaining the different remedies for those who are struggling to pay their debts. If you are a creditor seeking to recover money, we can explain the steps you need to take when issuing a statutory demand.
Director disqualification prevents a named individual from acting as a company director for a set period, which can last from two years to 15 years. If you are the director of one or more companies, this could have a disastrous effect on your ability to earn an income.
If you are a director facing allegations of unfit conduct,
we can provide you with expert legal advice. The best approach will depend on the circumstances.
If you accept wrongdoing, it may be preferable to accept a director disqualification undertaking, where you enter into a voluntary agreement. This often leads to a reduced penalty.
However, if you dispute the allegations, we can collect the evidence needed to support your case. We will then liaise with the Insolvency Service, working hard to secure a positive outcome.
Directors can become liable for company’s debts, if they fail to meet their fiduciary duties. As a director, this is a very scary position to be in, as you could become personally responsible for repaying a large sum of money. If you do not have the funds, you may be forced to enter into bankruptcy proceedings. If your company is facing insolvency, our solicitors can advise how to meet your legal requirements as a director. By taking the correct course of action, you can avoid incurring any outstanding debts. Alternatively, if allegations are made regarding wrongful/fraudulent trading, misfeasance, under value transactions or unfair preference, we can explain what to do next. This might involve defending the allegations or negotiating with HMRC.
Insolvency is when a company is unable to pay its outstanding debts. If you want to continue trading, there are different options available, including an informal arrangement, a company voluntary arrangement and administration. Our solicitors can guide you through insolvency proceedings, minimising the risk and safeguarding your position. This is important, or your company may face compulsory liquidation. Without the correct legal advice, you could also encounter problems on a personal level. For example, you could be accused of unfit conduct as a director, leading to your disqualification. Or you could face allegations of wrongful trading, making you liable for the company’s debts.
Liquidation is the ‘winding up’ of a company. It can either be voluntary or compulsory. If you receive a winding up petition, you need to act quickly if you want to defend it. Otherwise, the petition could be publicised and potentially granted by the courts. We can help you get a winding up petition struck out, and can also represent you in court, if the matter proceeds to a full hearing. Or, if you are considering voluntary liquidation, a member of our team can explain the implications in greater detail.
As part of our on boarding process, we will discuss your matter with you and provide a quote to handle the matter from start to finish. For those areas of law where we are able to, we can offer a fixed price service. This is in order to provide certainty, so the price we quote will be the price you pay. For the more complex areas of law, we can provide an estimate of cost prior to work starting.
Directors can become liable for company’s debts, if they fail to meet their fiduciary duties. As a director, this is a very scary position to be in, as you could become personally responsible for repaying a large sum of money. If you do not have the funds, you may be forced to enter into bankruptcy proceedings. If your company is facing insolvency, our solicitors can advise how to meet your legal requirements as a director. By taking the correct course of action, you can avoid incurring any outstanding debts. Alternatively, if allegations are made regarding wrongful/fraudulent trading, misfeasance, under value transactions or unfair preference, we can explain what to do next.