Category: Insolvency & Business Turnaround


Liquidators’ appointment valid despite breach of deemed consent procedure (Cash Generator Ltd v Fortune and others)

David Oliver, a consultant solicitor with the insolvency and business turnaround team at Verisona Law, examines an Insolvency and Companies Court decision that non-compliance with the statutory provisions for the appointment of liquidators did not invalidate the first and second respondents’ appointments as joint liquidators of three companies.

Read more

Court considers correct approach to conflicting evidence (Fielding and another v Hunt (acting as liquidator of the Burnden Group Ltd))

Restructuring & Insolvency analysis: How should a court deal with conflicts between contemporaneous documents and the evidence of witnesses who have not been cross-examined? Nick Oliver, director and head of the insolvency and business turnaround team at Verisona Law, considers the Chancery Division’s approach in Fielding and another v Hunt, when hearing an appeal against a liquidator’s rejection of a proof of debt.

Read more

Directors of doomed development project guilty of wrongful trading

The directors of a development company have been found guilty of wrongful trading after continuing with a project long after they should have known it was bound to fail. 

Read more

New Laws for Bankruptcy Applications

As part of The Enterprise and Regulatory Reform Act 2013 a new regime has been introduced for those wishing to apply for their own bankruptcy.  Here are the main changes:

Read more

Buying a business in distress

Even successful businesses with excellent prospects can falter if for example they have inadequate funding or have been brought down by a bad debt.

Read more

Director's responsibilities if your company is failing

As a Director of a limited company you have various legal responsibilities – for example to act in the best interests of the company, to file accurate accounts and returns, and generally to behave honestly. If you believe the business has become insolvent, you must put creditors’ interests first. Failing to do so could leave you personally liable for any debts that run up.

Read more

My business is in financial trouble - what action can I take?

If your business is getting into trouble it really could pay to grasp the nettle early and sort things out – while there is time.

Read more

What to do if a major debtor has gone bust

This is a scenario that can bring down even successful businesses and underlines why it is important to keep stringent credit controls and contracts in place with your customers.

Read more

Insolvency options for a faltering business

There is no stock solution for turning round a business in financial difficulty, but there are a number of options available to you, depending on your circumstances. 

Read more

Am I personally liable if my company goes insolvent?

Nobody likes to think about their business becoming insolvent, but if it does, the personal liability you have for its debts will depend on its legal entity.

Read more
  • 1
  • 2

Make an