Insolvency and business turnaround
The firm’s award winning team assists clients across the country in dealing with all aspects of insolvency and business turnaround situations. Team members have a wealth of experience in assisting individuals and businesses in financial difficulty, creditors, company directors and insolvency practitioners.
The team at Verisona Law has become best known for its expertise in dealing with insolvency disputes and litigation – particularly relating to personal insolvency, director disqualification and claims, property, construction and fraud. It has a national reputation for undertaking this work, and is recognised for it in both of the leading guides to the legal profession – Legal 500 and Chambers & Partners. A full list of the team’s services, together with case studies and testimonials from clients, are available below.
Team members understand the difficulties and urgency that are often features of insolvency and turnaround work and are used to working out of hours and to urgent deadlines.
Businesses in financial difficulty
- Advice on business refinancing and restructuring
- Advice on, and management of, insolvency procedures
- Negotiations with trade creditors, HMRC (including ‘time to pay’ agreements), landlords, banks, factoring companies, financiers and insolvency practitioners
- Business sales
Individuals in financial difficulty
- Assistance with financial difficulties, personal guarantees, statutory demands, bankruptcy issues and individual voluntary arrangements (IVAs)
- Dealings with the Official Receiver, The Insolvency Service and trustees in bankruptcy (including possession actions in relation to residential property)
- Advice on director’s duties, potential personal liability for on-going trading and options where the company is in difficulty
- Advice on post-insolvency matters including claims by liquidators and director disqualification action by The Insolvency Service
- Advice on issuing statutory demands, bankruptcy and winding-up petitions
- Maximising recoveries
- Retention of title, charge and debenture issues
- Enforcement of personal guarantees
- Representation at creditor meetings
- Technical advice, transactional support and litigation services locally and nationally
- Assistance with investigations, insolvency-related disputes and litigation (including construction disputes)
- Personal insolvency issues
- Asset and debt recovery
- Asset and business sales
- Property issues
- Employment issues
- Cross-border assistance
Buyers of distressed or insolvent businesses
- Advice on purchasing distressed or insolvent businesses
- Risk assessment and due diligence
- Support for valuation and price negotiation
- Related property, leasehold and employment issues
"Verisona were very supportive in this matter which took some four years to settle. Their appetite for work on the matter did not wane as time went by, a valuable trait where the matter is a marathon rather than a sprint.
It was comforting to benefit from Mr Oliver's years of experience, calm common sense commercial approach and twinkling sense of humour."
Insolvency Practitioner - Liquidator of company in health sector
"After putting my company into voluntary liquidation in the January of 2010, I then received a letter threatening action from the liquidators solicitors and claiming wrongful trading - basically blaming me. I was shocked to say the least. David Oliver was personally recommended by another businessman.
This was so stressful, and Verisona and David's handling of the whole nasty business I can only describe as brilliant and they delivered the service we all hope to get.
When it came to the claims made against me, every detail was dealt with and answered basically took their case apart until we made them a offer to settle for less than 2 per cent of what they asked! David Oliver and Verisona were worth every penny”.
Sole director of a building company
“Verisona Law provided clear professional advice and support throughout what was a difficult and complex process. At all stages they provided guidance on the options available to me and the potential consequences of each.
Verisona Law ensured that my case addressed the relevant issues and was structured in a way that effectively rebutted the large complex but ill-founded case produced on behalf of the Secretary of State for Business. Without Verisona Law’s support there is every possibility that the outcome for me would have been far less favourable”.
Director of a company offering expertise as bid consultants on a variety of PFI and PPP projects.
"I was invited to accept this appointment as Trustee without any knowledge of the complex matter that the case would become. Initially, I appreciated the supportive approach from Verisona Law who were prepared to assist me in my investigations without any certainty of recovery for either of us. Our task was made more difficult by the complete absence of cooperation from the debtor and the multitude of aliases that he had used to conduct his affairs over the years. However, the tenacious approach of the Verisona Law team bore fruit and helped me identify numerous properties, both commercial and residential, that vested in me as Trustee."
"The sale of those properties was not straightforward as a number of challenges arose that required further legal input. Again, I was well served by the breadth of experience in the Verisona Law team which ensured that each issue was handled by an appropriately qualified expert. In all cases the quality of client service that I enjoyed was consistently high. As a result I was able to deliver a successful outcome and ensure that all creditors were paid in full, plus interest."
Trustee in bankruptcy