Insolvency for Businesses

At SAS Daniels we act for individuals (including directors of corporate entities) in relation to all aspects of pre and post insolvency advice.

Given our knowledge of and work with insolvency practitioners, we are extremely well placed to advise on the options available and the consequences of personal or corporate insolvency and give a practical view on how an insolvency practitioner would approach such issues.

We are aware, from our experience of dealing with clients, in these situations how stressful it can be in trying to deal with these issues particularly where the client and or their immediate family may be faced with the prospect of losing their property. We always deal with clients in a sympathetic and understanding manner.

Pre insolvency advice

An insolvency practitioner, once instructed in relation to either a personal or corporate insolvency estate, has wide ranging powers to investigate not only the assets of the insolvency individual or company but also previous financial affairs or dealings.

This can mean that transactions entered into many years earlier for genuine reasons (which would not have caused any issue in the absence of an insolvency) may be subject to challenge.

We have previously advised clients in these situations where family members are being asked to return money or property that they have previously received and the family tensions that can be caused as a result.

We are able to use our knowledge of the relevant insolvency legislation to ensure that any transactions which you may be considering entering into will not be subject to challenge in the event of a future insolvency.

Post insolvency advice

We often act for clients who seek advice only after a formal insolvency event has taken place – whether in relation to them personally or a limited company they are associated with.

Once a bankruptcy order has been made against an individual we can still offer valuable and cost effective advice to suit a client’s requirements whether that is agreeing on the realisation of an asset, negotiating the purchase of assets from their trustee in bankruptcy or their obligations to co-operate with enquiries being made by their trustee in bankruptcy.

If you have been involved as the director of a limited company which has entered into a formal insolvency process we would always recommend that you take your own independent legal advice.

Following their appointment an insolvency practitioner will review the books and records of a company and may raise queries about matters that you had not previously given any thought. Further, an insolvency practitioner has a duty to provide the insolvency service with a report on your conduct as a director. We can assist you in ensuring that you provide full explanations to the insolvency practitioner in relation to any queries to minimise the chance that your conduct as a director will be queried or even worse lead to your disqualification from acting as a director.

About our team

In our experience, clients who attempt to resolve matters without the benefit of legal advice can end up in a significantly worse position than would otherwise have been the case.

At SAS Daniels we like to offer our clients choice about how our fees are funded so that we can, where possible, find a cost structure which suits our clients’ circumstances. For some, the traditional hourly rate may be their preference, others may prefer the certainty of a fixed fee. We are more than happy to discuss funding arrangements with our clients so that worries about costs do not prevent you from obtaining the advice that you require.

Examples of typical instructions would include:

Personal insolvency matters:

  • The implications of bankruptcy;
  • Alternatives to bankruptcy;
  • Responding to claims brought by insolvency practitioners;
  • Purchasing assets from a trustee in bankruptcy;
  • Annulment applications.

Corporate insolvency matters:

  • Options for companies in financial difficulties;
  • Directors duties in relation to companies in financial difficulties;
  • Personal guarantees;
  • Transferring assets in compliance with insolvency legislation;
  • Advising on the purchase of the assets and the business of insolvent companies from insolvency practitioners;
  • Responding to claims brought by insolvency practitioners;
  • Pursuing goods further to retention of title clauses;
  • Advising directors on their personal options to trade following an insolvency.

For more information about insolvency, please contact us for more information.