We provide lenders and other stakeholders, companies and the directors of financially troubled businesses with advice on how to avoid formal insolvency proceedings, wherever possible. We are specialists in all areas of contentious and non-contentious insolvency, both corporate and personal.
We regularly act for major accountancy firms in their role as business advisors or appointment takers.
Our services include:
• Company Reconstructions
• Administrations, Voluntary Arrangements and Receiverships
• Creditors and Members Voluntary Liquidations
• Retention of title claim issues
• Business and asset sales
• Wrongful trading, preference and misfeasance claims
• Bankruptcy and Individual Voluntary Arrangements
Remembering why the problem arose in the first place, we keep a keen eye on cost at all times so as to make sure that the solutions we deliver are not only technically sound, but also economic.
Director Disqualification
We have an enviable track record of successfully defending directors faced with disqualification proceedings, albeit that not all directors have the financial resources to defend such proceedings to Trial.
We have been able to negotiate a shorter disqualification period with the solicitors acting on behalf of
the Secretary of State for the DTI and in all cases to obtain leave from the court for the director concerned
to continue to act as a director of the new company.
We offer a fixed fee package which has proved to be attractive to our clients, as they know in advance what their
maximum outlay will be. For a fixed fee of £6,000 plus VAT and disbursements we will:
1. advise a director threatened with disqualification proceedings on the merits of the allegations made against him
2. negotiate on his behalf with the DTI to reduce the proposed disqualification period, if he chooses not to defend the proceedings
3. apply to court for leave for the director concerned to remain as a director or to become a director of a limited company despite his disqualification, where we consider it appropriate to do so.
We can assist a director with an objective evaluation of the merits, to help him to decide whether or not to defend the proceedings and how best to address the problem. This can save money in the long term by his
avoiding becoming embroiled in expensive, contested litigation. The Secretary of State may accept an undertaking
from a director not to act as a director of a limited company. If such undertaking is offered and accepted
before proceedings are commenced the DTI will not usually seek its costs from the director.
It is therefore important to obtain sound advice at the earliest possible date.
Indeed, every director should seek advice before placing the company in an insolvency procedure not only in relation to possible claims that may be made against him but also with regard to the possibility
of disqualification proceedings being brought.
Advice can be given as to what steps the director needs to take to reduce the likelihood of the same
mistakes being repeated and to optimise the chances of his obtaining leave from the court.
We of course also offer a full range of services should a director choose to defend the proceedings.
For further information on our directors disqualification service or on any other insolvency matters, please contact Donal Bannon on 0151 227 1818.
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