LEGALLY BETTER ON INSOLVENCY LAW

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Insolvency law encompasses two distinct areas: corporate and personal insolvency. Both require advice to clients and litigation, either for or against the insolvent individual or company. A company or individual faced with insolvency or bankruptcy needs legal advice to explore the options available while those affected by any insolvency, for example creditors or employees of a business, should also seek legal advice.

If you cannot pay your business debts when they become due, or if the assets of your business are less than your debts, your business is insolvent. Unless you pay those debts quickly, then the insolvency may lead to bankruptcy or winding up. Bankruptcy applies to individuals such as sole traders and those that have given personal guarantees for loans. Winding up, administration, liquidation, receivership are terms that apply to companies. Although it may also be possible to arrange a voluntary arrangement with creditors.

Becoming bankrupt may involve restrictions, but the situation is less onerous for individuals whose businesses have failed through no fault of their own. Most are discharged from this process within 12 months although there can be longer term effects on their credit rating. However, if you are made bankrupt your personal assets, not just your business assets, may be lost.

Legal advisers in this area must have a thorough knowledge of the statutory framework governing insolvency law (in particular the Insolvency Acts 1986 and 2000, associated legislation such as the Companies Act 1985 and Directors' Disqualification Act 1986, and more recent amending legislation, for example the Enterprise Act 2002).
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Legallybetter law firms offering further advice on insolvency:

Nicholls & Co - www.nichollsco.co.uk
Nicholls & Co is a new legal practice, based in Shrewsbury, specialising in business turnaround, corporate recovery, and insolvency.

Other links:

Insolvency Service - www.insolvency.gov.uk
Government agency's site offering advice, information on insolvency.

Association of Business Recovery Professionals - www.r3.org.uk
Details of professional advisers for those facing insolvency or bankruptcy.

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