Unfortunately, from time to time, we may face financial difficulties in our private or business lives. These problems may result in the threat or instigation of insolvency proceedings from creditors. Clarke Barnes are able to advise on dealing with creditors, and how to defend, where appropriate, a statutory demand, winding-up petition or bankruptcy. Our solicitors are well versed in dealing with bankruptcy trustees, administrators and receivers and are able to refer clients to insolvency practitioners with suitable experience and expertise should circumstances require.
Bankruptcy is a possible course of action if debts cannot be paid. There are separate bankruptcy procedures for companies and partnerships. Alternative options to bankruptcy include:
– Informal arrangements, also known as ‘family arrangements’ or a ‘debt management plans/agreements’
– Administration orders
– Individual Voluntary Arrangements (IVAs)
– Debt Relief Orders (DROs)