Corporate Insolvency Solicitors are equipped to offer advice to businesses, stakeholders, insolvency practitioners, debt

1. Corporate Insolvency Solicitors are equipped to offer advice to businesses, stakeholders, insolvency practitioners, debtors, creditors and directors in every aspect of insolvency law It can be extremely stressful for companies and their directors finding themselves in a financial crisis and to be threatened by a winding up order against them. Corporate insolvency solicitors are well trained to offer professional advice on how to challenge a statutory demand served on the business by a creditor. The lawyers will advise on the procedure and how it can be challenged, as well as assessing the effect that the winding up petition will subsequently have on the company. When a company’s bank accounts are frozen, it can be detrimental to the daily operational activities of the business. The specialist team of insolvency solicitors will assist with advice as well as how to apply for a validation order, which is an application to the court to reverse the process. When a company is declared insolvent, there may be devastating claims against the directors (or former directors) of the company. Directors can become accountable for lost assets, they may be faced with heavy fines, and even become personally responsible for company debts. In the case of irregularities, directors may face disqualification or even criminal sanctions. Corporate insolvency lawyers will be able to proffer advice on defending claims and on how to recover loan accounts that are in overdraft. They will also be able to play a pivotal role in Phoenix Trading, the consequences of using a company name that is prohibited, misfeasance claims facing directors, wrongful trading, as well as antecedent transactions. These transactions may be stopped or cancelled, with the company being declared insolvent. For creditors, a long list of outstanding debt can be worrisome. Long debtor lists lead to uneasy situations, therefore debt recovery is an important procedure. Clients are advised on winding up a company when statutory demands are ignored and what the next step is after the winding up order has been issued. Find a trusted London based law partner with a corporate insolvency department that is accredited by Lexcel. This is the legal practice quality mark for client care, compliance and practice management, and gives credibility to any affiliated law practice. A statutory demand for payment of debt can be served on a company. The corporate insolvency solicitor’s advice on how to serve this formal written demand and how it may be challenged. It is imperative to consult the experts, as there are constant changes and amendments to the Corporate Insolvency and Governance Act 2020 that needs to be taken into consideration. A statutory demand is used where the creditor is owed a sum of money larger than £750.00 and is not disputed. The debtor has not paid the debt. By serving the demand, the creditor is implying that the debtor is unable to honour the debt. It can be served on the following commercial entities, including a company registered in England & Wales, a company whose main interests is in England & Wales, an unregistered company, or a limited liability partnership. The debtor is given 3 weeks to pay after being served with the statutory demand. If the debtor fails to make a payment, the creditor can issue a winding up petition against the debtor if no payment is received. If a company has received a statutory demand, immediate action is required. To challenge the statutory demand a couple of steps need to be taken. Application for an injunction in case of a dispute can be requested, a full payment can be made, or payback in instalments can be negotiated. Highly acclaimed corporate insolvency solicitors have vast experience in advising clients who demand on going the route of issuing a statutory demand, as well as clients wanting to challenge a statutory demand, providing tailor-made and cost-effective advice, without compromising on quality. About Us Grant Saw Solicitors LLP, a well-established, highly acclaimed firm of solicitors, is based in South East London, with offices in Greenwich and Blackheath. Offering divergent services to individual clients and businesses, this accredited, award-winning practice has received the highest accolades for consistent excellence in different segments of the practice. The firm was established in 1851 and combines their resplendent history and tradition with a fresh modern approach. The innovative approach has led to reaccreditation by Cyber Essentials Plus for the next twelve months, as well as a shortlist nomination for the 2022/23 LawNet for Law firm of the Year. For more information, please visit: https://grantsaw.com/.