Insolvency - Bennett Oakley

Insolvency

Practical solutions for business recovery
and insolvency challenges

Our specialist Insolvency Law team can deal with a wide range of insolvency and business recovery matters for both corporate clients and individuals.

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We act on all formal insolvency procedures and provide expert advice on the options available where a company or individual is not yet in formal insolvency but may be facing financial distress. We also assist creditors in debt recovery, helping them enforce outstanding debts through the most effective legal means.

We understand the need for quick, practical, and clear advice when insolvency and recovery issues arise. That’s why we pride ourselves on offering comprehensive, commercially focused legal guidance in an approachable manner. This enables our clients to take the most appropriate action to protect themselves, their business, or their assets wherever possible.

Speak with Bennett Oakley’s Insolvency Solicitors today to discuss business recovery or insolvency support.

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Looking for legal support? Get in touch with our solicitors, and we’ll connect you with the right expertise to meet your specific needs through our trusted legal team and professional partners.

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FAQ Topics

What is the difference between insolvency and bankruptcy?

Insolvency is the general financial state of being unable to pay debts as they fall due. Bankruptcy is a specific legal process that applies to individuals who are insolvent. Businesses usually go through other procedures such as administration or liquidation.

What options are available if my company is insolvent?

Options include administration, liquidation, or entering into a Company Voluntary Arrangement (CVA). Early advice can sometimes help you restructure debts, negotiate with creditors, or explore turnaround strategies before formal insolvency becomes necessary.

I am a director, what are my responsibilities if my company is insolvent?

Directors must act in the best interests of creditors once a company becomes insolvent. Failing to do so could result in personal liability or disqualification. Legal advice helps you understand your duties and avoid risks.

Can creditors take action against an insolvent business?

Yes, creditors can issue statutory demands, present a winding-up petition, or participate in insolvency proceedings to recover what they are owed. Our solicitors guide creditors through the most effective recovery routes.

When should I seek legal advice on insolvency?

The earlier, the better. If your business is struggling to meet financial obligations, or if you’re a creditor dealing with unpaid debts, early legal advice can help protect your interests and identify the best course of action.