INSOLVENCY ADVICE
In a fast changing economic climate lots of businesses can get into difficulty. Insolvency is a threat not just to businesses but to the business owners, many of whom will have given guarantees to banks or securities over their houses.
Insolvency is often a complex area of law, challenging to companies and their directors.
We pride ourselves on being able to simplify difficult situations and to give clear advice. We have in our team of lawyers insolvency specialists who are regularly engaged by financially distressed businesses for advice on:
- how to minimise risk
- how to turn around businesses
- if all else fails, how to help them go through restructuring or insolvency proceedings
John Clarke, one of our partners, is an insolvency specialist – which means that he is well used to helping businesses in difficulty. In practice, that means:
- dealing with guarantee demands from banks
- trying to save businesses that can be saved; and
- (sorry if this sounds too “grand”) giving people the room to learn from their failures.
Here, the American approach is so different from the British one: in Britain, we worry about people who have had insolvencies, but in the States they know you will have learned something valuable.
The earlier you can identify if your business is in trouble, the earlier you can act to address the issues, potentially improving the likelihood of rescuing the situation and correspondingly reducing the risks of you acting in breach of your duties as a director.
