Insolvency

Thomas Dewar Sziranyi Letts has extensive and wide ranging experience in all matters of corporate and personal insolvency. Insolvency is a specialist area and the firm has conducted major litigation in the High Court and Court of Appeal dealing with a range of issues that arise both in personal bankruptcy and corporate insolvency (receiverships and liquidations). The firm acts for insolvency practitioners (receivers and liquidators) and acts for individuals who are facing insolvency applications (personal bankruptcy and company liquidation).

We can support and assist people who face losses and in particular can advise on the possibility of recovery against other parties when there is insolvency, e.g. claims against directors or claims against companies or individuals to whom assets have been transferred prior to a liquidation.

Insolvency rules are often misunderstood and processes are often misused.  For example, statutory demands are often issued under the Companies Act which should not be.  We would always encourage people who have either received a demand or who contemplate issuing one to seek competent legal advice as severe consequences flow if the debtor or creditor gets it wrong.

The directors of a company that is having difficulty paying its creditors often find themselves between a rock and a hard place.  They risk personal liability if they make mistakes.

A creditor pursuing an old debt against a doubtful company is also well advised to seek legal advice, to check whether or not payment that is recovered may be clawed back by a liquidator.

Personal Properties Securites Register legislation creates complex rules.  Terms of trade require careful consideration.  These are all areas with which Thomas Dewar Sziranyi Letts can help you.