Ackroyd Legal

OUR SERVICES

Insolvency Solicitors

If you or your company is in financial hardship or is owed money, we will provide clear and straightforward legal and commercial advice to reach a favourable and achievable resolution.

What is insolvency?

Insolvency is a process for managing debt when companies or individuals are not in a position to make repayments. The process helps creditors regain as much money back as possible.

Insolvency can be started by individuals or companies. They can then negotiate Voluntary Agreements with their creditors to formalise the best way of repaying the debt owed.

If the debtor does not start insolvency, the creditor can forcibly begin insolvency themselves. If this is the case, the debtor can face repayments and restrictions which are out of their control.

How does insolvency work?

This depends on whether you or your company is becoming insolvent.

Personal insolvency

For personal debts that are paid back on time, you can go insolvent by securing bankruptcy, an Individual Voluntary Arrangement, or a Debt Relief Order.

Each of these routes offers you the opportunity to organise a reduction in repayments and the chance to write off the debt. Our team can give legal advice to you on the best option tailored to your situation.

If you leave it too, late creditors can force insolvency. They can apply to the court for a bankruptcy order if you have not repaid your debts. It is vital that if you are behind on your repayments, you speak to our team immediately.

Companies

Companies who are unable to repay debts have can do the following:

• Organise voluntary arrangements to manage repayment.
• Be forced into liquidation or administration.

Creditors can force insolvency procedures in a short space of time if the debt has not been paid for too long.

After becoming insolvent, any assets of the individual or company will be ascertained and sold to repay the creditors.

How can you keep my situation confidential and private?

With any insolvency claim, we work across confidentiality one of our main priorities. We understand how sensitive matters surrounding debt can be especially for businesses or individuals reputation.
That’s why when we negotiate with your creditors, we can ensure that your settlement includes a confidentiality agreement to keep the situation private.

Our team of specialist insolvency lawyers are well placed in helping you solve or manage a variety of insolvency issues, including:

We tailor our solution based on your circumstances

We will provide a dependable and cost-effective service that is tailored to meet your business needs. We are flexible and client-centred in our approach and can always adapt if your requirements change. We are proactive and solution-focused and will advise you on the merits of all of the options available based on your circumstances.

If your company is facing financial hardship, we will work with you to mitigate the impact of this or any action being taken against you.

Time sensitivity

Creditors and debtors both face their outcomes when facing insolvency. The longer the debtor leaves the repayment of the debt, the more severe the result can be. For creditors, their main objective is to recover as much money lost from the insolvent businesses or individuals.

Manage your risk

If you have any concerns about becoming insolvent, you must contact our team as quickly as possible. We can offer advice and guidance on the restructuring of your business, which in many cases will avoid having to go down the route of insolvency. We will help you to manage risk and to take appropriate preventative action before matters escalate further. Whatever the circumstances, we can help you to reach the right solution for you, your business and your family.

A full legal service

Ackroyd Legal is a large, reputable law firm offering a wide range of legal services. We will, therefore, be able to advise you on any other relevant legal matters involved with, such as tax, property, family and employment law.

Why work with our team?

Value:

We have no hidden fees. Our team releases high costs that other law firms charge, allowing us to pass on the savings. This means our insolvency practitioners can deliver a cost-effective solution every single time.

Experience:

With over 50 years of combined insolvency experience, our specialist lawyers have worked on and encountered every problem you will face. This means we can ensure the best route is taken in insolvency and bankruptcy cases.

Advising and acting for creditors & debtors

Because we act and advise for both sides of the insolvency law and process, we have the opportunity to provide unique insights to your matter.

Confidentiality

We take every precaution in keeping our clients identity hidden. We never pass on information to third parties with explicit instruction. We are also registered solicitors in England and Wales and authorised and regulated by the Solicitors Regulation Authority.

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