When a company is facing corporate insolvency, it is a good idea to consult with a solicitor who is knowledgeable and can provide legal advice to the business, stakeholders, insolvency practitioners, debtors, creditors, and directors.

The threat of falling into debt and issuing a winding-up order against a company is stressful not only for the reputation of the company but for the directors too. Grant Saw Solicitors’ team of experts who specialise in corporate insolvency, can advise the business on all challenging statutory demands served by a creditor. The team of solicitors can work with the business to determine what should be done if a winding-up petition falls on the company.

Should the company’s assets and bank accounts be frozen, the expert team of solicitors can advise what can be done to unfreeze the assets and bank accounts by sending an application for a validation order to the court.

“It is common practice for directors to be investigated due to their involvement with a company facing insolvency. This results in dire circumstances as serious claims are made against former directors of the same company. This can result in directors becoming liable to account for the lost assets to the company,” said Ray Crudgington, Managing Partner, at Grant Saw Solicitors LLP.

The company directors could face fines and be held personally liable for the company’s debts if any mismanagement has been discovered on the part of the directors. In serious cases, directors could face disqualification proceedings or criminal sanctions.

Grant Saw Solicitors can advise directors and the company on how to defend against claims to recover any overdrawn costs from the director’s loan accounts. There are serious consequences if it is found that prohibited company names have been re-used, defending the performance of a lawful act in an illegal or improper manner is claimed against the directors, wrongful trading and past transaction that could be at risk of being challenged or overturned once the company has fallen into insolvency.

It is a frustrating and stressful time for creditors that are owed money by a company that is facing corporate insolvency. Expert solicitors provide tailored advice on the best steps to take to try to recover the debt and how to wind up a company if a statutory demand is disregarded and what will happen when a winding-up order has been issued. This means the business will be forced to stop trading and its assets will be liquidated and distributed to creditors in ranking order.

About Us:

Grant Saw Solicitors in London were established in 1851 with offices in Greenwich and Blackheath, offering a variety of legal services to individuals and businesses. They received recognition for excellence in industry standards and are proud owners of numerous awards and accreditations including Lexcel, the Conveyancing Quality Scheme (CQS), the Law Society’s family law accreditation and the Wills and Inheritance Quality Scheme (WIQS). In 2013, they received the global ISO 9001 standard, recognising firms that determine excellence. As members of LawNet, a national network of law firms, they provide advice, ideas and resources. With their friendly and modern approach combined with traditional excellence, they provide superior services to their clients. Visit, https://grantsaw.com/.