Acting as insolvency practitioners
We work with solicitors throughout Scotland, and are happy to accept instructions to act as insolvency practitioners on behalf of your clients facing financial difficulty or wishing to restructure their business, or in respect of formal insolvency appointments requested by your clients in their capacity as petitioning creditor.
The formal company insolvency options available are:
Insolvent Liquidation | Administration | Company voluntary arrangement
Restructuring options are as follows:
Member Voluntary Liquidation | s110 Reconstruction | Corporate simplification
For individuals, sole traders or partnerships, the following options are available:
Sequestration | Protected trust deed | Debt arrangement scheme (DAS) | Business DAS
Details of all these procedures are on our website.
Preparing for insolvency
Your client might want as much information as possible about a debtor (individual or corporate) before they invest money in debt collection or an insolvency process. Speak to us about a desk top search and financial analysis of the party in question.
Where funds allow, we can be appointed in provisional or interim capacities in certain insolvency procedures, in advance of full appointment. At best, this may result in payment of the petitioning party’s debt, and at least allows a better understanding your client’s chances of recovery.
Using your services as solicitor
Insolvency is a judicial process, and we usually require legal representation throughout an appointment. Instructions relate variously to the appointment itself, notes to court and approval of fees. Sometimes we have heritable assets to sell, and require estate agency and conveyancing services. If we are selling a business as a going concern, we usually require a sale agreement. On the odd occasion we might decide to litigate, or require to defend an action, we need robust representation.
Please speak to us if you have the skills and service lines that support our work as insolvency practitioners.
Family law and insolvency
Personal insolvency and divorce often go hand in hand. If your client is facing financial hardship as a result of their divorce, we may be able to assist with a personal financial solution. If your client is divorcing a former spouse or civil partner and in the course of negotiations the latter is declared bankrupt, we can ensure your client protects the assets to which they are entitled. If your client wishes to pursue a former partner for unpaid amounts post-divorce, we can act in a formal appointment at the instance of a petition by your client.
Insolvency obligations for executors
On occasion an individual dies, leaving behind an insolvent estate. The executor, or person entitled to be appointed executor, has a legal responsibility to petition for the sequestration of the deceased’s estate, within certain timescales. Speak to us for assistance on statutory requirements. We can also act in a formal appointment at the instance of a petition by your client.