Our insolvency solicitors in Birmingham can represent you in the liquidation process of the company you own. The procedures can thus be simplified by having a team of experts at hand to guide you. We advise you to read the following lines and discover some important information about insolvency and the support offered by our specialists in Birmingham.
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About the voluntary company liquidation in Birmingham
When the owner of a company decides to close the business, this situation might imply a voluntary company liquidation. This decision often occurs when the company no longer has the finances to pay its debts and becomes insolvent. In the liquidation process, company assets can be sold to pay off debts, and employees can terminate their employment contracts. It is important to note that the company’s owners and managers are not the ones who have to pay the company’s debts. A liquidator is in charge of selling the assets and ensuring the debts are paid. We recommend that you talk to our solicitors in Birmingham and find out more about voluntary company liquidation.
Liquidation and administration as part of the insolvency process
Both liquidation and administration represent two insolvency procedures that are taken into account when a company ceases to exist due to financial problems. The liquidation process starts with selling the company assets to pay the existing debts. The firm is then closed and erased. As for administration as part of insolvency procedures, this involves the control of a company requesting bankruptcy, with the implementation of certain measures in order to pay debts and continue the activities as much as possible. The entire process is supervised by an administrator.
How can you avoid insolvency litigation?
Instead of entering insolvency litigation and dealing with your company debts in a court of law, you can solicit the legal advice offered by one of our insolvency lawyers in Birmingham. A specialist in this field will know how to create a scheme of arrangement and explain the benefits in cases of company insolvency. Such an agreement will be established between companies and creditors, plus, it will comprise information about how to reduce debts under certain conditions. This is often the choice instead of other restructuring tools. Our team of insolvency solicitors in Birmingham has the necessary negotiation skills. We also invite you to explore the following infographic:
How can our insolvency solicitors in Birmingham help?
Our insolvency solicitors in Birmingham have experience in this field and can be a good option for the complicated process that might commence. Here is in large lines how we can help:
- We can provide support for insolvent or bankrupt companies.
- The company restructuring can enter our attention.
- We can negotiate the repayment agreements with the debtors and creditors.
- If you own shares in an insolvent company, you can get in touch with our lawyers in Birmingham.
- We can provide legal advice for family assets if a company is insolvent.
- The legal advice of our insolvency solicitors in Birmingham is required for company owners who deal with financial problems. Our team can discuss the optimal solutions that can be implemented in your firm.
We can help international clients
Cross-border insolvency matters enter the attention of our lawyers in Birmingham. The full spectrum of insolvency is important to us, no matter if the company owners are domestic or from abroad. Foreign entrepreneurs with companies in the UK must comply with the applicable legislation from the start, still, if financial problems intervene, the case might get complex. The enforcement of judgments can be properly handled by our experienced team of insolvency solicitors in Birmingham.
Statistics on insolvency in the UK
Below are some statistical data about insolvent companies in the UK:
- Around 1,747 insolvent companies were registered in England and Wales in October 2024.
- In the same period, approximately 188 compulsory liquidations were registered from the total of insolvent companies mentioned above.
Legal representation offered by our insolvency lawyers in Birmingham is only part of the services we offer. Our clients can opt for our commercial solicitors in Birmingham, depending on the legal problems encountered. Moreover, our property solicitors in Birmingham can offer assistance to those interested in solving issues linked to real estate. Please consult our conveyancing solicitors in Birmingham for legal advice at any time. Contact our law firm in Birmingham for extra details.
