Liquidation and winding up
There are two ways in which a company may be wound up. By resolution of the company members (voluntary liquidation) or by application to the Court, usually by one or more creditors (court liquidation). Miller Harris Lawyers can assist in either process and advise you on the relative merits of each.
Voluntary administration
A voluntary administration offers a collaborative approach to satisfying the company’s debts. It restrains creditors from enforcing their claims during a specified period and can assist a company to trade out of short-term difficulties caused by cash-flow restrictions or one-off financial problems. When appropriate, it can also provide a way to restructure your business. Entering voluntary administration is a process initiated by a company’s directors. We can assist by advising on the pros and cons of this form of insolvency mechanism taking into account the specific circumstances of your business. We can also assist with the procedural requirements associated with initial implementation.
Receivership and secured creditor appointments
A receiver is generally appointed by a secured creditor under the terms of a secured charge. Only in limited circumstances will a Court appoint a receiver. The receiver’s principal obligations are to the secured creditor, not unsecured creditors and shareholders. We provide advice to secured creditors in relation to the appointment of receivers including whether such a course of action is validly enforceable under relevant mortgages or charge documents. We also advise directors, shareholders and other stakeholders on their rights and obligations when a receiver has been appointed.
Deeds of company arrangement
Miller Harris Lawyers can assist with the creation of this binding agreement between your company and its creditors. A deed of company arrangement will be entered into when a company is insolvent, and is focused on providing a higher return for creditors. A deed of company arrangement is one potential outcome that may arise following a company being placed in voluntary administration. We are able to prepare the necessary deed and can also advise the various parties concerned regarding their rights and obligations under the deed.
Directors’ duties
Miller Harris Lawyers can provide quality and professional assistance and advice to directors facing litigation and subsequent legal action arising from the breach of director duties or potential claims for insolvent trading. We can also advise and assist companies, creditors, insolvency practitioners and other stakeholders who may be considering taking legal action against directors for breach of duties.
Antecedent transaction and asset recoveries
Every insolvency is different and our experienced lawyers understand the needs of each client and what to look for. We are experienced in setting aside antecedent transactions and recovering the assets involved. We are also able to assist and advise insolvency practitioners regarding unfair preferences and uncommercial or voidable transactions. We can also advise parties who have received unfair preference, uncommercial or voidable transaction claims from insolvency practitioners on the options for defending such claims.
