Insolvency & Recovery
Our Insolvency and Recovery team gives clear, commercial advice when it matters most. If you are facing financial pressure, dealing with a failing business, or managing a formal insolvency process, you need straight answers and a practical plan. That is exactly what we provide. We act for companies, owner managed businesses, sports clubs, organisations, individuals and office holders across a full range of insolvency and corporate recovery matters. Our work covers personal insolvency issues, bankruptcy petitions, administration, liquidation, receivership, company voluntary arrangements and individual voluntary arrangements.
Services
Whatever stage you are at, we will listen, agree on a clear strategy with you, and focus on achieving the best possible outcome at realistic rates.
Questions we’re often asked
Insolvency is the financial state in which a person or entity is unable to pay their debts as they fall due (cash-flow insolvency) or where their liabilities exceed their assets (balance-sheet insolvency). It is important to distinguish insolvency from bankruptcy or winding up orders - insolvency is a financial condition, whereas bankruptcy or winding up orders are the legal status typically declared by a court.
In a formal insolvency proceeding, assets are typically distributed in a prescribed statutory order of priority. While this varies by jurisdiction, a common hierarchy is: (1) secured creditors with fixed charges; (2) costs and expenses of the insolvency process; (3) preferential creditors (such as employees for certain claims); (4) secured creditors with floating charges; (5) unsecured creditors; and (6) shareholders/members.
A proof of debt is a formal claim submitted by a creditor in an insolvency proceeding to establish the existence and amount of their debt. It typically requires details of the debt, supporting documentation, and a statement of the amount claimed. Creditors must file proofs of debt within prescribed time limits to participate in any distribution of assets.
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Insights & guidance
You can read more from our team in the insights below, where we share updates and expert views on the issues that matter.
