Creditor services
How can we help?
Representation
At no charge, we can represent you and/or your client nationally at creditors meetings convened under the Insolvency or Companies Acts. Such meeting would include:
- meeting of creditors convened by an administrator to seek approval to his proposals within 10 weeks of his appointment
- Company or Individual voluntary arrangement proposals submitted by a nominee for approval by creditors
- appointment of a Liquidator/formation of a committee in creditors voluntary liquidations
- attendance at compulsory liquidation and bankruptcy meetings convened by the Official Receiver
Supplier’s retention of title
We can provide advice on the options available for recovering stock and monies owed to the suppliers of insolvent businesses.
Landlord’s rights and remedies
Working on your behalf, we can negotiate with the debtor or its administrators and other stakeholders. If your client is a landlord or essential supplier to the business it is vitally important that acceptable terms are agreed for the recovery and survival of the business.
Trade bodies
We act for a number of trade groups including, construction, electrical, entertainment, publishing (books, journals, magazines and newspapers), print and photographic.
Investigation
Our specialist teams will assess and pursue claims for:
- fraudulent trading
- wrongful trading
- misfeasance
- preference
- transactions at an undervalue
- unpaid capital
- recovery of voidable dispositions
- unlawful dividends
For further details on how we can assist you please contact Michael Wykes on 020 7131 4864
Supplier reviews
A supplier review may be performed when the supplier has concerns about existing credit it has advanced to a business. The review will include looking at recent financial performance to identify the causes for the problems, the existing credit worthiness of the business will be assessed and a commentary on management’s forecast of how the business is expected to perform going forward.
Advice to landlords and tenants
Landlord’s perspective
We will provide advice and assistance to a landlord on the proposed restructuring of a tenant:
- comment on the voting rights in any formal restructuring/insolvency event. This could be for the contractual term subject to mitigation however we can assist with quantification on unliquidated and unascertained claims
- we can replace an existing Insolvency practitioner where the interests of the landlord are not best served, subject to any conflict of interest
- provide advice on disclaimer of onerous leases in liquidations both solvent and insolvent only. Disclaimer operates to determine, the rights, interests and liabilities of the company which must compensate the landlord for any loss and damage as a consequence. The landlord's claim is based on actual loss with a requirement to mitigate
Assumptions are required as to the possible outcome of the lease:
- postulating as renewal
- ability to sub let
- any loss in rental voids
- costs sustained and terms in reletting
- future rent should be discounted
- dilapidations to be added to claim
- comment on use of vesting orders
We also provide advice and assistance on:
- the right of occupation of an Insolvency practitioner and whether such occupation should be paid for as an expense of the insolvency process
- rights of enforcement such as distraint and forfeiture
Tenant services
- quantification of landlords claims in restructuring, see above
- assessment of solvency and the impact of onerous leases
- assistance in negotiated settlements
