Insolvency
We understand that insolvency can be an unsettling time whether it is related to your business or you as an individual. The need for clear advice, which is free from jargon, is essential for you to understand the situation you are in and the best way to get resolution.
Support decision making
PLC Debt is a niche debt recovery and insolvency advisory business, We are run by a fully qualified and experienced insolvency lawyer, of which there are only a few in Kent who specialise in this area. With over 20 years’ experience we can help you as we have help many others in the same situation. We have vast experience dealing with insolvencies from both the creditors’ and debtors’ perspectives.
Insolvency Advice for Creditors
Insolvency is a group action brought against a company. You can only file for insolvency where there is a genuine belief that the company is insolvent. The process often starts with a statutory demand, which the debtor has 21 days to respond to. If there is no response, then a Winding Up Petition can be presented to the court. This is personally served on the debtor – they have seven days to respond, after which the petition is published in the London Gazette and the company’s bank accounts gets frozen until the date of the insolvency hearing. Because this is a group action, any money that you recover will be shared amongst all the creditors owed money by the insolvent company. For this type of specialist work we charge an hourly rate, with fees payable in advance. If you think that there may be a case for declaring a company insolvent, we can help you decide the best way forward.
Advice for businesses facing insolvency
If you are concerned your business may be heading for liquidation, we can advise you on the best way to wind up your company. As a shareholder or director, you may be liable for outstanding debts so you need to take specialist advice as soon as possible to negate the possibility of personal liability. Our insolvency specialists can help you untangle the different threads and work out a way forward that gives the best outcome for you and your creditors.
