Many businesses unfortunately face financial difficulties. In such a situation, knowing that your advisers understand the legalities is a given, but getting practical advice on the implications of insolvency can make a huge difference to you.
How can Thorntons help?
At Thorntons, our team work closely with clients and insolvency practitioners to provide solutions to the challenging issues companies in financial difficulties may have to deal with. If you are a director of a distressed company, we can provide you with pragmatic advice as to the options available to you. We have considerable experience in advising the directors of insolvent businesses on restructuring options and the minimising of personal risk, and providing guidance on the best way through potentially tricky situations.
In your role as a company director, it is important you are aware of your duties to shareholders and creditors if your business is in difficulties, and understand the potential liabilities involved. We can give you expert advice on your options and necessary action.
We are also experienced in acting for administrators and liquidators, as well as for clients buying from administrators and liquidators. We can help achieve swift and cost-effect realisations from insolvent companies, assisting in making administrator appointments (in both the Sheriff Court and Court of Session), and then advising administrators through to effecting a sale of the assets.
Our team has considerable experience in this area, with recent work including advising directors of distressed companies as to their legal duties, advising on both solvent and insolvent restructuring options, including 'pre-pack' purchases, and acting for creditors in challenging pre-insolvency transactions by debtor companies.
We can also advise directors on their duties when facing insolvency, creditors on challenging transactions by debtor companies, and on both solvent and insolvent restructuring.