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Liquidation and Bankruptcy

Should you encounter financial difficulties, whether as a business or an individual, it is best to seek advice at an early stage. There are alternatives to liquidation and bankruptcy and it is important to consider other solutions that might be more appropriate for your circumstances.

How can Thorntons help?

Our specialist lawyers have a huge amount of experience, can advise you on the options available and will deal with other professional advisers to help you make informed decisions about the best way forward.

Where bankruptcy is the only way to proceed, reassurance that the process is private and straightforward will give immediate relief from the stress that you will have been under. Having your appointed trustee take over all dealings with your creditors will remove yet another burden allowing you to move on in a more positive frame of mind.

We can advise on and pursue both solvent and insolvent liquidations and consider any restructuring opportunities that might allow your business to continue to trade if that is your goal. We have many contacts with insolvency practitioners across Scotland and can involve them in any initial dialogue to talk you through the administration of a liquidation and the likely outcome of such a process in your particular circumstances.

If you wish to pursue bankruptcy or liquidation proceedings against a debtor as a means of trying to recover a debt due, our Debt Recovery team will talk you through the process, costs and timescales from a creditor's perspective and help identify any other options that might be more effective and efficient.