If your business is in financial difficulties and is unable to repay debts as they become due, this situation may lead to insolvency proceedings, in which legal action is taken against the insolvent entity and assets may be liquidated to pay off outstanding debts to banks and creditors.

Before a company gets involved in insolvency proceedings, they will be involved in a restructuring schedule. The work of our insolvency solicitors can be non-contentious (restructuring) or contentious (insolvency litigation), and their role will vary depending on whether they act for debtors (the one that owes money) or their creditors (the lender).

If you find that your business is in this situation, you will meet with our insolvency solicitor who will to assess the gravity of the situation, highlight the available options and advise on the best course of action to follow. Relevant links to closing/ restructuring your business can be found below:

• Dealing with financial problems in your business
• Closing a solvent business
• Bankruptcy - winding up your business

If you find yourself in any of these situations, call Kevin Sullivan for a free initial chat on 01206 217376. Or get in touch with one of our teams in Basildon, Colchester or Chelmsford to find out how our solicitors can help you with your financial problems.