In insolvency, timing weighs more than arguments. A debtor that files in time has a real chance of reorganisation; one that waits until creditors file usually goes straight to bankruptcy. And a creditor who does not lodge a claim in time loses it, however well founded it may be.
We act for debtors and for creditors — not in the same case. For debtors, the conversation is about what can still be saved. For creditors, about what and how much can be recovered, and whether it is worth the effort.
Situations in which we are called
- The company can no longer pay on time and the options have to be assessed
- A creditor has applied to open proceedings against you
- A debtor has entered insolvency and you have a claim to recover
- A preventive arrangement is being prepared, ahead of insolvency
- A measure of the judicial administrator or the creditors’ table has to be challenged
- Directors’ liability for the state of the company is under discussion
What we cover
- Assessing the situation and choosing between arrangement, reorganisation and bankruptcy
- The application to open proceedings, for a debtor or a creditor
- Lodging claims and challenging the creditors’ table
- The reorganisation plan: drafting, negotiation with creditors, voting
- Challenges against measures of the administrator or liquidator
- Actions to annul fraudulent transactions and directors’ liability
How we work
For debtors, the first question is whether the business has a viable core. If it does, we discuss what structure can save it and what has to be renegotiated before proceedings begin. If it does not, it is more honest to say so early than to build a plan that will not be voted through.
For creditors, we first assess the ranking of the claim and what is actually in the debtor’s estate. An unsecured claim in a case with a small estate is worth far less than it looks on paper, and that changes how much effort is worth investing.
What helps us start
- Recent financial statements and the record of debts
- The contracts and security relevant to the claim
- Correspondence with the debtor or with the creditors
- Any procedural documents received, if proceedings have already started
