Insolvency refers to the circumstance where persons or corporations are unable to pay their debts as and when they fall due.
When persons or corporations are unable to pay their debts within the time limits set by their creditors then it may be possible (depending on the exact circumstances involved) for a creditor to make an application to the Court to have a person made bankrupt or a company placed into liquidation.
Alternatively, where a person or company’s debts become unsustainable, the person or company may seek to voluntarily declare bankruptcy or insolvency (as applicable) for the purpose of attempting to reduce/restructure the relevant debts and/or protection from enforcement action that may be taken by creditors.
Rowe Bristol Lawyers has extensive experience in providing legal advice and representation in all aspects of personal and corporate insolvency to:
- insolvency practitioners; and
- the directors of companies that are, or are about to become, insolvent.
If you require legal advice in relation to any aspect of personal or corporate insolvency, please contact us to arrange a meeting so that we may consider your specific circumstances.
The above information is provided as general information only and should not be relied upon as legal advice. The accuracy of this information may have changed from the date when it was published.