Contentious Insolvency and Investigations
Our Business Recoveries Team specialises in every aspect of asset recovery and contentious insolvency issues.
One of the team spent four years working for a top 10 insolvency practitioner running a high profile, significant and extremely complex contentious case. That unique insight really allows the team to understand the needs and objectives of the client
Our expert lawyers regularly draft, issue and prosecute bankruptcy and winding up proceedings, assist in the drafting of both in and out of Court administration appointments, provide assistance and advice in respect of voting strategy at creditors' meetings and represent clients on liquidation / creditor committees.
Once insolvency proceedings have commenced we act in both funded and speculative cases - on a conditional fee agreement basis (“no win no fee”) - for insolvency practitioners in investigating and bringing proceedings under the Insolvency Act against both directors and third parties. These investigations are wide ranging - from assisting in asset tracing exercises to piecing together information in order to recreate books and records where they have been lost or destroyed.
Our Business Recoveries Team issues proceedings for wrongful and fraudulent trading, in respect of transactions at undervalue and voidable preferences, for breach of duty / misfeasance and has experience in fraud and conspiracy to defraud claims. In addition, the team has considerable experience in recovery of book debts through court proceedings, dealing with retention of title issues, recovering loans from directors and third parties and utilising the full range of Insolvency Act powers to ensure full disclosure and delivery up of assets to the office holder.
The team also has experience in issues concerning directors’ disqualification proceedings.
- Taking action against bankrupts, directors and third parties seeking relief under Insolvency Act provisions (e.g. wrongful trading, fraudulent trading, transactions at undervalue, voidable preferences, misfeasance);
- Representing clients on liquidation / creditor committees;
- Assisting insolvency practitioners with detailed investigations;
- Acting for insolvency practitioners in both funded and speculative proceedings;
- Assisting in recovery of book debts;
- Dealing with disputed ROT issues;
- Issuing bankruptcy and winding up proceedings.
- Advising a liquidator on how to use his Insolvency Act powers to obtain information from government agencies which will assist in bringing claims for conspiracy to defraud and fraudulent trading;
- Using Insolvency Act powers to recover monies from third parties into an estate that is heavily insolvent to HMRC as a result of MTIC (Missing Trader Intra Community) (“carousel”) VAT fraud;
- Investigating and bringing proceedings on behalf of a liquidator against directors and a phoenix company under sections 212, 213, 214, 238, 239 and 423 of the Insolvency Act 1986;
- Advising directors in defending claims under the Insolvency Act and Companies Act brought by a liquidator. The case was extremely contentious with a number of interim applications and was on-going for some 6 years;
- Advising a trustee in bankruptcy in investigating and pursuing claims against the wife of a bankrupt for transactions to defraud creditors. The case concluded with a substantial settlement;
- Advising directors in relation to director’s disqualification proceedings or undertakings.