At Bray & Bray we advise individuals, partnerships, sole traders, creditors and insolvency practitioners on all aspects of individual insolvency. In fact, our advice usually begins in the months prior to insolvency when we are approached to discuss an individual’s financial situation and options to turn it around.
Broadly speaking, we will be introduced to an individual in financial difficulty either because that individual (the “debtor”) has identified an issue for which they require advice or because a creditor, customer, supplier or lender to that individual is concerned about that individual’s insolvency and its potential impact on their own business.
It may seem counterintuitive but our aim at Bray & Bray is to avoid individual insolvency if at all possible and we try very hard to solve the problems that arise and help put the individual on a stable financial footing.
How and when will I know that an individual is facing insolvency?
Typically an individual is insolvent when he or she is unable to pay his or her debts as they fall due. This is known as cash flow insolvency. Another indicator of insolvency is when the individual’s liabilities are greater than his or her assets. Typically, the individuals we work with have many assets, but little or no cash to pay their debts as they fall due.
When you are faced with financial difficulty then you need to take legal advice as to your options (and your obligations) relating to insolvency as soon as possible. Ideally, if we as specialist insolvency lawyers are to give you the most options and opportunities for successfully navigating the choppy waters of insolvency then we need to speak to you even earlier, when the first hint of financial trouble becomes apparent.
What are my options when faced with insolvency?
The earlier you take legal advice as to your individual financial situation the more options you have. It really is that simple. If you wish to avoid an insolvency process then you need to take steps as early as possible to deal with your creditors and restore your financial stability. Although we specialise in insolvency, a great deal of our business and our success comes from attempts to rescue individuals and the earlier we are involved in giving legal advice the better our chances of rescuing the individual and avoiding an insolvency process altogether. This is normally done by introducing new forms of finance.
If you are a creditor of an individual or customer of an individual whom you think is in financial difficulty, you should also speak to us as soon as possible. We have enjoyed much success in assisting customers and creditors of insolvent individuals in taking a lead role in rescuing that individual and so protecting our client’s interests.
I have received a statutory demand, what should I do?
Pick up the telephone and call us on 0116 204 5327. You have a very limited amount of time to deal with a statutory demand before official processes take over and you could find yourself faced with a petition to bankrupt you.
Questions about personal insolvency
Although it can be a scary time, if the threat of insolvency looms please do not stick your head in the sand. Take advice as soon as possible by calling a member of our team.
Personal insolvency legal advice
For confidential and comprehensive advice on how best to deal with any kind of personal insolvency, talk to our insolvency solicitors today. Bray and Bray has three main offices in Leicestershire, contact us to discuss an enquiry or a case you have or feel free to pop in and see us at your local office by clicking on the links below:
Leicester call us on 0116 254 8871.
Hinckley call us on 01455 639 900.
Market Harborough call us on 01858 467 181.