Vardags advises clients on a whole range of contentious insolvency procedures. Vardags acts for creditors, petitioners, office holders, debtors, those threatened with insolvency proceedings and insolvency practitioners.
Pooling together the knowledge of our elite team of litigation, employment, divorce and criminal solicitors, Vardags can offer a comprehensive service to clients facing insolvency proceedings.
It is important to deal with statutory demands as soon as possible to avoid winding-up proceedings being presented against your business. For demands served on companies, a company will have 21 days from the date of service to protect its position.Vardags will consult with you to work out a commercially viable strategy best suited for your business. This can involve advising businesses on obtaining injunctions to restrain the presentation of winding proceedings, injunctions restraining the advertisement of proceedings and defending proceedings.
If your business is owed money by an insolvent entity then you will understandably be concerned about recovery of that money. Vardags can advise on the procedure and commercial reality of recovering funds from insolvent entities.
It is important to seek legal advice as soon as a winding-up petitions is served on your business. Vardags can assist you with working out a commercially viable strategy for your business to deal with the insolvency proceedings.Vardags can advise businesses in relation to injunctions restraining the advertisement of proceedings, defending proceedings and/or negotiating with the creditor(s) to withdraw or dismiss the petition.
A business is insolvent if it has insufficient assets to discharge its debts and liabilities. Trading whilst insolvent can lead to allegations of wrongful trading against its directors. Vardags can advise businesses of the consequences of trading insolvent and the options available to businesses to deal with corporate insolvency, including options which would allow the business to avoid closure.
If a company goes into insolvent liquidation or insolvent administration and the director(s) ought to have known that there was no prospect of avoiding the insolvency, the director could be made liable to contribute to the assets of the company. This is known as a director’s personal liability for wrongful trading.Alternatively, if it appears that business has carried on with the intent to defraud creditors, then liability could arise for fraudulent trading. Directors are not the only people who could be liable for fraudulent trading, anybody who is a party to the business carrying on trading with the intention to defraud creditor could be liable too. For fraudulent trading, the court may order the accused party to contribute towards the creditor’s pool of assets available for distribution.Vardags can advise on director(s) liability for wrongful trading and fraudulent trading and advise on applications made by an administrator against them.
If you fail to meet your responsibilities as a director (as outlined in the Companies Act 2006), then you could be disqualified from acting as a director. Disqualification can occur when a director is deemed ‘unfit’ to fulfil his duties in that role. Various organisations can apply to disqualify a director; these include the Insolvency Service and the courts.If you are facing director disqualification proceedings, Vardags can assist. We advise individuals and company boards alike on the implication of disqualification proceedings and defending proceedings.
Working alongside our elite team of divorce lawyers, Vardags can advise on all aspects of insolvency during divorce or intended divorce proceedings. Combining inter departmental knowledge, Vardags can provide expert advice if you are considering divorce proceedings whilst facing an insolvency situation either in your personal capacity or with your business.
We offer a free consultation to qualifying individuals. Please call our confidential enquiry line on 020 7404 9390. Lines are staffed 24 hours.
When you contact us a member of our client relations team will take the full details of your situation, assess whether we can assist you, and if so, determine the best team for your case.
Vardags is one of the UK’s leading divorce law firms. We specialise in complex, high net worth and international cases. The Legal 500 has said of Vardags: “The team is noted for its sheer intellect”
Vardags is among the leading family law firms in the UK. Our solicitors specialise in complex cases for high net worth individuals, including international child relocation, child abduction, and prenuptial agreements. The Legal 500 has said that "clients feel in totally safe hands" with Vardags' Children & Family lawyers.
Our reputation and privacy team, headed by top media lawyer Alex McCready, works in and out of the public eye on cases involving defamation, privacy and reputation management. We provide expert advice and representation across the full range of reputation and privacy related matters, including crisis management, emergency injunctions and actions against online and new media.
Our criminal defence team is led by top criminal defence lawyer Rob Conway. Vardags is a successful and rapidly-growing law firm with an outstanding reputation for winning cases.
Vardags is a top property law firm with expertise in complex and high-value cases. We pride ourselves on our discrete and thorough approach and premium client experience. Our team is led by the highly respected and renowned property lawyer James Bunker.
Vardags is a top law firm with a trailblazing fertility and surrogacy department. We have had success with some of the most groundbreaking cases of the last decade in the High Court, Court of Appeal, and Supreme Court, with rulings that have changed the law. Vardags remains at the cutting edge of fertility law, pushing for further improvement of the outdated legislation in place in Britain.
Vardags’ civil litigation team is renowned for its nous and its consistent ability to deliver results.
Vardags is a top professional negligence law firm with expertise in complex and substantial claims. You may have seen our name in the press as our clients are often very high profile. Equally we settle many claims entirely out of the public eye. Our team is led by top professional negligence lawyer, Frank Ryan, who has over 30 years of experience across a range of professional negligence cases.
Vardags' wills and trusts team has the specific expertise to cater to the wills and trusts needs of high-net-worth and high-profile individuals. Richard Todd QC, Leading Counsel for Yasmin Prest said of Vardags: “a note to acknowledge your firm’s pivotal role in achieving such an outstanding result in the recent Supreme Court case of Petrodel v Prest”.