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Insolvency

In the economic downturn that has occurred since the last half of 2008, it is expected that the rate of company insolvencies will go up by over forty percent than the year before, with more and more businesses struggling with a shrinking marketplace and funding becoming harder to come by. As a creditor, one of your best sources of advice for chasing up payment from debtors can be to use a legal advisor specialised in insolvency, who may be able to advise you of the likelihood of getting your money back. As a debtor you can consult an insolvency lawyer to help you to dispute any insolvency proceedings that have been initiated, and you may also wish to use the same solicitor to help you minimise your losses by chasing up any funding that may be owed to you by your own debtors.

It is important to seek early advice if your business may be affected by insolvency proceedings as, if you are a director, it can affect your professional life beyond the demise of the business. Depending on the company's structure, it is possible that directors can be expected to contribute towards a company's assets if insolvency looks likely, as well as directors becoming disqualified from taking the same role with another company ever again. An insolvency lawyer is also able to work alongside other professionals, such as accountants, if necessary. This can help them to examine your actual financial position, to best challenge any claims made against you, meaning it is best to find an experienced practitioner who has some degree of specialism in insolvency.

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