{"id":3913,"date":"2023-05-15T06:26:35","date_gmt":"2023-05-15T06:26:35","guid":{"rendered":"https:\/\/threeglogic.in\/onelaw\/?page_id=3913"},"modified":"2023-06-05T07:13:02","modified_gmt":"2023-06-05T07:13:02","slug":"company-insolvency","status":"publish","type":"page","link":"https:\/\/threeglogic.in\/onelaw\/company-insolvency\/","title":{"rendered":"Company Insolvency"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3913\" class=\"elementor elementor-3913\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-90e5d70 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"90e5d70\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-db4ddac\" data-id=\"db4ddac\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4bed136 elementor-widget elementor-widget-heading\" data-id=\"4bed136\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.12.1 - 02-04-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">What is Company Insolvency? What are my options?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ce87f56 elementor-widget elementor-widget-text-editor\" data-id=\"ce87f56\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.12.1 - 02-04-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p style=\"text-align: center;\">Home\u00a0 \/\u00a0 Our Legal Services\u00a0 \/ Civil Litigation \/ What is Company Insolvency? What are my options?<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-21d4cc6 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"21d4cc6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-26f6ba3\" data-id=\"26f6ba3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-551da90 elementor-grid-1 e-grid-align-right elementor-hidden-mobile elementor-shape-rounded elementor-widget elementor-widget-social-icons\" data-id=\"551da90\" data-element_type=\"widget\" data-widget_type=\"social-icons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.12.1 - 02-04-2023 *\/\n.elementor-widget-social-icons.elementor-grid-0 .elementor-widget-container,.elementor-widget-social-icons.elementor-grid-mobile-0 .elementor-widget-container,.elementor-widget-social-icons.elementor-grid-tablet-0 .elementor-widget-container{line-height:1;font-size:0}.elementor-widget-social-icons:not(.elementor-grid-0):not(.elementor-grid-tablet-0):not(.elementor-grid-mobile-0) .elementor-grid{display:inline-grid}.elementor-widget-social-icons .elementor-grid{grid-column-gap:var(--grid-column-gap,5px);grid-row-gap:var(--grid-row-gap,5px);grid-template-columns:var(--grid-template-columns);justify-content:var(--justify-content,center);justify-items:var(--justify-content,center)}.elementor-icon.elementor-social-icon{font-size:var(--icon-size,25px);line-height:var(--icon-size,25px);width:calc(var(--icon-size, 25px) + (2 * var(--icon-padding, .5em)));height:calc(var(--icon-size, 25px) + (2 * var(--icon-padding, .5em)))}.elementor-social-icon{--e-social-icon-icon-color:#fff;display:inline-flex;background-color:#69727d;align-items:center;justify-content:center;text-align:center;cursor:pointer}.elementor-social-icon i{color:var(--e-social-icon-icon-color)}.elementor-social-icon svg{fill:var(--e-social-icon-icon-color)}.elementor-social-icon:last-child{margin:0}.elementor-social-icon:hover{opacity:.9;color:#fff}.elementor-social-icon-android{background-color:#a4c639}.elementor-social-icon-apple{background-color:#999}.elementor-social-icon-behance{background-color:#1769ff}.elementor-social-icon-bitbucket{background-color:#205081}.elementor-social-icon-codepen{background-color:#000}.elementor-social-icon-delicious{background-color:#39f}.elementor-social-icon-deviantart{background-color:#05cc47}.elementor-social-icon-digg{background-color:#005be2}.elementor-social-icon-dribbble{background-color:#ea4c89}.elementor-social-icon-elementor{background-color:#d30c5c}.elementor-social-icon-envelope{background-color:#ea4335}.elementor-social-icon-facebook,.elementor-social-icon-facebook-f{background-color:#3b5998}.elementor-social-icon-flickr{background-color:#0063dc}.elementor-social-icon-foursquare{background-color:#2d5be3}.elementor-social-icon-free-code-camp,.elementor-social-icon-freecodecamp{background-color:#006400}.elementor-social-icon-github{background-color:#333}.elementor-social-icon-gitlab{background-color:#e24329}.elementor-social-icon-globe{background-color:#69727d}.elementor-social-icon-google-plus,.elementor-social-icon-google-plus-g{background-color:#dd4b39}.elementor-social-icon-houzz{background-color:#7ac142}.elementor-social-icon-instagram{background-color:#262626}.elementor-social-icon-jsfiddle{background-color:#487aa2}.elementor-social-icon-link{background-color:#818a91}.elementor-social-icon-linkedin,.elementor-social-icon-linkedin-in{background-color:#0077b5}.elementor-social-icon-medium{background-color:#00ab6b}.elementor-social-icon-meetup{background-color:#ec1c40}.elementor-social-icon-mixcloud{background-color:#273a4b}.elementor-social-icon-odnoklassniki{background-color:#f4731c}.elementor-social-icon-pinterest{background-color:#bd081c}.elementor-social-icon-product-hunt{background-color:#da552f}.elementor-social-icon-reddit{background-color:#ff4500}.elementor-social-icon-rss{background-color:#f26522}.elementor-social-icon-shopping-cart{background-color:#4caf50}.elementor-social-icon-skype{background-color:#00aff0}.elementor-social-icon-slideshare{background-color:#0077b5}.elementor-social-icon-snapchat{background-color:#fffc00}.elementor-social-icon-soundcloud{background-color:#f80}.elementor-social-icon-spotify{background-color:#2ebd59}.elementor-social-icon-stack-overflow{background-color:#fe7a15}.elementor-social-icon-steam{background-color:#00adee}.elementor-social-icon-stumbleupon{background-color:#eb4924}.elementor-social-icon-telegram{background-color:#2ca5e0}.elementor-social-icon-thumb-tack{background-color:#1aa1d8}.elementor-social-icon-tripadvisor{background-color:#589442}.elementor-social-icon-tumblr{background-color:#35465c}.elementor-social-icon-twitch{background-color:#6441a5}.elementor-social-icon-twitter{background-color:#1da1f2}.elementor-social-icon-viber{background-color:#665cac}.elementor-social-icon-vimeo{background-color:#1ab7ea}.elementor-social-icon-vk{background-color:#45668e}.elementor-social-icon-weibo{background-color:#dd2430}.elementor-social-icon-weixin{background-color:#31a918}.elementor-social-icon-whatsapp{background-color:#25d366}.elementor-social-icon-wordpress{background-color:#21759b}.elementor-social-icon-xing{background-color:#026466}.elementor-social-icon-yelp{background-color:#af0606}.elementor-social-icon-youtube{background-color:#cd201f}.elementor-social-icon-500px{background-color:#0099e5}.elementor-shape-rounded .elementor-icon.elementor-social-icon{border-radius:10%}.elementor-shape-circle .elementor-icon.elementor-social-icon{border-radius:50%}<\/style>\t\t<div class=\"elementor-social-icons-wrapper elementor-grid\">\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon- elementor-animation-bounce-out elementor-repeater-item-e0c58af\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\"><\/span>\n\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" width=\"24px\" height=\"24px\"><path d=\"M 18 2 C 16.35499 2 15 3.3549904 15 5 C 15 5.1909529 15.021791 5.3771224 15.056641 5.5585938 L 7.921875 9.7207031 C 7.3985399 9.2778539 6.7320771 9 6 9 C 4.3549904 9 3 10.35499 3 12 C 3 13.64501 4.3549904 15 6 15 C 6.7320771 15 7.3985399 14.722146 7.921875 14.279297 L 15.056641 18.439453 C 15.021555 18.621514 15 18.808386 15 19 C 15 20.64501 16.35499 22 18 22 C 19.64501 22 21 20.64501 21 19 C 21 17.35499 19.64501 16 18 16 C 17.26748 16 16.601593 16.279328 16.078125 16.722656 L 8.9433594 12.558594 C 8.9782095 12.377122 9 12.190953 9 12 C 9 11.809047 8.9782095 11.622878 8.9433594 11.441406 L 16.078125 7.2792969 C 16.60146 7.7221461 17.267923 8 18 8 C 19.64501 8 21 6.6450096 21 5 C 21 3.3549904 19.64501 2 18 2 z M 18 4 C 18.564129 4 19 4.4358706 19 5 C 19 5.5641294 18.564129 6 18 6 C 17.435871 6 17 5.5641294 17 5 C 17 4.4358706 17.435871 4 18 4 z M 6 11 C 6.5641294 11 7 11.435871 7 12 C 7 12.564129 6.5641294 13 6 13 C 5.4358706 13 5 12.564129 5 12 C 5 11.435871 5.4358706 11 6 11 z M 18 18 C 18.564129 18 19 18.435871 19 19 C 19 19.564129 18.564129 20 18 20 C 17.435871 20 17 19.564129 17 19 C 17 18.435871 17.435871 18 18 18 z\"><\/path><\/svg>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-facebook elementor-animation-bounce-out elementor-repeater-item-8d96f7d\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Facebook<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-facebook\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-twitter elementor-animation-bounce-out elementor-repeater-item-37e0e1b\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Twitter<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-twitter\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-linkedin elementor-animation-bounce-out elementor-repeater-item-701d07f\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Linkedin<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-linkedin\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6ffc7e0 elementor-grid-4 elementor-hidden-desktop elementor-hidden-tablet elementor-shape-rounded e-grid-align-center elementor-widget elementor-widget-social-icons\" data-id=\"6ffc7e0\" data-element_type=\"widget\" data-widget_type=\"social-icons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-social-icons-wrapper elementor-grid\">\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon- elementor-repeater-item-ed46db9\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\"><\/span>\n\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" width=\"24px\" height=\"24px\"><path d=\"M 18 2 C 16.35499 2 15 3.3549904 15 5 C 15 5.1909529 15.021791 5.3771224 15.056641 5.5585938 L 7.921875 9.7207031 C 7.3985399 9.2778539 6.7320771 9 6 9 C 4.3549904 9 3 10.35499 3 12 C 3 13.64501 4.3549904 15 6 15 C 6.7320771 15 7.3985399 14.722146 7.921875 14.279297 L 15.056641 18.439453 C 15.021555 18.621514 15 18.808386 15 19 C 15 20.64501 16.35499 22 18 22 C 19.64501 22 21 20.64501 21 19 C 21 17.35499 19.64501 16 18 16 C 17.26748 16 16.601593 16.279328 16.078125 16.722656 L 8.9433594 12.558594 C 8.9782095 12.377122 9 12.190953 9 12 C 9 11.809047 8.9782095 11.622878 8.9433594 11.441406 L 16.078125 7.2792969 C 16.60146 7.7221461 17.267923 8 18 8 C 19.64501 8 21 6.6450096 21 5 C 21 3.3549904 19.64501 2 18 2 z M 18 4 C 18.564129 4 19 4.4358706 19 5 C 19 5.5641294 18.564129 6 18 6 C 17.435871 6 17 5.5641294 17 5 C 17 4.4358706 17.435871 4 18 4 z M 6 11 C 6.5641294 11 7 11.435871 7 12 C 7 12.564129 6.5641294 13 6 13 C 5.4358706 13 5 12.564129 5 12 C 5 11.435871 5.4358706 11 6 11 z M 18 18 C 18.564129 18 19 18.435871 19 19 C 19 19.564129 18.564129 20 18 20 C 17.435871 20 17 19.564129 17 19 C 17 18.435871 17.435871 18 18 18 z\"><\/path><\/svg>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-facebook elementor-repeater-item-12dcfc6\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Facebook<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-facebook\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-twitter elementor-repeater-item-2c77e70\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Twitter<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-twitter\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-youtube elementor-repeater-item-5c654f6\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Youtube<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-youtube\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-4d11a0b\" data-id=\"4d11a0b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-45ec425 elementor-widget elementor-widget-text-editor\" data-id=\"45ec425\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>A company is insolvent if its assets are insufficient to discharge its debts and liabilities. Often, an insolvent company is either unable to pay its debts as they fall due (cash-flow insolvency), or has liabilities in excess of its assets (balance-sheet insolvency).<\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-29b4bb4 elementor-widget elementor-widget-text-editor\" data-id=\"29b4bb4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h5>Identify an Insolvency Situation\u00a0<\/h5>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ec1273c elementor-widget elementor-widget-text-editor\" data-id=\"ec1273c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Indicators of financial difficulty include the following:\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-15d8955 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"15d8955\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<link rel=\"stylesheet\" href=\"https:\/\/threeglogic.in\/onelaw\/wp-content\/plugins\/elementor\/assets\/css\/widget-icon-list.min.css\">\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-angle-double-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">the company has many unpaid creditors who are putting the company under increasing pressure to pay its bills; and<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-angle-double-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">the company cannot use its overdraft facility for temporary relief as the facility is fully drawn and the bank is refusing to extend further credit. <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-19b6576 elementor-widget elementor-widget-text-editor\" data-id=\"19b6576\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p data-css=\"tve-u-179fb3eb194\">Directors must decide what action to take if this happens. Where appropriate, they must take the company out of its insolvency state to avoid breaching their director\u2019s duties. If directors choose to ignore financial difficulties and simply keep a company trading, they could be accused of wrongful or fraudulent trading. Consequence is the directors will be personally liable to the company\u2019s assets under IA86<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-295c818 elementor-widget elementor-widget-text-editor\" data-id=\"295c818\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p data-css=\"tve-u-179fb3eb194\">Depending on the situation the director should assess the damage with the board and decide what actions to take next. This could be to enter into insolvency procedure to sell the business and discharge the debts. Alternatively, to preserve the business the directors could restructure debt, obtain pre-insolvency moratorium to achieve a consensual contractual agreement with some or all creditors or through a company voluntary arrangement (CVA), or appoint a specialise or financial advisor.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f9d0ec7 elementor-widget elementor-widget-text-editor\" data-id=\"f9d0ec7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h5>What are the options for a company going through insolvency procedures?\\<\/h5>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0bf40a8 elementor-widget elementor-widget-text-editor\" data-id=\"0bf40a8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h5>Consensual agreement<\/h5>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8603398 elementor-widget elementor-widget-text-editor\" data-id=\"8603398\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The company should consider entering into a consensual agreement with creditors who agree to it. The aim is to save the company by negotiation with one or more major creditors e.g. under which the creditors agree to give the company longer to pay and\/or write off part of the liabilities which the company owes them.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-67789bd elementor-widget elementor-widget-text-editor\" data-id=\"67789bd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h5>Pre-insolvency moratorium<\/h5>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c0f63a0 elementor-widget elementor-widget-text-editor\" data-id=\"c0f63a0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Company obtains a pre-insolvency moratorium out of court for an initial period of 20 days but extendable in various ways for up to a year (or longer with court consent). The company uses the time afforded by the pre-insolvency moratorium (in which it is not subject to creditor enforcement action) to draft, negotiate and propose a restructuring plan.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-94a623c elementor-widget elementor-widget-text-editor\" data-id=\"94a623c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The aim is to save the company by seeking a compromise or arrangement which is binding on all creditors including those who vote against it or do not vote at all. Because of the number of creditors involved or the complexity or severity of the company\u2019s financial situation, it is not possible to pursue a contractual consensual deal.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8a5061f elementor-widget elementor-widget-text-editor\" data-id=\"8a5061f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>Administration<\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a325126 elementor-widget elementor-widget-text-editor\" data-id=\"a325126\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Where the company cannot be saved but it has a viable business which can be saved and the company needs protection from hostile creditor action to achieve this. Alternatively, the company wishes to seek a compromise with creditors by way of a restructuring plan, CVA or scheme of arrangement but for practical or legal reasons, it first needs to enter into administration. An administration can follow a pre- insolvency moratorium which has not succeeded in bringing about a rescue of the company as a going concern<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-45ed8e8 elementor-widget elementor-widget-text-editor\" data-id=\"45ed8e8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h5>Liquidation<\/h5>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9817087 elementor-widget elementor-widget-text-editor\" data-id=\"9817087\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Where neither the company nor its business can be saved, to wind up the company. A liquidation can follow an administration or a pre-insolvency moratorium which has not succeeded in bringing about a rescue of the company as a going concern.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-30be48f elementor-widget elementor-widget-text-editor\" data-id=\"30be48f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>There are two types of liquidation: compulsory and voluntary. Voluntary liquidations are further divided into (1) members\u2019 voluntary and (2) creditors\u2019 voluntary liquidations. The only form of solvent liquidation is members\u2019 voluntary liquidation.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b5aa7a4 elementor-widget elementor-widget-text-editor\" data-id=\"b5aa7a4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h5>Why Instruct OneLaw Chambers for your Civil Litigation Case?<\/h5>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9c77b48 elementor-widget elementor-widget-text-editor\" data-id=\"9c77b48\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>At OneLaw Chambers, our civil litigation solicitors and barristers regularly assist with many contentious civil litigation cases. We have assisted and represented many clients from all over the world achieving successful outcomes for them.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-83d9df5 elementor-widget elementor-widget-text-editor\" data-id=\"83d9df5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>OneLaw Chambers has defended the interests of successful individuals, businesses and brands for many years, pursuing matters swiftly and robustly where necessary. With a dedicated team of Civil Litigation Solicitors and Barristers, OneLaw has an established dispute resolution practice acting in complex multi-jurisdictional disputes and is well known in the art, sport, fashion and luxury assets sectors. Specialisms include international arbitration, public international law, tax controversy, media and reputation management, employment and regulatory, professional negligence, board and shareholder disputes, insolvency and fraud.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ff77fc9 elementor-widget elementor-widget-text-editor\" data-id=\"ff77fc9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Our Civil Litigation Solicitors and Barristers fiercely and tenaciously represent you in putting forward the strongest possible case, ensuring that you are always satisfied with the manner in which we represent you and that a successful outcome is achieved in your case without significant cost and expense to you.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d80bf31 elementor-widget elementor-widget-text-editor\" data-id=\"d80bf31\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>We are committed to ensuring that our Civil Litigation Solicitors and Barristers prepare every civil litigation case with utmost quality and skill so that successful outcome is achieved every time. Our Civil Litigation Solicitors and Barristers operate in a friendly and cooperative manner to provide our clients with the best client care and service during the entire civil litigation process.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-96a41ca elementor-widget elementor-widget-text-editor\" data-id=\"96a41ca\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>TAGS<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e53430d elementor-widget elementor-widget-heading\" data-id=\"e53430d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">You may also like<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-cb6dfcb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cb6dfcb\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-8f6d811\" data-id=\"8f6d811\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e7dc10a elementor-widget elementor-widget-image\" data-id=\"e7dc10a\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.12.1 - 02-04-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/threeglogic.in\/onelaw\/wp-content\/uploads\/elementor\/thumbs\/onelaw-chambers-immigration-solicitors-london-defaultimage-1-q5j8hwjqxwzhrwnh9de3sd64i4ax4bwsx3ca0yvrzw.webp\" title=\"onelaw-chambers-immigration-solicitors-london-defaultimage-1\" alt=\"onelaw-chambers-immigration-solicitors-london-defaultimage-1\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a173104 elementor-widget elementor-widget-text-editor\" data-id=\"a173104\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"tve-article-cover\"><div class=\"tve-article-cover\"><div class=\"tve-article-cover\"><div class=\"tve-article-cover\">Alternative Dispute Resolution<\/div><\/div><\/div><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-a81eb10\" data-id=\"a81eb10\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1dcb8b6 elementor-widget elementor-widget-image\" data-id=\"1dcb8b6\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/threeglogic.in\/onelaw\/wp-content\/uploads\/elementor\/thumbs\/onelaw-chambers-immigration-solicitors-london-defaultimage-1-q5j8hwjqxwzhrwnh9de3sd64i4ax4bwsx3ca0yvrzw.webp\" title=\"onelaw-chambers-immigration-solicitors-london-defaultimage-1\" alt=\"onelaw-chambers-immigration-solicitors-london-defaultimage-1\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-636bd65 elementor-widget elementor-widget-text-editor\" data-id=\"636bd65\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"tve-article-cover\"><div class=\"tve-article-cover\"><div class=\"tve-article-cover\"><div class=\"tve-article-cover\">Resolve your Company and Shareholder Disputes<\/div><\/div><\/div><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-061bb34\" data-id=\"061bb34\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element 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What are my options? Home\u00a0 \/\u00a0 Our Legal Services\u00a0 \/ Civil Litigation \/ What is Company Insolvency? What are my options? Facebook Twitter Linkedin Facebook Twitter Youtube A company is insolvent if its assets are insufficient to discharge its debts and liabilities. Often, an insolvent company is either unable to pay&hellip; <a class=\"more-link\" href=\"https:\/\/threeglogic.in\/onelaw\/company-insolvency\/\">Continue reading <span class=\"screen-reader-text\">Company Insolvency<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-3913","page","type-page","status-publish","hentry","entry"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/threeglogic.in\/onelaw\/wp-json\/wp\/v2\/pages\/3913","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/threeglogic.in\/onelaw\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/threeglogic.in\/onelaw\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/threeglogic.in\/onelaw\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/threeglogic.in\/onelaw\/wp-json\/wp\/v2\/comments?post=3913"}],"version-history":[{"count":16,"href":"https:\/\/threeglogic.in\/onelaw\/wp-json\/wp\/v2\/pages\/3913\/revisions"}],"predecessor-version":[{"id":5462,"href":"https:\/\/threeglogic.in\/onelaw\/wp-json\/wp\/v2\/pages\/3913\/revisions\/5462"}],"wp:attachment":[{"href":"https:\/\/threeglogic.in\/onelaw\/wp-json\/wp\/v2\/media?parent=3913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}