However, you need to ensure that the purchaser cannot walk away from the deal and use the information you have provided for their own benefit. You can therefore enter into a “confidentiality agreement” or “non-disclosure” agreement with the purchaser. These documents contain details of what information will be regarded as “confidential” and to whom it can be disclosed (for instance, professional advisors). They will also deal with what happens if the purchaser breaches your confidentiality.

If that fails parties to a dispute will often agree to attend a mediation hearing - indeed the Courts have made it very clear that in most cases parties are expected to do so.  The Mediator has no power to enforce any kind of resolution on the parties but will facilitate a compromise where at all possible.   Mediation is very often an expeditious and cost effective way to resolve a dispute.

ADR also refers to various other, more formal, ways of resolving disputes such as adjudication (often used in building disputes), early expert determination or arbitration.   

In both cases the assets and liabilities of the insolvent company or individual are dealt with by an Insolvency Practitioner – typically an Accountant or Solicitor experienced in insolvency matters who holds a certificate entitling them to practice in this area and to be appointed as Trustees in Bankruptcy or Liquidators.   We work closely with many local Insolvency Practitioners and have very significant experience of insolvency law and practice.

There are alternatives to bankruptcy and liquidation which include Voluntary Arrangements with creditors (which can apply to both individuals and companies) and Administration Orders (which apply to companies only and which seek to rescue a business). 

It is essential to seek expert advice as soon as the prospect of insolvency arises (particularly the insolvency of a company) as failure to do so can have serious consequences for the individuals concerned where, for example, liabilities continue to be incurred.