BridgeMcFarlandSolicitors

Personal
Legal Services
More Information
Bridge McFarland can offer you practical, uncomplicated advice, support & guidance when you need it most. Whether it be an employment dispute, family advice, an accident or negligence, life planning or moving house, let us help you.
Business
Legal Services
More Information
Our commercial team in Lincoln, Hull, Market Rasen and Grimsby prides itself on its sound business sense, commercial insight, local knowledge and first class understanding of the relevant legal disciplines ranging from employment law, business contracts, dispute resolution to agriculture and property development. From company formation to sale, succession, dissolution or dispute resolution, you can trust our team to deliver first class service and results.
Photograph of Chris Green
Chris Green
Senior Solicitor
View Profile
Photograph of Janet Wilson
Janet Wilson
Senior Conveyancing Executive
View Profile
Photograph of Rob Ripley
Rob Ripley
Partner
View Profile
Photograph of Lee Whiting
Lee Whiting
Partner
View Profile
Photograph of Lisa Moore
Lisa Moore
Partner
View Profile
Photograph of Ian Sprakes
Ian Sprakes
Partner
View Profile
Photograph of Leanne Keating
Leanne Keating
Partner
View Profile
Photograph of Rob Ripley
Rob Ripley
Partner
View Profile
Photograph of Mike Wilson
Mike Wilson
Partner
View Profile
Photograph of Chris Hubbard
Chris Hubbard
Partner
View Profile
Photograph of Patrick Purves
Patrick Purves
Partner
View Profile

Frequently Asked Questions

Looking for some answers? Check out our helpful FAQs section.

Frequently Asked Questions
Change FAQ Categories

Insolvency

 

 

Insolvency
What are the options for an insolvent company?
If the underlying business of the company is sound, it may be possible to rescue the company and save the business by restructuring or refinancing. This can sometimes be done without a formal insolvency process, or through an administration order or company voluntary arrangement (CVA) or scheme of arrangement. Advice from a qualified insolvency practitioner is essential. If the company or business cannot be rescued, the options include administration, administrative receivership or liquidation. Again, advice should always be taken from a qualified insolvency practitioner as to the best option in the circumstances.
What is insolvency?
A business is insolvent if it is unable to pay its debts as they fall due (i.e. on a “cash flow” basis) or if the value of its liabilities is greater than the value of its assets (i.e. on a “balance sheet” basis). It is important to note that solvency is different to profitability and a business can be insolvent even though profitable and vice versa.
What should I do if my business is in financial difficulty?
The most important thing to do is to face up to it. Acting promptly by seeking professional advice from a lawyer, accountant or insolvency practitioner will give you the best chance of protecting the business, its employees and creditors and will reduce your risk of personal liability and/or directors’ disqualification proceedings.