David Farmer
The perfect storm of price increases, inflation and the war in Ukraine may be too much for some businesses to withstand. However, help is at hand, says solicitor David Farmer, of the commercial litigation team at Wilson Browne Solicitors.
Just when you thought the pandemic was largely behind us and businesses were looking forward to something resembling normality, we have been hit with huge cost of living increases, cost push inflation, the prospect of arguably the worst scenario of ‘stagflation’ and, of course, a conflict on our doorstep leading to supply chain issues and volatile markets.
For many businesses it is tough and some will inevitably hit the rocks but ‘Insolvency’ is not a bad word: it opens the doors for negotiation, compromise and settlement.
Recent statistics from the government suggest you should arm yourself with a good insolvency lawyer if the need arises. The number of registered company insolvencies in February 2022 was 1,515 – this is 13 per cent higher than in February 2020 pre-pandemic and more than double the number of insolvencies recorded in February 2021.
This is likely to increase with the moratorium on the use of statutory demands and the presentation of winding up having come to an end on March 31 this year.
Creditors Voluntary Liquidations were also 125pc higher than in February 2021 at 1,329 and 40pc higher than in February 2020.
If you find yourself in an insolvency situation, Wilson Browne Solicitors can help. We act for directors, entrepreneurs, sole practitioners… just about anyone who needs specialist help and advice.
With a knack for seeing all sides of an insolvency situation and an inclination for producing effective and creative solutions, the team provides quick, clear and commercial advice to company directors, insolvency practitioners, creditors and debtors alike.
We usually help clients via:
- Avoiding or reducing personal liability;
- Defending claims from office holders such as transactions at undervalue, wrongful trading and transactions to the detriment of the Crown etc;
- Disqualification proceedings;
- Employment law and insolvency;
- The issue of winding-up petitions;
- Defending winding-up petitions.
Wilson Browne are recognised experts in the funding of cases such as these under Conditional Fee (no win, no fee) Agreements and with delegated authority from Temple Legal Protection Limited they can offer a no cost risk insolvency practitioners on unsuccessful cases.
The first chat is always free. Call Wilson Browne Solicitors’ commercial litigation team on 0800 088 6004.