The dedicated insolvency & restructuring team at Francis Wilks & Jones frequently provides expert liquidation advice to insolvency practitioners, including, for example, the liquidator’s statutory obligations to realise and distribute assets to different classes of creditors.
Assisting our insolvency practitioner clients
We are often instructed by insolvency practitioners to advise and assist with the following issues:
- bringing or defending legal proceedings on behalf of the company in liquidation including possible claims against directors;
- continuing the business of the company as far as is required for its beneficial winding up depending on the type of business in question;
- disclaiming onerous property or contracts where necessary for the benefit of the liquidation estate in accordance with the provisions of the Insolvency Act 1986;
- highlighting and challenging certain antecedent transactions;
- selling the company’s assets and executing certain documents in the name of the company where required for the overall benefit of creditors;
- advising on D&O and other potential insurance policy claims that may result in a return to creditors;
- Insolvency Estates involving non-tangible assets (such as Cryptocurrency or Non-Fungible Tokens) and the best steps to identify, recover, take control and realise the asset.
We have also invested heavily in a fully bespoke sales ledger debt recovery system designed with insolvency practitioners in mind. For example, it is not uncommon for liquidators to be appointed over a company with a significant book debt ledger outstanding although the key supporting documents can often be missing or otherwise unavailable. Our sales ledger debt recovery system can make book debt collection seamless and maximise recoveries allowing liquidators to focus on other aspects of their appointment.
If you are a liquidator and would like to discuss your obligations or any difficulties you are facing with asset realisation or potential antecedent transactions and possible claims against directors, feel free to contact our team of liquidation specialists today to discuss your options.