Creditor duty covers the duties owed by a company to its creditors, and the steps lenders and other creditors take when a company is insolvent or near insolvency. A solicitor in this area helps clients understand remedies to protect and recover debt, negotiates restructurings, and navigates enforcement options under insolvency law. They advise on security enforcement, winding up, and dealing with administrations, administrations, and company moratoriums, as well as potential wrongful trading and preference considerations. The work shapes how creditors secure repayment and manage risk throughout the corporate life cycle.
What a solicitor handles in these matters
The solicitor handles security documentation, enforcement of charges, negotiations with administrators and debtors, and navigates Insolvency Act provisions (including wrongful trading and preferential payments). They advise on protective steps for creditors, run due diligence on recovery prospects, and prepare documentation to support enforcement or restructurings, coordinating with insolvency practitioners and courts as needed.
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