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This work covers insolvency, i.e., bankruptcy, and family dissolution through divorce, as they affect businesses and their owners in England. A solicitor in this area handles complex financial restructuring and the legal processes that accompany the end of business life or the separation of a family business, including dealing with creditors, estates, and court applications. They draft and file petitions for bankruptcy, administer or propose arrangements to creditors, advise on filing for bankruptcy protection, and manage ancillary relief and divorce proceedings where business interests are at stake. They also navigate the interplay between insolvency laws and family law where business assets or income are involved, ensuring compliance with the Insolvency Act 1986, the Insolvency Rules, and related family proceedings rules. The work often hinges on timely, precise action to protect clients' financial position and future opportunities, including potential sequestration, liquidation, or settlement of liabilities, and the orderly resolution of marital or civil partner disputes impacting business interests.
The solicitor handles mechanisms like bankruptcy petitions, creditor negotiations, administration orders, and the drafting of proposals to creditors under the Insolvency Act 1986 and Insolvency Rules. In divorce contexts with business assets, they manage financial disclosure, valuation of business interests, negotiation of settlements or court orders, and any necessary cross-border or interlinked financial orders, while coordinating with family lawyers to safeguard both professional interests and personal obligations.
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