The law does not exist to benefit law firms.At BBM Solicitors, our clients always come first.

At BBM we exist solely for the benefit of our clients. We succeed when we make our clients happy - And we do that by building a close relationship; by managing their legal risks and resolving their legal headaches.

Insolvency & Corporate Recovery Lawyers Scotland

BBM  are generally able to offer advice on all aspects of corporate and personal insolvency, whether to Directors/Business-owners or Insolvency Practitioners.  Clients value our rare in-depth market knowledge and understanding of the process.  We are recommended by the Legal 500 directory for insolvency and restructuring work.

We offer keen, commercial advice to directors of companies in relation to restructuring issues and company administration. We also have expertise and experience in advising on turnaround strategies and Voluntary Arrangements.

If you need help with putting your company into liquidation or administration, or specific advice as to restructuring options or the general solvency and viability of your business (and duties you owe in that regard) we can help.

Despite the current economic conditions there are often routes to a positive outcome under the current legislation and BBM can get you there, offering the best practical and commercial advice along an otherwise challenging road.

BBM are also often instructed by Insolvency Practitioners post-appointment to advise on legal issues such as recovery of debts and disposal of assets.

Take a look at our webinar on aspects of insolvency and restructuring:

Our insolvency updates section provides details on cases and other topical items in Scots insolvency law.

BBM Solicitors - Insolvency & Corporate Recovery Lawyers Scotland: Edinburgh, Wick, Caithness and Aberdeen

Below is a comprehensive list of our services as offered to individuals, small and medium sized businesses, corporate clients, Insolvency Practitioners, other legal firms and training organisations.

Eric Baijal gives provides an overview on the various methods of restructuring methods and options open to companies in distress in the following webinar:

Administration

BBM are instructed by Insolvency Practitioners who are to be, or have been, appointed Administrator to a particular Company.  We are also instructed by Directors, Companies and Lenders, considering Administration.  We can advise on security reviews, restructuring options, debt forgiveness, obligations as well as appointment formalities (whether utilising the in or out of court route to an Administration appointment).

Post-appointment we are able to advise Administrators on leases, contracts, debt collection and other issues, which arise.  We also have considerable experience in transactional work, including the onward sale of assets (we can advise on pre-pack situations too).

Our employment team have considerable experience of advising on TUPE issues as they arise in insolvencies. 

For more advice on Administration, fill in our contact form or call us: Edinburgh 0131 5263280 Wick 01955 604188

Corporate Recovery

Corporate recovery is the general term used to describe the restructuring of Companies to achieve the best outcome.  It is often used of solicitors like BBM who have special expertise in business recovery law, and separately, Insolvency Practitioners, who are trained, to assist the management of ailing companies in pursuit of a return back to health.

This work is usually undertaken at the behest of the directors or Lenders of the company and BBM can advise directors (and where appropriate introduce insolvency practitioners).  Recovery techniques may include informal debt or finance restructuring, or formal insolvency options.

For more advice on corporate recovery, fill in our contact form or call us: Edinburgh 0131 5263280 Wick 01955 604188

Debt Recovery

Read more about debt recovery here

For more advice on recovering a debt, fill in our contact form or call us: Edinburgh 0131 5263280 Wick 01955 604188

Disqualified Directors 

You can be banned (‘disqualified’) from holding a company directorship if you don’t meet your legal obligations. You can also report someone if you think they should be banned from being a director, or if they’re breaking the conditions of a ban.

You can be disqualified from being a director of a company if an insolvency practitioner or a member of the public reports your conduct as being ‘unfit’ for office.

A definition of unfit conduct could include: allowing a company to continue trading when it cannot pay its debts, not keeping proper company accounts records, not sending accounts and returns to Companies House, not paying owed tax to HMRC and using company money or assets for personal benefit – contrary to the interests of the business.

BBM are experienced in advising directors on how to deal with investigations by the Department of Business and on disqualification proceedings.    We can also advise or whether a director should accept an undertaking, proposed by the Secretary of State, in a “s16 letter”, alleging unfit conduct.

For more advice on the disqualification of directors, fill in our contact form or call us: Edinburgh 0131 5263280 Wick 01955 604188

Enforcement

BBM can advise on the enforcement of decrees and judgements, whether obtained in Scotland, elsewhere in the United Kingdom, or in a foreign jurisdiction.  We can also advise on the use of European Enforcement Orders in Scotland and often assist non-Scottish lawyers and their clients in enforcing judgements in Scotland.

BBM can also advise on the grounds for opposing the registration of foreign decrees, in the Court of Session.

For more advice on enforcing judgements and decrees in Scotland, fill in our contact form or call us: Edinburgh 0131 5263280 Wick 01955 604188

Insolvency

Insolvency is a broad term used to describe the situation where individuals and businesses cannot meet their financial obligations. This may include not being able to pay debts as they fall due. Alternatively it may include situations where liabilities exceed assets. The circumstances that can lead to these situations are often complex, as are the laws and procedures that apply.

Broadly speaking Scottish corporate insolvency law is reserved to Westminster, although Scottish practice and procedure is significantly in different in some areas (and underlying law in certain areas, like property, can be radically different too. The main corporate insolvency procedures of administration, company voluntary arrangements (CVA’s), receivership and winding up (also known as liquidation) are in place in Scotland. Informal workouts or debt restructuring is sometimes also attempted. The Scottish parliament is responsible for personal insolvency law covering sequestration, protected trust deeds and the debt arrangement scheme.

The broad aim behind the insolvency legislation is to give a company or individual every possible chance of rescue and to provide an orderly conclusion to affairs if they cannot be saved.

BBM are generally able to offer advice on all aspects of corporate and personal insolvency, whether to Directors/Business-owners or Insolvency Practitioners. Clients value our rare in-depth market knowledge and understanding of the process. We are recommended by the Legal 500 directory for insolvency and restructuring work. We are also rare because our in-depth knowledge of cross-border insolvency as it effects Scotland and are instructed to act for corporates and law firms in other jurisdictions.

We offer keen, commercial advice to directors of companies in relation to restructuring issues and company administration. We also have expertise and experience in advising on turnaround strategies and Voluntary Arrangements.

If you need help with putting your company into liquidation or administration, or specific advice as to restructuring options or the general solvency and viability of your business (and duties you owe in that regard) we can help.

Despite the current economic conditions there are often routes to a positive outcome under the current legislation and BBM can get you there, offering the best practical and commercial advice along an otherwise challenging road.

BBM are also often instructed by Insolvency Practitioners post-appointment to advise on legal issues such as recovery of debts and disposal of assets.

Our insolvency updates section provides details on cases and other topical items in Scots insolvency law.

For more advice on insolvency, fill in our contact form or call us: Edinburgh 0131 516 7856 Wick 01955 604188

Liquidation

In law, liquidation is described as the process through which a company is brought to an end, and the assets and property of the company redistributed. Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the final stage of liquidation.

Liquidation may either be compulsory (sometimes referred to as a creditors' liquidation) or voluntary (sometimes referred to as a shareholders' liquidation). Some voluntary liquidations can be controlled by the creditors.

Whatever situation you are in as a business, BBM can help you decide on your best course of action by talking through your options clearly, concisely and by keeping your best interests at heart – at all times. Time is often critical if the directors are to retain control of the process. In particular, we can advise pre-appointment on the consequences of insolvency and different restructuring options. Post-appointment we can assist in your dealings with the liquidator and in defending claims brought against directors.

For more advice on liquidating a company, fill in our contact form or call us: Edinburgh 0131 5263280    Wick 01955 604188

Personal Guarantees

A personal guarantee is a legal contract between a lender and business owners, their families or other individuals who are acting for them to guarantee a specific debt of a business in the event that the business defaults on the loan. The people who sign the guarantee (known as “guarantors”) agree that the lender has the right to pursue them for repayment if they are looking to recover their money following a default.

As a result, a Personal Guarantee should not be entered into lightly by any party. However, there are some instances where they can be useful. For example, to provide short-term assistance to a new or expanding business that might otherwise struggle for loan finance.

If you are considering a Personal Guarantee arrangement BBM can talk advise you on the implications and agreements required.  We can also advise you on potential defences if you are being pursued under a guarantee.

For more advice on personal guarantees, fill in our contact form or call us: Edinburgh 0131 5263280 Wick 01955 604188

Personal Insolvency

Previously, if you were insolvent – defined as unable to pay your debts or meet your liabilities – bankruptcy was the only formal mechanism available for you to settle your debts and gain protection from your creditors.

New debt resolution mechanisms have been developed for people who cannot afford to pay their personal and mortgage debts and as a result there are several forms of personal insolvency.  They include: bankruptcy, the debt arrangement scheme  (“DAS”), Protected Trust Deeds (“PTD”)  These schemes are also available, where appropriate, for unincorporated businesses.

Whatever your circumstances, BBM’s sensible, commercial advice and planning (and relationships with reputable firms of Insolvency Practitioners)  will help you stabilise your situation in the short-term and help you regain your financial stability for the future.

For more advice on personal insolvency fill in our contact form or call us: Edinburgh 0131 5263280   Wick 01955 604188

Post-Insolvency

Faced with present day financial worries, it is almost inevitable that your thinking reverts to the immediate concerns you are facing in the now to the point you are completely preoccupied, if not overwhelmed, by the present. However, this should be exactly the point that professional influence, from the likes of BBM, can really pay dividends for you.

We know that while the present is crucial to your wellbeing it is also worth simultaneously exploring your best future options and the steps you should take now to attain the best outcomes you can.

That’s why, as well as doing everything we can to resolve your current situation, BBM always carefully consider the longer-term and how it will be shaped by the decisions you make today.

In a nutshell, make good decisions today and you will minimise your liabilities and protect your assets in the future. In turn, this will allow you to move out of this post-insolvency phase with a clear sense of direction and a fighting chance of regaining your former financial standing. Make some bad choices now and the consequences could be very grave indeed.

For more advice on insolvency, fill in our contact form or call us: Edinburgh 0131 5263280    Wick 01955 604188

Prepacks

Pre-packaged insolvency (a "pre-pack") is a kind of bankruptcy procedure, where a restructure plan is agreed in advance of a company declaring its insolvency.

In the UK, a pre pack administration sale is a powerful, legal way of selling the business on to a trade buyer or a third party. Or, it can be a vehicle used to sell an insolvent business to the existing directors operating under a new company (or "newco") if the business is facing serious problems and creditor threats.

If a winding up petition is threatened, this can be a possible solution for some businesses however it is not always the right solution and as such you should consider your options carefully with an insolvency specialist solicitor such as BBM, to see if a pre-pack sale fits your business and financial objectives (as well as importantly whether it is legally possible).

In certain quarters pre-packs have gained a controversial reputation both for good and bad reasons.

There is often a widespread suspicion that the pre-pack administrator, in agreeing to the pre-pack in consultation with the company’s management team (and usually its secured creditors), is working to an underhand agenda.  Pre-packs critics say that a cut-price sale serves only the best interests of the eventual buyers. Especially as unsecured creditors who might stand to gain more payback from a comprehensively marketed sale on the open market, never find out if there are any other potential buyers prepared to pay more than the pre-pack offer.

Certainly, the speed and secrecy of some pre-pack transactions does nothing to diffuse concerns over a carve-up. A pre-pack proposal can lead to a sale being completed about which the unsecured creditors know nothing, in terms that offers them little or no return and with an undue haste that appears to run contrary to the administrator’s role of exploring the best sale offer available in the absence of open marketing.

Of course there are other issues to consider. Sometimes the business and workforce will be best served by a buy-out led by existing managers or even a rival firm that already knows their market sector well.

In short, pre-pack sales are usually just one option amongst many and whether they will work (or not) for you is very much down to your personal circumstances.

If you talk to us at BBM we will be able to offer you a better sense of your options both at this point in time and also in the future.

For more advice on pre-pack administration, fill in our contact form or call us: Edinburgh 0131 5263280    Wick 01955 604188

Restructuring

Restructuring is a catch-all corporate management terminology describing the act of reorganising the legal, ownership, operational, or other structures of a company.

This may be done for many reasons. Companies may restructure with a view to becoming more profitable, or better organised – in a style similar to a cabinet reshuffle in a stale government front bench.

Other reasons for restructuring may include a retiral in a family business or a change of ownership or ownership structure. A demerger from a larger entity (for example following a management buy-out) could also lead to a business being restructured.

Generally speaking however, a restructure will usual result from bad news - a crisis or major change in the business, insolvency or a loss of profitability or market share. Depending on its focus, restructuring may also be described as corporate restructuring, debt restructuring or financial restructuring.

Executives involved in restructuring often hire financial and legal advisers to assist in the process of creating the new vision of the company. At this stage BBM would like be brought in and consulted on the best way ahead from a legal and risk management perspective.

A financial restructure generally involves refinancing debt, selling assets or parts of a business to either streamline operations or aid cash-flow, and a reorganisation along reduced lines.

Corporate debt restructuring represents a re-focusing of a business’ outstanding debt liabilities.

This is generally used by companies that are facing difficulties in repaying loans, especially within a changed lending climate. Football clubs for example, might be forced to consider a financial restructuring of this kind due to the financial overspending of a previous boardroom regime.

In the process of debt restructuring, repayment obligations are spread out over a longer term with individual payments reduced. This allows companies to meet debt obligations while still allowing them to trade on.  Legal advice should be taken before embarking on any such course.

For more advice on restructuring a company, fill in our contact form or call us: Edinburgh 0131 5263280    Wick 01955 604188

Sequestration

In Scotland, Sequestration is the term used for bankruptcy in law. It is a serious process, one that is often viewed as a last resort.

Throughout the sequestration period, which generally lasts one year but sometimes as long as three years, control of all your assets is handed over to a Trustee who is authorised to offer any of your assets for sale to raise funds that are given to your creditors.

After you’re agreed discharge date you no longer have to pay your unsecured creditors any further money. However, if you are in employment, the Trustee may request that you make a payment from your income for up to three years to go towards repayment of your debts.

Sequestration is largely seen as a last resort precisely because of the negative impact it has on your life in terms of your credit rating, your disqualification from taking certain roles in public office to barring you from resuming the role of say a company director. It can be in effect, a short term solution with serious long-term consequences.

If you are worried about debt or considering bankruptcy then it is a good idea to speak to BBM.

We have a comprehensive grasp of all the options appropriate to an insolvency event and we can advise you based on your current circumstances as to what specific option may be best for you.

BBM can also advise on defending Bankruptcy Restriction Orders sought by the Accountant in Bankruptcy, in appropriate cases. 

For more advice on sequestration, fill in our contact form or call us: Edinburgh 0131 5263280 Wick 01955 604188 

Turnaround Strategy

Turnaround management is a process dedicated to reviving failing companies – often through tough love.

Using fact-finding, analysis, planning, and restructuring turnaround specialists hope to see weak businesses revived and reborn - often under a different guise and almost certainly under new management.

Turnaround management involves a full audit of costs, expenditure, staff and strategy as a means to ascertain just why the company is failing.

What is reported informs a long term strategic and restructuring plan. The implementation of a turnaround strategy often either follows or precludes an insolvency event such as bankruptcy, administration or receivership.

Once approved, a turnaround plan is implemented and continually reviewed and finessed until completion. If successful, and once the company has traded back to rude health the owners will likely review their options. Those options can include a sale (to either the existing management or another party on the open market) or a decision to continue at the helm in control.

Insolvency & Corporate Recovery Lawyers in Edinburgh, Wick and Scotland

If you need help turning round your company's fortunes or bringing your business to an end, call us. We help clients in Edinburgh, Wick, Caithness, the Highlands, Inverness and throughout Scotland rescue their business.

To get in touch with us, click here or call us: Edinburgh 0131 5263280 Wick 01955 604188

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