Insolvency Lawyers Glasgow & Edinburgh
Insolvency and debt can happen to many of us, whether in our personal lives or business. When you run into financial difficulties you need the advice of a trusted insolvency solicitor to help improve your financial situation and protect your reputation. Simplicity Legal has an experienced team of insolvency lawyers who have helped many personal and business clients find a cost-effective strategy to deal with insolvency and debt. The sooner you contact us the sooner we can work out the best way to stabilise your situation. Get in touch today for quick, clear and expert insolvency advice.
Insolvency refers to situations where a business runs out of money and is unable to pay its debts. Insolvency law applies to these situations, setting out the rules that insolvent companies must follow, for example how to deal with competing creditor claims, what should happen to the company directors and how an insolvent company can be rescued.
Our corporate insolvency solicitors regularly provide practical and commercial advice to businesses that need help to avoid insolvency or that are in the middle of an unavoidable insolvency situation. We will examine the circumstances carefully and offer clear, expert advice on the least disruptive and most cost-effective course of action your company can take.
We provide advice on the following business insolvency matters:
- Business restructuring
- Company Voluntary Arrangement
- Consequences for directors
Personal insolvency situations occur when an individual is unable to pay their debts, such as credit card and mortgage debts, and these debts outweigh the value of their assets (property, cars, etc.). We understand how overwhelming a situation like this can feel. Our personal insolvency lawyers will use their expertise to help you achieve financial stability, now and in the long-term.
There are a number of options available to people dealing with insolvency. These include:
- Minimal Asset Process (MAP) bankruptcy – aimed at individuals with low incomes and few assets, and allows you to clear debts you are unable to pay within a reasonable time.
- Trust deed – a legal arrangement between a debtor and creditor that allows the debtor to make reduced payments over a period of four years.
- Sequestration – the legal term for bankruptcy in Scotland, allowing you to clear debts you would otherwise take many years to pay off.
There are benefits and risks associated with each route. Indeed, sequestration has serious consequences for your future and so should not be entered into without expert financial and legal advice. If you are dealing with a personal insolvency matter, please contact our insolvency solicitors today for straightforward and practical advice.
Contact our Insolvency Lawyers in Glasgow, Edinburgh, Shawlands, East Kilbride and Lanarkshire
At Simplicity, our lawyers have helped many clients successfully deal with insolvency situations. We believe our success is down to our extensive knowledge of personal and corporate insolvency law, our practical and efficient service and our friendly, down-to-earth approach. For a free consultation with our insolvency lawyers in Glasgow, Scotland, call us today on 0141 433 2626 or complete our online enquiry form.