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My partner is being made bankrupt – does that affect our house or my own assets? The precise answer to this will depend on the detail. A share of jointly owned assets can form part of a bankrupt estate – but the ability to enforce against that asset has restrictions. Similarly, a Trustee in Bankruptcy can review historic transactions of a Bankrupt person to reclaim assets into a bankrupt estate.…

Debt Recovery: Someone can’t pay me – can I bankrupt them? The short answer is yes – but only where there isn’t a dispute as to the debt; and there is still a process to follow.You should also consider if bankruptcy is likely to get you paid at a proportionate cost, other options are available. Our debt recovery team can provide you with details of all of the options and…

Debt Recovery: Someone is threatening to bankrupt me, what should I do? First – do you admit owing the money? If not, then get in touch because where there is a “genuine dispute” as to a debt, a creditor cannot make someone bankrupt (or liquidate a company). However, if you receive any formal documents then there are very strict time limits for responding so don’t delay.If you admit owing the…

Corporate and Commercial: What is due diligence in the context of a business sale? When selling a business, there is no legal requirements for the seller to disclose any issues or liabilities to the buyer. The buyer can ask questions and request information about the business, which is known as due diligence and forms an important part of the process of buying a business.The answers and information provided by the…

Corporate and Commercial: What are warranties and indemnities in the context of a business sale? Warranties are statements made by the seller of the business about the condition of the business that is being sold. If a warranty turns out to be incorrect and the value of the business is reduced as a result, the buyer can claim damages (money) from the seller to cover the loss in value. Warranties…

Corporate and Commercial: What is a shareholders’ agreement? A shareholders’ agreement is a contract between the shareholders in a company, setting out how the company will be owned and run. There is no legal requirement to have a one, but they can cover useful areas such as how decisions will be made, dividend payments, who shares can be transferred to (along with how they will be valued) and how funding…

Corporate and Commercial: What are articles of association? Think of these as the constitution or rule book of the company. All UK companies are required to have articles of association, although not all shareholders and directors are aware they exist(!). They can be in a standard form (known as Model or Table A articles) or tailored to cover the bespoke requirements of companies, covering areas including: directors powers, meeting requirements…

Business Dispute: I’ve fallen out with my co-business owner, what are my options? There are many possible options that might be available if formal court action is necessary. These range from applying to the court for declarations up to winding-up the business. However, winding-up any business is a significant step. We actively encourage ways of Alternative Dispute Resolution between business owners to either find a joint way forward or, potentially,…

Business Dispute: What should I do if I am a director or shareholder in dispute? It is important that you take expert advice at the earliest opportunity. Taking no action could be construed as agreeing to the action taken by the other parties involved, or there may be specific time limits to take action. It is important to seek advice at the earliest opportunity.

Business Dispute: What types of company disputes do you deal with? We deal with a wide spectrum of business disputes, including:- Director disputes- Breach of director duties- Shareholder duties- Breach of shareholder agreements- Unfair prejudice petitions- Minority shareholder protection- Conflicts of interest- Insolvency disputes- LLP and partnership disputes