Business recovery and Insolvency
Whatever the economic environment, most businesses face financial hurdles at some time in their lifecycle, often for reasons beyond their control. By obtaining early legal and financial advice, decision-makers can prevent financial problems from escalating.
Morrisons provide legal advice to business owners and directors of companies who are in financial difficulty. In conjunction with our Dispute resolution team, we advise in relation to:
- Directors’ duties
- Avoiding directors’ personal liabilities
- Making sure actions taken by businesses in difficulties are legally valid
- Securing turnaround finance
We also have close contacts with specialist insolvency advisers and together we can present you with the best possible solution to protect your business. While many businesses can be rescued from insolvency, this is not always possible and you may need to look at entering into formal insolvency process including administration, liquidation or a voluntary arrangement.
The assets of a distressed company – for instance real estate, customer base, contractual agreements and intellectual property - can often retain significant value and may be sold to help pay off creditors. We are experienced in advising on the sale of such assets and can provide timely and clear advice on making a successful bid to existing management teams or to companies looking to grow by acquiring a former competitor’s business.