Winding up the affairs of a company is rarely straightforward and can often result in disputes where the interests of creditors clash or the management team come under scrutiny as the appointed insolvency practitioner tries to figure out what went wrong.
Seeking prompt advice is crucial, particularly where the validity of an insolvency process is in question or the possibility of personal liability is raised against office holders accused of improper conduct.
At IMD Solicitors, our team of dispute resolution experts experts are on hand to provide you with the advice that you need to protect your interest or further your claim, whether you are a disgruntled shareholder, an embattled director, a secured or unsecured creditor or an administrator, receiver or liquidator.
Our service not only covers UK-based insolvency disputes, but also those with a European element or which involve off-shore companies with a UK presence.
How IMD Solicitors can help
From a company’s perspective, we can assist you to:
- defend insolvency proceedings brought in respect of a disputed debt or which constitute a clear attempt to frustrate existing proceedings already underfoot;
- defend attempts by shareholders to close the the company down via a just and equitable winding up application or pursuant to an unfair prejudice petition;
- object to the appointment of an administrator or an administrative receiver;
- apply to the court for the adjournment of a winding up petition to enable proposals for a company voluntary arrangement or a company administration to be considered; and
- apply to the court for a validation order to unfreeze the company’s bank accounts following advertisements of a winding up petition.
From a director’s perspective, we can provide:
- advice and support in respect of section 235 or 236 Insolvency Act interviews into the conduct of the company’s affairs;
- advice on the defence of allegations of fraudulent or wrongful trading made against you following the appointment of a liquidator;
- advice on attempts by a liquidator to pursue you for monies said to be owed by virtue of your involvement in or sanctioning of a transaction at an undervalue or a preference; and
- advice on the defence of directors disqualification proceedings.
From a shareholder’s perspective, we can provide advice on:
- the resolution of shareholder disputes, including via the use of a range of insolvency options;
- the recovery of shareholder capital; and
- the defence of attempt to recover dividend payments alleged to have been inappropriately paid.
From an insolvency practitioner’s perspective, we can assist with:
- challenges to your appointment of your handling of the insolvency process;
- breach of fiduciary duties and misfeasance claims against directors;
- company asset preservation through the use of injunctive proceedings, including worldwide freezing order; and
- UK and international asset recovery following a company’s collapse.
We can also help to resolve Centre of Main Interests claims between off-shore companies and UK lenders, in which we have particular expertise.
Why choose IMD Solicitors?
Our dispute resolution team are well-known for their insolvency advice and litigation expertise, particularly in complex high value cases and in cross-border disputes involving international entities.
We regularly appear before the UK High Court to prosecute and defend insolvency claims and have an impressive track record in doing do with considerable success.
The fact that we can act for companies, creditors and insolvency practitioners in equal measure is highly prized as it gives us a unique insight into the matters we deal with and the ability to quickly evaluate cases and identify possible means of compromise.
We are also valued for our ability to work collaboratively with other members of the IMD team who can provide valuable assistance where an insolvency event has been triggered by an underlying corporate dispute, including:
- a supplier of customer dispute;
- a contractual dispute;
- a shareholders dispute;
- a directors dispute; or
- a dispute which has already resulted in an arbitration or adjudicator’s award.
List of notable dispute resolution cases
- Multi-jurisdictional dispute involving international consortium of corporate shareholders of a Saudi oil and gas subsidiary, involving allegations of fraud and breaches of contractual obligations. Liquidation of the subsidiary was sought by a proportion of shareholders. Settlement was reached between all and liquidation successfully prevented.
- Dual-jurisdictional dispute involving essentially a battle between conglomerate of companies, with proceedings lodged with various courts across two jurisdictions involving complex jurisdictional and commercial matters.
- Claim against international plc involving defending allegations of fraud. Concluded successfully and saved the Client from insolvency.
- Acting for a Claimant in a dispute with a global payment processing institution, involving misconduct allegations and challenge to jurisdiction. Case settled at over 80% of the amount claimed despite initial arguments and denial by the institution.
- Defended a breach of contract claim involving a cross-border supply of goods. Using strong defence arguments but preserving our client’s commercial position, we managed to resolve the matter through a reduction of the main claim by 75% and potential costs liability by 80%.
- Acted for a construction company in a claim to recover an unpaid contractual fees. Judgment in favour of the Client secured a trial despite little documentary evidence available and relying mostly on witness evidence.
- Represented a company Director in a successfully defended claim involving allegations of fraud and breach of fiduciary duties
- Acting for a claimant in a construction dispute. The matter proceeded to trial where the Claimant successfully obtained a judgement for the full amount.
- Acting for a defendant who failed to file a defence and had default judgement entered against him prior to instructing our firm. The judgement was set aside and eventually the value of the claim was reduced by 75%.
- Acting for a creditor in a reported High Court case relating to enforcement of a foreign judgement in the UK. Successfully defended an application by a debtor to declare the judgement unenforceable.
- Regularly acting for a group of companies dealing with medical equipment manufacturing and worldwide distribution. Assisting with both contentious and non-contentious cases ranging from commercial and employment to GDPR compliance.
- Represented a Client in a complex shareholders’ dispute concluded by the way of agreement and voluntary liquidation of the company.
- Acting for the UK based construction company in a dispute with a contractors. Settled the claim for circa. 90% of the amount originally claimed.
- Pursuing a claim against a firm of solicitors who have provided our client with negligent advice. Successful recovery of circa 80% of the loss incurred.
- Acting for a large meat supplier in a dispute with the distributor arising due to faulty product being introduced earlier in the supply chain.
- Successfully defending a client from committal to prison, in a private prosecution brought by the insurers of a third party following a road traffic collision.
- Acting in a dispute with the main contractor on a construction project. Successfully recovered our client’s losses incurred as a result of the main contractor and successfully defended all counterclaims that were brought against our client.
- Acting for an investor in a dispute with a trading company. Successfully obtained a judgment for the sums deducted from the client’s account by the trading company.
- Acting for a landlord in possession proceedings. Successfully obtained a court order for possession and evicted the tenant using the court appointed bailiff.
- Acting for a claimant in a Professional Negligence matter, successfully settling the case before trial.