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Founded in 2003
25 people in their team
French
English
Lawsuits & Disputes Restructuring & Insolvency Ethics and Professional Responsibility +6 more
Expert Legal, Tax & Intellectual Property  in DRC | BPV Legal Tax & IP Law About UsBPV Legal Tax & IP Law Firm, founded by Pierre Vincent Bissouekeme, is a premier legal consultancy and business advisory firm located in Kinshasa, Democratic Republic of Congo (DRC). With over...
LORD LAW OFFICE
Manila, Philippines

Founded in 2012
20 people in their team
English
Tagalog
Restructuring & Insolvency Antitrust Litigation Commercial Litigation
ABOUT OUR LAW FIRMFounded in 2012, LORD LAW emerged as a result of skillfully merging our expertise and experience to establish a reputable full-service law firm that is now recognized as one of the most reliable and trusted corporate law firms in the Philippines.  Over the past decade, our...
Pi Legal Consultancy

Pi Legal Consultancy

15 minutes Free Consultation
Ankara, Turkey

Founded in 2021
55 people in their team
English
Spanish
Turkish
Lawsuits & Disputes Restructuring & Insolvency Appeal +5 more
 Pi Legal Consultancy [PiLC] is a legal & business consulting international law office in Turkey. We have four offices based in İstanbul, Ankara and Batman. We also enjoy solution partners and lawyers based in most European Countries, Canada and the United States. PiLC is one of the...
GFDL Advogados
Lisbon, Portugal

Founded in 2018
15 people in their team
Portuguese
English
French
Hungarian
Romanian
Lawsuits & Disputes Restructuring & Insolvency General Litigation +4 more
GFDL Advogados is an independent full-service law firm based in Lisbon. Our team comprises highly skilled advisors and lawyers with international experience in law and business affairs.Our dedicated teams handle all aspects of doing business and investing in Portugal. We consolidate intellectually...
THE LAM LAW LLC
Ho Chi Minh City, Vietnam

Founded in 2019
15 people in their team
English
Vietnamese
Lawsuits & Disputes Restructuring & Insolvency ADR Mediation & Arbitration +5 more
About THE LAM LAW LLCWho We AreTHE LAM LAW LLC is a Vietnam-based boutique law firm founded by a team of seasoned legal professionals, arbitrators, and legal educators. We specialize in delivering tailored, business-minded legal solutions with international standards and local expertise.Our...
Law & More Advocaten
Eindhoven, Netherlands

Founded in 2008
10 people in their team
Dutch
English
Restructuring & Insolvency Commercial Litigation Antitrust Litigation
Law & More is a dynamic Dutch law firm. The firm is located in Eindhoven and Amsterdam.Law & More provides the attention and customized service you need. The firm is international in scope and nature of its services and works for a range of sophisticated local and international clients,...
SPANOS - FOUSKARINIS AND ASSOCIATES LAW FIRM
Athens, Greece

Founded in 2016
15 people in their team
Greek
English
Chinese
Restructuring & Insolvency Commercial Litigation Antitrust Litigation
Top Greek Law Firm | Golden Visa, Real Estate & Business Law ExpertsSF Legal Law Firm - Your Trusted Legal Partner in GreeceEstablished in 2016, SF Legal Law Firm (Spanos - Fouskarinis Legal Law) has built a solid reputation as a premier legal firm specializing in Golden Visa applications, real...
Adroit Law LLP

Adroit Law LLP

15 minutes Free Consultation
Nairobi, Kenya

Founded in 2021
7 people in their team
English
Swahili
Restructuring & Insolvency Commercial Litigation Antitrust Litigation
Business Law & Regulatory Compliance Experts in Kenya | Adroit Law LLPYour Strategic Legal Partner for Business Growth in Kenya and East AfricaAdroit Law LLP is a Nairobi and Mombasa-based boutique law firm trusted by corporate pioneers, fast-growing enterprises, and high-net-worth individuals...

Legal guides written by Adroit Law LLP:

  • Kenya Launches Digital Nomad Visa: A Gateway for Remote Workers
  • Navigating the Payment System License Maze in Kenya
  • The Law of Succession in Kenya: Testate and Intestate Succession
Justicia Transparente
Cabo San Lucas, Mexico

Founded in 2000
30 people in their team
Restructuring & Insolvency Commercial Litigation Antitrust Litigation
We are a firm specializing in criminal and immigration law with a presence throughout Mexico. We have lawyers in the major cities of Mexico, such as Tijuana, Mexico City, Cancun, Puerto Vallarta, Los Cabos, Guadalajara, Monterrey, and Tapachula, Chiapas. We specialize in dealing with criminal...
The Law Society Co.Ltd.
Phuket, Thailand

Founded in 2006
22 people in their team
German
Russian
Japanese
Korean
English
French
Lawsuits & Disputes Restructuring & Insolvency Ethics and Professional Responsibility +6 more
About UsAt The Law Society Co.Ltd., we are more than just a law firm - we are your steadfast partners in navigating the complex realm of legalities. With a solid foundation of over 15 years serving our valued clients and the larger community, we have fostered an unwavering reputation built on...
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About Restructuring & Insolvency Law

Restructuring and insolvency law deals with the processes and legal frameworks that help businesses and individuals address severe financial difficulties. Restructuring focuses on reorganizing a company's structure, debts, or operations to restore financial stability and continue operations. Insolvency, on the other hand, refers to situations where a person or business cannot pay their debts when they are due. The law provides mechanisms for resolving these situations whether through formal bankruptcy proceedings, out-of-court agreements with creditors, or supervised restructuring processes.

Why You May Need a Lawyer

A lawyer with expertise in restructuring and insolvency can offer significant advantages during financially distressing times. Here are common scenarios where legal assistance is crucial:

  • If your business is facing mounting debts and is unable to pay creditors.
  • You are at risk of legal action from creditors such as lawsuits or asset seizures.
  • Your company needs to negotiate new terms with lenders or suppliers.
  • Your business is considering voluntary administration or liquidation.
  • You have received a statutory demand or bankruptcy notice.
  • You want to protect personal assets from business creditors.
  • You are interested in acquiring assets from a distressed business.
  • A creditor is seeking to recover debts and you need to understand your rights.
  • You are concerned about the personal liability of directors during insolvency.
  • You require guidance navigating court proceedings related to insolvency.

Legal professionals help clarify your options, negotiate on your behalf, ensure compliance with all legal obligations, and protect your interests throughout the process.

Local Laws Overview

Restructuring and insolvency laws can vary depending on your jurisdiction, but most follow some common principles. Key aspects to be aware of include:

  • Insolvency Tests: Most laws use a cash-flow test (can you pay debts as they fall due) and a balance-sheet test (are your assets greater than your liabilities) to determine insolvency.
  • Formal Insolvency Processes: These may include voluntary administration, liquidation, receivership, or bankruptcy (for individuals).
  • Creditor Rights: Creditors may have rights to recover debts, participate in meetings, and vote on restructuring proposals or liquidation plans.
  • Director Duties: Directors of insolvent companies have specific duties and can face penalties for insolvent trading or failing to act in the best interests of creditors.
  • Priority of Payments: Laws determine the order in which creditors are paid, with secured creditors usually taking priority over unsecured creditors.
  • Protection from Legal Action: Certain insolvency procedures provide temporary protection from lawsuits and enforcement actions while restructuring is attempted.
  • Personal Insolvency: For individuals, bankruptcy laws outline how assets are distributed and set out a process for discharge from most debts after a certain period.

It is essential to consult local laws or a legal professional as regulations and procedures can differ between jurisdictions.

Frequently Asked Questions

What is the difference between insolvency and bankruptcy?

Insolvency is a financial state where a person or business cannot pay debts as they come due. Bankruptcy is a formal legal process used to resolve insolvency for individuals or, in some jurisdictions, businesses.

What does restructuring involve?

Restructuring involves reorganizing a company's operations, assets, debts, or organizational structure to improve financial stability and avoid insolvency.

Can I be held personally liable for company debts?

Directors and officers may be personally liable if they allow a company to trade while insolvent or breach other legal duties. Otherwise, company liability is typically limited to company assets.

What are my options if my business is insolvent?

Common options include negotiating informal arrangements with creditors, appointing an administrator, entering into formal liquidation, or seeking court assistance through official processes.

Can creditors take my personal assets?

For companies, creditors are generally limited to company assets unless you have provided personal guarantees. For individuals, personal assets may be at risk in bankruptcy.

How does liquidation work?

Liquidation involves winding up a company's affairs by selling assets, paying creditors in order of priority, and dissolving the company.

What is voluntary administration?

Voluntary administration is a process where an external administrator is appointed to assess options for saving a company or achieving a better outcome for creditors than immediate liquidation.

What happens to employees during insolvency?

Employees are usually priority creditors and have statutory entitlements to certain payments, such as outstanding wages and leave, subject to available funds.

Can I stop debt recovery or legal action if I enter into insolvency?

Certain insolvency processes may temporarily halt legal actions and debt recovery to allow restructuring or orderly asset distribution.

How can a lawyer help me with restructuring or insolvency?

A lawyer can assess your situation, explain your rights and obligations, guide you through legal processes, negotiate with creditors, and represent you in court or at creditors' meetings.

Additional Resources

Here are some resources, organizations, and government bodies to assist you with restructuring and insolvency matters:

  • Local insolvency or bankruptcy regulator (for example, a country's Insolvency Service or Bankruptcy Court)
  • Professional associations for insolvency practitioners and lawyers
  • Government small business advisory services
  • Consumer protection agencies
  • Local chambers of commerce
  • Financial counselling organizations
  • Legal aid services

These organizations may offer information, advice services, or referrals for individuals and businesses facing financial difficulties.

Next Steps

If you are experiencing financial distress or facing the risk of insolvency, it is important to act early. Here are practical steps to consider:

  • Gather all relevant financial information, including debts, assets, contracts, and correspondence from creditors.
  • Contact a qualified restructuring and insolvency lawyer for a confidential assessment of your situation.
  • Reach out to financial advisors or insolvency practitioners to explore all available options.
  • Avoid making new significant financial commitments or disposing of assets until receiving legal advice.
  • Follow all statutory requirements and respond promptly to any formal communications from creditors or authorities.

Early intervention can provide more options and help achieve the best possible outcome. A legal professional can guide you through each stage of the process to protect your interests and comply with the law.

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Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.