Best Restructuring & Insolvency Lawyers in Exeter

About Restructuring & Insolvency Law in Exeter, United Kingdom

Restructuring and insolvency regimes in Exeter follow English and Welsh law, with oversight from national authorities. The Insolvency Service and the courts administer the processes, while local solicitors coordinate with creditors and insolvency practitioners. This means Exeter businesses and individuals rely on UK wide rules applied by local firms and courts.

Key processes include administration, Company Voluntary Arrangements (CVA), and liquidation. Directors must understand duties, liquidation options, and rescue routes to maximise value for creditors. Solicitors in Exeter often work with licensed Insolvency Practitioners to manage wind downs or restructurings efficiently.

For Exeter residents, the pathway you choose will depend on whether you aim to rescue a business, reach an orderly wind up, or protect personal assets. Understanding roles, timings and costs helps you make informed decisions with your legal counsel.

Sources: In England and Wales insolvency law is administered by the Insolvency Service and the courts. See the Insolvency Service for guidance and local contact points: Insolvency Service.

Why You May Need a Lawyer

• A winding-up petition is filed against your Exeter company by a creditor. You need urgent legal advice to assess defenses and obtain an immediate stay or hearing to avoid compulsory liquidation.

• You are a director facing potential wrongful trading exposure. A solicitor can evaluate your conduct, prepare a defence, and guide you on disqualification risks.

• You want to propose a Company Voluntary Arrangement (CVA) or a restructuring plan to rescue the Exeter business. A lawyer can prepare the proposal and negotiate with creditors.

• Your business needs a restructuring option outside formal administration. A solicitor can outline the best route, including a restructuring plan under new regimes.

• You are negotiating with HMRC, suppliers or lenders over debt terms. A lawyer can draft binding agreements and protect critical operations during negotiations.

• You are considering personal insolvency options (IVA or bankruptcy) due to business failure or personal liabilities. A solicitor can advise on eligibility and consequences.

Local Laws Overview

Insolvency Act 1986 - The central framework governing insolvency procedures in England and Wales, including administration, liquidation and company rescue options. The Act has been amended multiple times to respond to changing commercial needs. Official legislation details: Insolvency Act 1986 (legislation.gov.uk).

Enterprise Act 2002 - Introduced reforms that impact corporate rescue, administration, and the rights of creditors. Most major changes took effect in 2003, shaping how rescue strategies operate in practice. Details: Enterprise Act 2002 (legislation.gov.uk).

Corporate Insolvency and Governance Act 2020 - Introduced modern restructuring tools such as a moratorium and a restructuring plan aimed at rescuing viable businesses. The Act came into force on 26 June 2020 and remains central to rescue options. Summary and statutory text: Corporate Insolvency and Governance Act 2020 (gov.uk collection) and CIGA 2020 (legislation.gov.uk).

"The moratorium under CIGA 2020 provides a breathing space for companies to explore rescue options without creditor action." Corporate Insolvency and Governance Act 2020 overview

Recent trend note for Exeter and the wider England and Wales jurisdiction: Since 2020, restructuring tools under CIGA 2020 enable more rescue strategies outside formal administration, with court oversight when needed. This has shaped how Exeter firms approach creditor negotiations and reorganisations. For official guidance, see the government summaries: CIGA 2020 resources.

Frequently Asked Questions

What is a Company Voluntary Arrangement (CVA)?

A CVA is a formal plan to repay creditors over time while the company continues trading. It requires approval by creditors and the court, and a licensed insolvency practitioner usually administers the process.

How do I start the insolvency process in Exeter?

Contact an Exeter solicitor or an Insolvency Practitioner to assess options. They will gather financial information and file the appropriate court or statutory notices to start administration, CVA, or liquidation.

When should I consider administration instead of liquidation?

Administration is used to rescue a company or achieve a better outcome for creditors. It delays creditor actions and may protect the business while a restructuring plan is prepared.

Where can I find an insolvency practitioner near Exeter?

Use the official government directory to locate licensed IPs in Devon and the wider South West. This ensures you work with a regulated professional.

Why might I need a moratorium under CIGA 2020?

A moratorium gives a company breathing space from creditor actions while it develops a rescue plan, increasing the chance of saving the business.

Can a director be personally liable in an insolvency?

Directors may face wrongful trading or misfeasance claims if duties are breached. A solicitor can advise on risk and documentary defenses.

Should I negotiate a CVA with creditors directly or through a solicitor?

It is generally safer to work through a solicitor or a licensed IP who can present a credible plan and handle negotiations with multiple creditors.

Do I need to worry about personal bankruptcy if my company fails?

Personal bankruptcy may be an option if you have personal liability or guarantees. A solicitor can review your assets, liabilities and available alternatives.

Is an Exeter court involved in most rescue procedures?

Yes, courts may be involved for approvals, petitions or significant orders. Your solicitor will handle any necessary applications and hearings.

How long does a CVA typically take to implement?

CVAs usually take several weeks to a few months, depending on creditor timing and the complexity of the proposal. A solicitor can provide a more precise timetable.

What is the difference between an administration and a pre-pack administration?

Administration frees management from day-to-day control, while a pre-packThe sale of assets is arranged before the administrator is appointed. A solicitor can explain the advantages and potential risks for creditors and stakeholders.

Additional Resources

• Insolvency Service - The government body responsible for insolvency policy, regulation of insolvency practitioners, and complaint handling. Website: gov.uk - Insolvency Service.
• The Official Receiver - Handles formal insolvency appointments and investigations for cases in England and Wales. Website: gov.uk - Official Receiver.
• Find an insolvency practitioner - Official service to locate licensed professionals by region, sector, and expertise. Website: gov.uk - Find an insolvency practitioner.

Next Steps

1. Gather all financial documents for the Exeter business and personal guarantees, including cash flow forecasts, supplier agreements, and debt schedules. Complete a current assets and liabilities snapshot within 7 days.
2. Request an initial, no obligation consultation with a local Exeter solicitor who specialises in restructuring and insolvency. Schedule within 1-2 weeks to discuss options and strategy.
3. Define your goals: rescue the business, secure an orderly wind-down, or protect personal interests. Have these goals ready for the initial meeting.
4. Determine the most appropriate route (CV A, administration, or liquidation) with your solicitor and, if needed, engage a licensed insolvency practitioner. Expect a decision within 2-4 weeks after meetings.
5. Obtain a written plan including timelines, creditor communications, and potential costs. Request a fixed or capped fee proposal if possible.
6. Begin creditor communications under guidance from your solicitor and, if applicable, the insolvency practitioner. Document all negotiations and responses for 6 years.