Best Restructuring & Insolvency Lawyers in Guyana

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Founded in 2000
50 people in their team
English
ABOUT USSatram & Satram has been in existence for a relatively short period of time in Guyana. The members of the firm have enjoyed tremendous success at the highest levels of legal practice and have risen rapidly to the top of the legal profession. Our Attorneys are experienced in...

Founded in 2000
50 people in their team
English
The need for access to justice, especially among the indigent, became evident to me very early in my childhood. It is the recognition of this reality in my formative years that planted the seed in my mind to become a lawyer. Towards the attainment of this objective I dedicatedly strove in my early...

Founded in 1969
10 people in their team
English
Britton, Hamilton and Adams (BH&A) was established in 1969.The founder and Managing Partner Mr. Peter Britton, S.C., A.A -years of practice 1965 to 2009, deceased -, was a leading Attorney at both the Criminal and Civil Bar(s).Mr. Britton mentored numerous Attorneys as Pupil master and whilst a...
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About Restructuring & Insolvency Law in Guyana

Restructuring and insolvency law in Guyana refers to the legal framework and processes available to businesses, individuals, and creditors when a business or person is unable to pay their debts. The primary goal of these laws is to find a fair and transparent solution for settling debts, preserving company value where possible, and ensuring the rights of all parties involved are protected. In Guyana, the legislation concerning bankruptcy and insolvency is drawn from both historic and modern principles. These laws guide debt recovery, transfer of assets, liquidation, and, where feasible, the reorganization of financially distressed entities.

Why You May Need a Lawyer

Securing advice from a lawyer specializing in restructuring and insolvency is critical in several situations, including the following common scenarios:

  • You are a business owner facing financial difficulties and seeking options to restructure debts or avoid liquidation.
  • You represent a creditor trying to recover money from a debtor or protect your interests during a business insolvency process.
  • You have received a statutory demand or a winding-up petition and are unsure of your legal position.
  • You are trying to understand your legal obligations during bankruptcy proceedings.
  • You are concerned about potential personal liability as a director of a company in financial distress.
  • You need to navigate court proceedings related to bankruptcy, receivership, or liquidation in Guyana.

Dealing with insolvency issues without proper legal guidance can result in missed opportunities, increased liabilities, or loss of assets. A specialized lawyer can advise on the best strategies and ensure compliance with local law.

Local Laws Overview

The main legislation governing restructuring and insolvency matters in Guyana is the Insolvency Act (Cap. 12:21). The Act sets out the rules for bankruptcy, company liquidation, receivership, voluntary arrangements, and the roles of official receivers and trustees. The following are key aspects of the local regulatory environment:

  • Bankruptcy: Applies to individuals who cannot repay their debts. The Act outlines procedures for declaring bankruptcy, appointment of trustees, distribution of assets, and ultimately the discharge from debts.
  • Company Liquidation: Involves winding up an insolvent company, selling its assets, and using proceeds to pay creditors according to statutory priorities. Both voluntary and court-ordered liquidations are recognized.
  • Receivership: A creditor with a secured interest may appoint a receiver to manage or sell the company’s assets for debt repayment.
  • Voluntary Arrangements: Debtors and creditors may negotiate repayment terms or restructuring outside formal court proceedings, subject to legal requirements.
  • Creditor Rights: Creditors have statutory rights to petition for bankruptcy, participate in meetings, and claim distributions.
  • Protections for Debtors: Debtors are protected from certain creditor actions once bankruptcy or liquidation proceedings commence.

Additionally, court oversight plays an essential role, with various procedures governed by the Supreme Court of Judicature.

Frequently Asked Questions

What is the difference between bankruptcy and insolvency?

Insolvency is a financial state where an individual or business cannot pay its debts when they are due. Bankruptcy is a legal process for insolvent individuals or businesses to resolve their debts under the supervision of the courts.

What happens when a company in Guyana is declared insolvent?

The company may enter liquidation, where its assets are sold and proceeds are distributed to creditors. It may also seek restructuring arrangements with creditors to continue operations under new terms if feasible.

Can individuals declare bankruptcy in Guyana?

Yes, individuals can apply to the court to be declared bankrupt if they cannot meet their debt obligations. The process and requirements are outlined in the Insolvency Act.

What is the role of a trustee in bankruptcy?

A trustee is appointed to manage the process, including gathering and selling assets, paying creditors, and reporting to the court. The trustee acts in the best interest of creditors as a whole.

Can creditors force a company or individual into bankruptcy?

Yes, creditors can issue a statutory demand for payment. If unpaid, they may apply to the court for a bankruptcy or winding-up order.

Are directors personally liable for company debts?

Directors are generally not personally liable for company debts, except in cases of wrongful or fraudulent trading or if they have given personal guarantees.

What is a voluntary arrangement?

A voluntary arrangement is a formal agreement between a debtor and creditors to repay debts over time, sometimes at a reduced rate, to avoid bankruptcy or winding-up.

How are creditors paid during liquidation?

Creditors are paid in a specific order of priority set out in the Insolvency Act, starting with secured creditors, followed by preferential creditors, and finally unsecured creditors.

Can a business in liquidation continue to operate?

In most cases, operations cease. However, a liquidator may continue limited operations if it helps maximize returns for creditors.

How long does the insolvency process take in Guyana?

The duration varies depending on the complexity of the case, the type of insolvency proceedings, and how quickly assets can be realized and distributed.

Additional Resources

If you are looking for more details or need official guidance in restructuring and insolvency matters in Guyana, the following resources and organizations can be helpful:

  • The Supreme Court of Judicature of Guyana - oversees bankruptcy and liquidation cases.
  • The Office of the Official Receiver - handles administration of bankruptcy and insolvency cases.
  • The Guyana Bar Association - offers referrals to qualified legal practitioners specializing in insolvency.
  • Ministry of Legal Affairs - provides access to legislation and guidelines relevant to restructuring and insolvency.

You may also consult with registered insolvency practitioners for guidance.

Next Steps

If you are facing financial difficulties or have received notice relating to insolvency or restructuring, it is advisable to act quickly. Here is how you can proceed:

  • Assess your financial position and gather all relevant documents, including statements of accounts, contracts, and correspondence from creditors.
  • Contact a lawyer who specializes in restructuring and insolvency in Guyana for a confidential consultation. Legal experts can explain your rights, obligations, and the best strategies for your situation.
  • If you are a creditor, consider whether the debtor’s situation may require initiating insolvency proceedings or participating in creditor meetings.
  • If you are an individual or business owner, discuss restructuring options, voluntary arrangements, or alternatives to bankruptcy with your lawyer.
  • Stay informed regarding court notices or meetings and comply promptly with legal obligations and deadlines.

Timely legal advice can help protect your interests and ensure compliance with the law throughout the restructuring or insolvency process.

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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.