How We Can Help
At Slater Heelis, our primary objective is to help you achieve your objective: if you are an officeholder we can assist with any legal issues that may arise in the course of your administration of the estate with an understanding of the limits of the resources available to you; if you are a creditor we can help you pursue your claim economically; if you are in financial difficulty we can help you regain control of your financial situation and guide you towards a more stable and secure future. We take pride in delivering value.
With over 250 years of history, Slater Heelis has earned a reputation for excellence in the legal sector. When we act for you, you can be reassured you are in good hands knowing that our advisors have a wealth of experience in this difficult and highly technical field of law.
We believe that every client deserves exceptional service, and we strive to ensure that:
• Our approach is responsive and proactive, diligently handling your legal matters.
• Our advice is tailored to your best interests, focusing on achieving the desired outcome.
• We provide guidance on various strategies to help you make well-informed decisions.
• Our expertise will navigate you through the legal complexities.
Frequently Asked Questions
What is a director’s situation when a company is at risk of becoming insolvent?
The short answer is that the director’s duty to balance the exercise his powers between the interests of shareholders and creditors tilts progressively in favour of creditors the closer the company gets to insolvency.
What is a director’s position during a company’s administration or liquidation?
The director’s powers are suspended but not all of his duties.
What does a liquidator or administrator do?
Broadly both act as agents of the company and displace the Board. The job of the liquidator is to wind up the company’s business, realise the company’s property and pay out the proceeds in the statutory order of priority. The Administrator manages the company’s assets and business so as to achieve either the survival of the company, or a better result for creditors than would be achieved in liquidation, or failing either of those objectives, to realise property in order to make a distribution to one or more secured or preferential creditors.
How should I react if an administrator or liquidator threatens or brings a claim against me?
The usual claims are for incurring credit without a reasonable prospect of repaying it, repaying one creditor in preference to the general body of creditors, transferring assets at undervalue, or breach of the director’s statutory and common law duties any of which could lead to personal liability for the director. As soon as you think any such claim may be made against you, please seek our advice before you do anything that might prejudice your position.
What are my rights as a creditor in a company’s voluntary arrangement under the Insolvency Act 1986 or reconstruction under Part 26A of the Companies Act 2006?
These procedures can impose different outcomes on different classes of creditors but with appropriate advice you may be able to improve your outcome.
When can I issue a Statutory Demand against a debtor?
A statutory demand is a prelude to issuing a winding up or bankruptcy petition based on debt but if used inappropriately it can cost you considerably. Ask us how best to recover a debt.
How should I respond to a winding-up petition?
There are a number of things you can do to oppose a petition. As soon as you think a petition may be issued against you please talk to us.
How can I afford legal advice if my company faces financial challenges?
An insolvent company is allowed to purchase appropriate legal advice but in certain circumstances, it may have to obtain a validating order from the court first.