Insolvency / Bankruptcy

Bankruptcy and Insolvency

Bankruptcy is the common name we use for the technical and legal term Insolvency. It can be an extremely stressful situation if your company goes out of business or if a company that you are doing business with is declared insolvent.

However from time to time even businesses in financial difficulties will sell at a better price following the advice of a lawyer. Many businesses and business people have been rescued from difficulties by the early use of lawyers to make arrangements with creditors or shareholders. Remember that the buyer’s lawyer will look carefully at the entire business and you will need to present everything truthfully.

Know all your rights and obligations if you go bankrupt or if you have to deal with bankruptcy of a customer or supplier.