FAQs

It depends on the procedure and whether you are a creditor or the company. If you’re considering action such as a statutory demand or winding-up petition, get advice first to confirm current thresholds and the correct process.

Usually, a limited company’s debts remain with the company, but personal liability can arise in certain situations. For example, where personal guarantees are involved or where director conduct is challenged.

Insolvency itself is not a criminal offence. However, criminal penalties can apply where there has been fraud, wrongful conduct, or breaches of legal duties.

Common causes include cashflow problems, rising costs, late payment, loss of key customers, overtrading, and unexpected liabilities. Often it’s a combination rather than a single issue.

Timescales vary depending on the procedure used and the complexity of the company’s affairs. Some processes move quickly once formal steps begin, while others can take months (or longer) to conclude.

Costs depend on the route taken and the work required (for example, dealing with assets, creditors and disputes). We can outline likely costs once we understand the situation and the most suitable approach.

It’s where a professional fails to meet the standard of care expected of them, and that failure causes you a loss. Negligence can arise through poor advice, mistakes, missed deadlines, or other failures in professional service.

If a surveyor’s report was inaccurate and you relied on it when buying, you may be able to bring a claim against the surveyor (rather than the seller). At our Stoke-On-Trent office, we can review the paperwork and advise on next steps as part of your professional negligence claims.