Quabbala Limited is a legal firm specialized in helping small and medium sized businesses who are experiencing financial difficulty, having bankruptcy or insolvency situations in the UK.
Our insolvency practitioners in London have arbitrated several cases, looking for the best solutions depending on each situation. Find good insolvency lawyers in London is not easy, this task demands experienced professionals able to test the case and propose different legal actions, trying to protect business, management team and workers.
Our insolvency practitioners have saved many companies restructuring their debts, introducing new ideas and finding a long-term solution.
Creditors’ Voluntary Liquidation (CVL):
- For companies struggling with stress and pressure from creditors
- Director-led process where the shareholders decide to put a company into liquidation because it is insolvent
- Most common way for directors and shareholders to deal voluntarily with their company’s insolvency
- Creditors can appoint a liquidator of their choice
- The company ceases trading, its assets are sold off and the proceeds are distributed to the creditors in a defined order of priority
- Liquidation ordered by the court usually as a result of a petition presented by a creditor
- It involves the realisation of the assets, the collection of any debts due to the company and the distribution of the proceeds in an order of priority
- A creditor who is owed more than £750 can apply to the court to wind up a company
Debt Terilef Order (DRO):
- Available to individuals with relatively low debts (under £20,000) and few or no assets (maximum of £1,000)
- The debtor is debt free (excluding student loans, child support payments and fines and debts incurred through fraud) after one year
- Procedure for an individual who is unable to pay their debts whereby a bankruptcy order is made by the court
- The control of the debtor’s assets, with certain exceptions, passes to the trustee whose job is to sell them and distribute the proceeds to creditors