FAQs

I am about to be or am no longer involved in a business and have some issues that need to be addressed– can you help?

Resigning as a director or no longer being involved in the business can be thwart with issues and concerns: both from a personal and a business point of view. Managing such a transition can require great delicacy due to the conflicting demands that can arise. So it is important to get this right and we know from experience that this is something that has to be dealt with in a sensitive way.

What about co directors/business partners??

There is a choice to be made between going it alone and acting in consort. From a solicitor’s point of view, they may have a conflict of interest representing a number of different parties but it is worth weighing up which is the best way to go on this. This is something that there is no panacea for all- it has to be considered on a case by case basis and there has to be great sensitivity to the relationship of those involved and what their personal circumstances are.

When should I contact you about a business banking problem?

Please contact us as soon as possible. Experience tells us that we obtain better results the earlier we are involved in a case. The closer you are to the precipice, the more energy it will need to recover the situation.

The bank has a charge on my house in relation to the company debts – how does that change things?

They would normally have much better security as a result of a charge on property and it does alter the dynamic more in their favour. But they still have to have acted properly and the situation can be negotiated even if the cards are all stacked in their favour. So ensuring that they did is something we are able to clarify.

My life partner is worrying about the implications; do you have any advice to help the situation?

This can be a very worrying time for you, but for a life partner it can appear even worse - if they are not on the inside track or not close enough to the situation, the lack of knowledge can put them in an even darker place. Giving them as much information as they feel they require can often give them a feeling of understanding that may ease their concerns. But sometimes it can create more of a worry. As a result of our experience, we are quite happy to talk it through with your partner to help give them the comfort they need.

What about the banks’ actions during the transaction?

Banks have to behave properly. If, in getting the finance in place they have acted improperly, this may severely prejudice their position. So knowing the circumstances as to how it was put in place in the first instance can often reveal these sorts of issues.

What happens if I ignore the situation?

This can be such a hard place to be and that bucket of sand can look so inviting – but ignoring the issue won’t make it go away, it will just accelerate the bank’s action. Sometimes a situation does not require an immediate remedy – however talking to us will help you understand the best way forward. So early commencement of discussions are terribly important.

Why should I not just do this myself?

Some people do and some people succeed. Our experience in this field is extensive; inappropriate or untimely communications (either not responding quickly enough or just as bad, responding too quickly) can get you in a place which is hard to get out of. It is always worth having a chat with us first.