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Running a company comes with many financial obstacles and difficulties. As most companies will take out a loan, the company may struggle to pay the loan back, incur debts and therefore become insolvent. This means that the company has failed to pay its debts and their liabilities have exceeded their total asset. Therefore, an insolvency lawyer job involves advising on all the stages of the insolvency. This can include negotiations, making payment plans and filing for bankruptcy.
Insolvency lawyers will mainly deal with companies and businesses that are dealing with financial issues. A big part of an insolvency lawyer is to also help individuals that may have financial difficulties. The range of salary for an insolvency lawyer job is £30,000 to £1000,000 depending on experience.
There have been many developments in insolvency law. The main legislation started from the Insolvency Act 1986, it was then modified to the Enterprise Act 2002 which was a huge improvement in terms of the corporate law.
In 2020, the ‘Corporate Insolvency and Governance Act’ was introduced in order to help companies who experienced financial struggles due to the pandemic. This act allowed the courts to provide the companies, businesses or individuals with financial leniency that is fairer and more equitable.This act also allowed the suspension of wrongful trading. This means that the act will take away any threat or person liability for wrongful trading of directors. This act played a big part on allowing companies and individuals to have some sort of financial flexibility. It also allowed companies to have a relief. This allowed companies and individuals to have more time to make a financial plan and to also pursue a restructing plan.
Insolvency can be a very complicated area of law as it involves a large amount of money and a company. It has to be proven to the court through the balance sheet that the company/ individual is completely unable to pay its debts and the more liabilities there are, the harder it will be to prove this. However, through legislation an insolvency lawyer will be able to aid with the balance sheet and prove to the court that there is a significant debt and therefore there is a claim in insolvency.
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