A corporation becomes insolvent when it is no longer able to pay their debts. Insolvency leads to:
A business burdened with financial difficulty may choose to appoint an external administrator to investigate the business. They then go on to assess what steps need to be taken to pay back the business’ debts.
An insolvent business may be liquidated. This means the business’ assets are sold, and the business can therefore no longer operate. The business’ members or shareholders can initiate liquidation. It can also be led by a court order.
A receiver is appointed to manage the finances due to the business’ financial struggles. They have the responsibility of selling the business’ assets to repay the outstanding debt.
Frank Law acknowledges the emotional difficulty of facing insolvency. There are many layers to such a situation. Therefore, our Corporate team shapes all processes to be relevant to each client’s unique circumstance.
We work alongside you to guide you through the steps of insolvency. We communicate openly and directly, explaining the law and the realities of your business situation.
Our team approaches every situation with a combination of sensitivity and pragmatism. We understand the stress of insolvency, and consequently seek to progress the matter in a timely manner. Our clients have peace of mind knowing that Frank Law is working for them.
James Frank has been working with Frank Law for nine years in various roles, beginning as a consultant and coming on full time in 2014. He pioneered the review process of the business and was instrumental in designing the future of the firm. His passion for innovation and technology, and his experience in building and scaling starts ups, has pushed Frank Law into being the progressive and relevant law firm it is today. James’s ideal day would be spent drinking coffee, watching sport and finishing the day with a glass of whisky.
Philip van den Heever has over 16 years of commercial law experience in both South Africa and Australia. His deep understanding of commercial law allows him to wisely direct his clients to succeed in their business development.
Katherine McCarthy uses her knowledge of law to solve people’s problems. Katherine is a keen traveller having visited 27 countries so far, with plans to explore even more.