Many businesses still operate as traditional partnerships or as sole trader businesses. These business structures have very specific requirements if financial difficulties occur or if formal insolvency needs to be considered. Careful consideration needs to be given to the impact on the principals of the business, where personal assets as well as business assets can be called on by creditors.
There is a strong tradition of professional and medical sector businesses – such as solicitors, accountants, quantity surveyors, doctors and dentists – trading as sole practitioners, partnerships and limited liability partnerships. Each of these sectors also has its own profession-specific considerations to deal with, from regulatory and compliance to reputation and the ability to trade on.
Poppleton & Appleby has the specialist expertise to advise individuals and partnerships with more complex financial positions and where the value of assets at stake is more substantial. This includes partners in professional practices that have fallen into difficulties.
Early consultation with the Poppleton & Appleby team is the key to unlocking options that may be available to provide a practical, workable solution in what are often difficult and stressful circumstances.
For more information about our business recovery and insolvency services please contact us.