At Manson & Partners we have an established Insolvency Department with two experienced registered Insolvency Practitioners:

• Brian Johnstone has been a registered Insolvency Practioner since 1990. Brian has held many appointments as Trustee in Personal and Trading Insolvencies and as Liquidator of limited companies.
  
  
• Alison Anderson successfully completed the Joint Insolvency Examination Board examinations in 2002, obtaining the Leonard Curtis Prize. She is now a registered Insolvency Practitioner.

We are regularly approached by Creditors, Individuals, Sole Traders, Partnerships and by Directors of Limited Companies with financial problems. Each case is treated individually and entirely confidentially.

This is a specialised area. In some cases simple advice is given and in others a formal Insolvency arrangement proceeds. If professional help is sought at an early stage, very often the business can be saved.

Formal Insolvency arrangements in Scotland can take a number of forms:

• Trust Deed (view our Trust Deed information):
  This is a formal legal arrangement which an individual (or a Business Partnership) may enter into with a Trustee for Creditors. The process is similar to Sequestration, however the Court is not usually involved. The timing of execution of a Deed can therefore be controlled.
  
  
• Sequestration:
  This is the "Scottish " name for bankruptcy. Again, it is a formal arrangement applicable to individuals or partnerships. It is granted by the Court. A Trustee is appointed who administers the estate for Creditors. A Petition for Sequestration can be at the instance of the insolvent debtor or a creditor.
  
  
• Liquidation:
  This formal process applies to limited companies which become insolvent. There are a number of forms of liquidation either involving the Court or arising from Resolutions passed by creditors or by the Members of the company.

We have experience in advising many businesses and Company Directors where financial difficulties have arisen or are foreseen. The way forward may be the preparation and implementation of a business recovery or corporate turnaround strategy. In other cases Administration or a Company Voluntary Arrangement may be appropriate.

We can also advise in cases of Receivership, where a secured creditor holding a floating charge appoints an individual to administer the Company on the creditor's behalf.