Responding to an Insolvency
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Replacing an existing liquidator that is not up to the job
Peter was a diligent member of the liquidation committee and was concerned that the liquidator was not carrying out his functions effectively. After what seemed like endless correspondence, he sought our views on what he could do. We reviewed the issues that Peter wanted the liquidator to address and explained the positions to him independently. We advised on how he could approach the liquidator again but, if this did not work, we also advised how a creditor could convene a meeting of creditors for himself and replace the liquidator. In due course, the committee decided to replace the liquidator and convened the meeting effectively.
"Insolvency can provide good opportunities but the complex legal and practical issues represent a trap for the unwary. We are set up to respond immediately and can provide practical advice at a cost that could pale into insignificance compared with the cost of getting it wrong."
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