Contact us
0113 207 0000
Contact us |
Sign up to our newsletter |
0113 207 0000 |

Corporate Recovery

If your business has run into financial difficulties then Blacks Solicitors’ Insolvency team can help.

Occasionally a company with a sound business idea can run into short term financial difficulties. In such a scenario your options are as follows:

Company Voluntary Arrangements (CVAs)

You may enter into a CVA, which is a formal agreement to pay creditors over an agreed term. It allows you to continue to trade in the short term, provided the arrangement isn’t breached, and provides a platform for your company to build upon for the future.

A CVA will bind all creditors and helps limit the possibility of a more formal insolvency event. It is an easy process for you to go through with relatively low costs involved, in comparison with other more formal insolvency events.

The CVA procedure gives you breathing space from your creditors and time to formulate a carefully considered arrangement, which is attractive to creditors.


Administration is a procedure which allows an independent Insolvency Practitioner to run, reorganise and sell your company (where possible). Your company will benefit from a moratorium (a stay on proceedings) which allows you to operate in a protected environment.

The aim of Administration is as follows:

  • Rescuing the business as a going concern
  • Achieving the best result for creditors as a whole
  • Making distributions to creditors in a Statutory Order

The need to enter into Administration can sometimes be extremely urgent. Therefore, you will need an experienced legal team to guide you through the procedure.

Administrative Receivership

Administrative Receivership is a remedy for creditors. It allows for the realisation of your company’s assets, subject to security. Receiverships are now very rare and are only available to those with a qualifying charge created prior to 15 September 2003.

If a floating charge is created on or after 15 September 2003, Administrative Receivership is no longer available as a remedy to enforce that security.

Instead, a qualifying floating charge holder can place the company into Administration.


Liquidation is a formal procedure known more commonly as ‘winding-up’. Liquidation is a last resort where your company’s assets are realised for your creditors and the affairs of the company are brought to a close.

A common misconception is that Liquidation is only available to creditors, but this is not the case. There are three alternative routes into Liquidation as set out below:

  • Compulsory Liquidation – commenced by a petitioning creditor and by Order of the Court only
  • Creditors’ Voluntary Liquidation – commenced by an insolvent company where directors are unable/unwilling to give a statutory declaration of solvency
  • Members Voluntary Liquidation – commenced by a solvent company were the members of the company wish to cease trading

There are a number of detailed procedural requirements to each of the above processes.

The effect of the Liquidation is that directors’ powers cease and the Liquidator will take over the running of the company. Director’s appointments may be terminated.

It is difficult to give an estimate of how long a Liquidation may take however they can last a matter of months, or in exceptional cases for two to three years. The liquidation will conclude when:

  • All assets are/have been realised
  • Dividends are paid to the creditors
  • A final meeting of the creditors/members has been held
  • The Liquidator is released by meeting/Court
  • The final accounts of the company are filed with Companies House
  • The company is dissolved


For more information about any of the above, or for a free no obligation discussion, please email or call Blacks’ Insolvency team today on 0113 207 0000.

Share this

What our clients say

  • I have used Blacks Solicitors over the past 4 years for various legal matters – from divorce settlement to property and business related matters and have found them extremely professional and knowledgeable of all matters related and would have no hesitation in recommending them to either businesses or personal friends.

    Share this
  • We have used Blacks for many years, both to conveyance property and for company legal work and we’ve always been impressed with their no-nonsense, ‘can-do’ attitude. Staff and partners at Blacks respond quickly and politely and it’s always good to deal with ‘real’ people who are both friendly and on top of their game – in short extremely helpful. Charges are reasonable, service is excellent. Highly recommended.

    Share this
  • Excellent, friendly and efficient service with good advice, enabling me to resolve a dispute quickly with financial outcome that I was happy with. Highly recommended.

    Share this
  • Blacks were great from start to finish. Prompt and clear communication and efficient service.

    Share this
  • I was in a position the likes of which I had never experienced before; I had no idea what had happened, where I could go, what I could do about it and who could help me. I literally stumbled across Blacks in a conversation with a colleague of my wife. I contacted them, explained what had happened and within a few days I could cross out 75% of my list; the other 25% came over the course of our relationship. Professional and knowledgeable, always helpful and above all, friendly. Thank you.

    Share this
  • Professional, reassuring and friendly. Wouldn’t hesitate to use them again. They get results!

    Share this
  • Blacks is a proactive, supportive, efficient, dynamic and thoroughly co-operative firm, with the best support framework all along the way for all of your issues. They will work collaboratively towards achieving your desired goal, and as long as you clearly identify and communicate your best and worst experience scenarios from the outset, you will never ever come across any better service in the whole of the northwest. A prestigious and highly respectable firm with great partners. I wish all the very best to each and every one of them!

    Share this
  • My experience with Blacks has been first-rate. Acting with great care and integrity at all times they have dealt with my case expertly and expediently to get me the best result in a most timely manner. I would have no hesitation in recommending them for all of their specialist areas.

    Share this
  • Excellent service, response time immediate and kept in the loop at all times . Would certainly use again and recommend to friends.

    Share this
  • Excellent prompt service. All the staff were very polite, helpful, and very professional. Thank you for all your assistance and making it a very stress free process. I would not hesitate to recommend Blacks to family and friends.

    Share this
  • Helpful at every stage. Brilliant communication throughout. Cannot recommend highly enough.

    Share this
  • Very efficient and polite, not at all ‘stuffy’.

    Share this
  • A very approachable legal experience. All the people I came in touch with at Blacks Solicitors were friendly and helpful, answered all my questions easily, or found the answer promptly, and kept me in touch at each stage.

    Share this
  • Speedy and professional service. Easy to contact by telephone for any queries and kept me up to date with what was happening.

    Share this
  • We were very pleased with all the help we received. All our questions were answered no matter how trivial. It didn’t matter how often we phoned they were very friendly, helpful and informative.

    Share this
  • Excellent service. Great communication from start to finish. Would definitely recommend to anyone.

    Share this
  • Professional, slick and supportive organisation. They did an amazing job helping me at a very difficult time with a positive outcome. They came via a recommendation and I would not hesitate to recommend them to anyone else.

    Share this
  • Extremely professional, compassionate and effective. My case was handled sensitively and with excellent advice throughout.

    Share this
  • They went above and beyond for me dealing with a difficult situation.

    Share this
  • Would use again; Blacks provided a timely, courteous, helpful and very professional service – thank you.

    Share this
  • When you need sound professional advice – Blacks is the law firm for you. Friendly, understanding and highly professional. I wouldn’t hesitate to recommend Black’s for all legal advice.

    Share this
  • Always helpful, fast to respond to all queries and outstanding advice. Highly recommended.

    Share this
  • I have used Blacks for various commercial legal services and have found them to be excellent in a broad spectrum of legal specialities

    Share this
  • Very professional company would highly recommend, nothing a problem.

    Share this
  • I cannot recommend Blacks Solicitors highly enough. They resolved my dispute with a third party quickly and effectively. They were dealing with a large company and due to Black’s knowledge, expertise and determination for a fair outcome, they won my case. I will recommend them to other small businesses and friends. Thanks so much for doing a fantastic job.

    Share this
  • Let’s be honest, the small print in life is hard to understand and Blacks have guided us through the worst of this with elegance and the up most professional manner. I have worked with Blacks since 2007 and they are first to call for the help when we need it.

    Share this
  • My Blacks representative handled my case with speed, sensitivity and tact, often anticipating my needs, yet working collaboratively to achieve a fair resolution. I was never patronised, and felt that no query was too small or insignificant to raise; this approach nurtured trust and put me at ease – a highly prized feeling when faced with emotionally-charged legal negotiations. Working with Blacks, I felt that true professionals were on my side. I highly recommend and strongly endorse Blacks LLP.

    Share this
  • I can state that Blacks Solicitors has provided a professional service from start to finish when dealing with a civil matter of mine. This law firm was recommended by an associate of mine who said that he had used their services several times… and that their attention to detail and charging structure was good. Having used their services… I can confirm that I got detailed answers to all my questions and a lot of information I would never think about, even though I did my research.

    Share this
  • How do you know which Solicitor to use when you have a problem or need some advice? I’ve worked with lots over the years & can now say with confidence that I have found Blacks Solicitors in Leeds to be very, very good indeed.

    Share this
  • Consistent quality and communication is what you need from a Solicitors and that’s what you get from Blacks. I have no qualms about recommending them to anyone who needs help with a full range of law quandaries.

    Share this
Read more

Sectors we specialise in