We are now well into the school summer holidays which, in my experience, has two effects on the legal sector, particularly insolvency. The first is that a good many key decision makers, be they licensed insolvency practitioners, directors of distressed companies or those facing significant individual debt problems, go on holiday and, understandably, do not think about their legal matters or obligations. The other effect is that those who are left behind in the office have to deal with even more work than usual, and cover for their colleagues’ or clients’ absence.
However, if you are an individual faced with debt problems or indeed a director/sole trader/partner of a business that is facing significant problems, the holiday period is likely to be one of the most dangerous times to ignore the troubles and hope they will go away. Those who are owed money are unlikely to accept being fobbed off with explanations for a delay in payment due to holidays, or lack of response to their Letters of Claim for the same reason. The Courts are still open and operating (albeit on shorter hours), process servers and bailiffs are still visiting premises and serving bankruptcy and winding-up petitions or removing goods as part payment towards debts, and the banks are still functioning.
While appointment takers from licensed insolvency practitioner offices may be absent, they will not have left the office unattended. Their partners will still be present, and their senior managers more than capable of assisting you when restructuring your debts and moving forward. The same applies to law firms, of course, though it may take them slightly longer than they would wish to respond to your requests for help.
Therefore, while the temptation to ignore your problems and enjoy your holiday might be overwhelmingly tempting, do not think that the holiday period is a sufficient excuse that no action will be taken against you as a result. If you need assistance, I would urge you to either contact this firm or a licensed insolvency practitioner who is a member of R3, the Association of Business Recovery Professionals, whose website address is www.r3.org.uk
0117 9453 044