In the current economic climate, suppliers may have customers who are in financial difficulty and unable to pay for goods supplied.
We can help you draft your terms and conditions to include an effective retention of title clause, which will normally allow you to recover the goods you have supplied if they are not paid for in an insolvency situation.
We understand that in these situations time is critical, whether for preventing additional losses or recovering assets in a third-party location.
Sometimes, through no fault of your own, you are placed in a precarious position, owed significant sums by a customer of yours, or have a financially unstable tenant. We know how to approach these situations with reference to third parties or even insolvency practitioners, as we regularly act on the other side of the fence. We can assist you in negotiations designed to improve your position or protect you from a worsening one.
We help secured and unsecured lenders with strategic advice on how to maximise recoveries, including, if necessary, implementing the provisions of the Insolvency Act 1986 to recover assets and/or overturn prior transactions.
With Shoosmiths, you can rest assured that our highly experienced team will work to recover your assets or explore other options available to you.
We can advise on:
- Supplier creditors seeking to recover goods supplied to insolvent entities
- Real estate clients on insolvency of tenants or landlords
- Creditors on their rights and remedies when a debtor is restructuring its affairs or enters a formal insolvency process
Recent experience includes:
Advising a group of landlords in connection with their challenge to the Debenhams CVA
Acting for clients seeking to exercise their retention of title claims, including administrations of high-profile retailers, which involved clients' stock located at a large number of retail outlets.