THE way that insolvency can become a positive outcome for businesses facing financial problems will be discussed at Thursfields Solicitors’ webinar next month.

Stephen Rome, a director in the dispute resolution department at the law firm, and an expert in contentious insolvency matters, will host the free Talk Legal webinar at 10am on Wednesday, September 16.

This has been titled “Insolvency: the phoenix from the ashes of COVID-19”.

Mr Rome will introduce the webinar live on Zoom, will then play a short vidcast explaining why and how insolvency can be a positive outcome for struggling businesses, before returning to the screen to answer any questions.

Mr Rome said: “The word insolvency has a bit of the grim reaper feel to it, but I want to explain the positive sides of what can often be more of a restructuring mission.

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“Insolvency practitioners are often trying to rescue elements of businesses from difficult financial situations, providing new stimulus or life, a bit like the hoped-for vaccine might eventually provide for COVID-19.

“Many companies were in a healthy financial position before COVID-19 but were forced to either close or slow down operations, or they became unprofitable because of government restrictions.

“Many businesses will eventually recover, but others may find it harder, and some will end up facing insolvency if they simply cannot pay their bills. But this doesn’t have to be as disastrous as it sounds.

“Businesses can consider all sorts of options, from Company Voluntary Arrangements to administration, including what are known as pre-pack administrations, before they may have to face going into liquidation.”

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Mr Rome added: “The trick is for business leaders to act properly and to call in expert help before things get out of hand.

"This may result in the business being saved, avoiding liquidation or even falling foul of insolvency legislation, which could otherwise result in claims being made against them.”

The September 16 webinar is the sixth in Thursfields’ Talk Legal series which was launched during the COVID-19 lockdown to ensure the company continued its regular free workshops for businesses and the community.

Nick O’Hara, managing director at Thursfields, said: “We’re delighted that our developing series of vidcasts are regularly drawing in online audiences in their dozens to learn from our experts’ knowledge and experience on different legal topics.”

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