Dr. Adam & Associates
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We devise solutions that address each client's particular needs and objectives.
   
IPR Group Services
 
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Insolvency
Overview
We offer specialist legal advice in contentious and non-contentious insolvency matters and corporate transactions. A major bad debt can endanger any company’s solvency. Accordingly, bankruptcy is a legal process designed to help debtors whether companies or individuals to eliminate their debts or repay them under the protection of a competent court. Insolvency may materialize either when a firm's fails to pay bills as they mature in ordinary course of business or when the fair market value of the firm's assets is less than its total liabilities as the balance sheet may demonstrate. A lot of businesses that file for bankruptcy are deal on arrival, that is to say hopelessly insolvent. We provide fully integrated legal advisory services in a broad range of engagements both pre and post bankruptcy filing. We act for debtors, creditors, controlling shareholders, and investors embracing out of court restructuring and pre-negotiated bankruptcies.

Our scope of practice embraces the following:
  • Filing of petitions of bankruptcy and proofs of claims. We negotiate and act in response to plans of reorganization. Our services also include proposing and getting confirmation of creditors plans of reorganization. Moreover, it comprises prosecuting and defending opposition proceedings. Our services also encompass a request for the appointment of trustees. Again, it includes prosecuting and defending proceedings to recover fraudulent transfers and preferences.
  • We furnish services as regards negotiating and documenting workouts on behalf of secured creditors and debtors. That is to say, we represent distressed companies as well as creditors and creditors committees in developing and implementing formal and informal workouts, plans of reorganization, exchange of offers and other transactions and strategies.
  • We request appointment of court receivers. We undertake prosecution of judicial and non- judicial foreclosures. As and when appropriate, we represent various parties in out-of- court bankruptcy alternatives such as assignments for the benefit of creditors and informal creditor’s compositions. Our firm services include negotiating and documenting complex debt restructuring.
  •  We advise as to the appropriate legal options based on a thorough study as to facts adduced. This is because bankruptcy is a legally affirmed incapability of an individual or an organization to pay their creditors. Such an affirmed incapability may be initiated or entered into voluntarily by the bankrupt whether an individual or an organization. Nonetheless, it can be started by creditors by filling a petition. Bankruptcy procedure can follow the route of liquidation or reorganization. However, each route depends on the merits of each case. There is legal machinery under the bankruptcy code to allow an insolvent debtor to stay in business by achieving a compromise with his creditors. Again, an insolvent company undertakes reorganization to the effect of achieving a compromise with its creditors. Under a reorganization bankruptcy, the debtor company files a plan with the competent court proposing how it will pay its creditors. On the other hand, under a liquidation bankruptcy, the court is asked to discharge the debt owed. Some secured creditors must be paid in full; others receive only a percentage of the balance due. However, others may not get paid at all.
  •  We offer advice in connection with insolvency to businesses whether individuals or companies or insolvency specialists both before and after the commencement of bankruptcy or liquidation. Proactive advice on the nature and effects of insolvency before it materializes provides clients with an occasion to appraise options and examine alternative strategies. It enables clients to take the most appropriate actions to protect themselves and their business or assets wherever possible.
  •   We work very closely with other specialists in particular firms of accountants and insolvency specialists or practitioners. Our main area of expertise is to deliver legal guidance for liquidators, receivers or administrators duly appointed to recover assets or trace money due. We advice on all aspects of the insolvency laws, on formal and informal schemes to the effect of saving businesses by employing the requisite means such as refinancing and restructuring.
  • We advice clients how to reach an arrangement with creditors. We have excellent working relationship with local firms of accountants and insolvency practitioners. This enables our firm to advice clients how to reach an arrangement with creditors. In the event an arrangement with creditors proved to be futile, we can advise clients about individual or partnership voluntary arrangements. Under our firm’s legal guidance as regards the prerequisite procedure, an experienced accountant or an insolvency practitioner shall prepare the right proposal to be put before the court.
  •  We can advice directors about company voluntary arrangement and the directors’ potential liabilities in relation to wrongful trading. Companies’ winding-up orders can be converted into company voluntary arrangements.
  •  We can advice on the recovery of property transferred at an undervalue.
  •  We can trace assets and creditors who have been preferred.
  •  We  can review contracts, draft and negotiate asset sale agreements, prepare shareholders winding-up petitions, take the appropriate actions as regards debt recovery, and assets recovery.
  • Advise as regards misuse of company’s funds, wrongful and fraudulent trading, and breach of contract claims.
   
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