Reorganisation and bankruptcy law
Lawyers who specialise in restructuring and insolvency represent clients (individuals or businesses) who are having monetary struggle. Typically the first step in restructuring involves the process of coming to an agreement with creditors about how to handle debt repayment without the customer going bankrupt.
What do lawyers for restructuring and insolvency do?
As a restructuring attorney, you might represent creditors or debtors. Your efforts would be non-contentious and centred on establishing agreements and repayment plans that would allow the creditor to settle the obligation without going bankrupt.
The work you do as an insolvency lawyer will be controversial whether you represent creditors or debtors. All phases of the insolvency procedure, including the initial stages of bargaining voluntary agreements made by the company, to administration and receivership.
They are also involved in the liquidation step, in which the assets of the person or business are used to settle the outstanding debts.
The type of company you work for and the clients you represent will greatly influence the exact nature of the position you hold. For example, in circumstances of significant business bankruptcy and insolvency, city companies are more likely to represent banks or investors. Smaller or starting insolvency and bankruptcy law firms typically represent minor business establishments
What qualifications are needed?
For this subject of law, it is necessary to be interested in business and finance. You are going to have to have extremely adequate levels of business acumen and outstanding communication abilities that enable you to deal with individuals in challenging situations in order to advise customers on every area of restructuring their businesses.
When dealing with creditors or lenders (depending on which side you are representing), suing on your client’s behalf, or collaborating with other professionals who are involved in the process, such as liquidators and accounting professionals, effective communication abilities are required.
This topic of law, which includes many various areas like banking, commerce, and litigation, is challenging academically. You’ll need to be able to rapidly and accurately make decisions while processing a lot of paperwork.
How can I practise restructuring and bankruptcy law?
You have two options for becoming a solicitor: either you can pass the Solicitors Qualifying Examination (SQE) or, if you qualify, you can enrol in the Legal Practice Course (LPC).
You will also need to complete two years of Qualifying Work Experience (QWE) if you meet the requirements through the SQE. We suggest taking one of our SQE courses, which have been created to provide you with the knowledge and abilities necessary for a prosperous career as a solicitor, to help you prepare for the SQE.
If you meet the requirements to study for the LPC, you must sign a two-year training agreement with a law firm. When your two-year training agreement or QWE expires, you can seek to file an application to the Solicitors Registration Authority (SRA) for the opportunity to be admitted as a new lawyer for this field or discipline.
Before finishing the Bar Practice Course (BPC), you must have earned an undergraduate legal degree, or if you are not a law graduate, you must have completed a conversion course. The next step is to protect pupillary.
Acquiring as much bankruptcy and insolvency expertise as you can will be beneficial because it’s just as vital to have work experience in the field as it is to be admitted as a solicitor. With an undergraduate degree in a subject other than law, you can enter this field. To become restructuring and insolvency lawyers, many people leave the financial and restructuring industries. Additionally, you must complete each step to become a licensed solicitor who can provide help from insolvency and bankruptcy lawyers in Brisbane.
