Defense Law Office has an extensive insolvency and liquidation team. We can assist both creditors and debtors with advice and legal representation in all aspects of insolvency. What is insolvency? Insolvency is a general term used for proceedings designed to bring the financial affairs of a debtor(whether an individual or company) under the control of an external administrator whose function is to secure repayment of debts and by the debtor to all creditors to the extent that the debtor has the funds to cover those debts. If the debtor does not have enough funds to repay all debts than the administrator must distribute whatever funds and assets the debtor amongst all creditors ion accordance with predetermined rules.