Individuals can face financial difficulty for many reasons. Some situations may be resolved informally and for smaller unsecured borrowing, say under £20,000, we suggest contacting a reputable debt management provider or the Citizens Advice Bureau although we will provide free consultation covering all options to anyone with debt problems. In severe situations, bankruptcy may be the only realistic answer.
For larger unsecured debt and where there are assets to protect such as the home an IVA can be the answer. A Proposal is put to creditors that allows for a higher return than bankruptcy. Key features can include significant debt write-off, protection of assets and a single regular payment. We act in the implementation and supervision of IVA’s and provide a personal service with the full involvement of a Licensed Insolvency Practitioner throughout the whole process.
Click for an IVA Flowchart (coming soon)
Click for booklet “Is a Voluntary Arrangement Right For Me”
Partnerships
Partnerships can benefit from administration, voluntary arrangements and liquidation procedures in a similar way to companies.
Bankruptcy
Bankruptcy can be a realistic option but only after careful thought of the consequences. Bankruptcy is initiated by a petition to Court by the individual or a creditor. The Official Receiver deals with the case and may seek the appointment of an Insolvency Practitioner to realise assets. A bankrupt is usually discharged after one year although assets remain vested in the Trustee. The Trustee may recover surplus income for up to three years. A bankrupt has restrictions on their financial conduct.
Click for booklet “Insolvency Service Guide to Bankruptcy”
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