Individuals can face financial difficulty for many reasons. Some situations may be resolved informally and for smaller debt, say under £20,000, we suggest contacting a reputable debt management provider or the Citizens Advice Bureau. Sometimes bankruptcy is the only realistic answer.
For larger debt and where there are assets to protect such as the home an IVA can be the answer. A Proposal is put to creditors and key features can include significant debt write-off, protection of assets and a single regular payment.
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. A bankrupt has restrictions on their financial conduct.
Click for booklet “Insolvency Service Guide to Bankruptcy”
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