Experiencing financial difficulties can cause significant stress and it may be tempting to avoid facing the issue for as long as possible. However, seeking advice from a professional advisor early on can increase the number of options available to you.
When facing personal insolvency, a Licensed Insolvency Practitioner can support with the following processes:
Individual Voluntary Arrangement
An Individual Voluntary Arrangement (IVA) is a legally binding agreement in the UK for individuals who are struggling with unmanageable debts. It allows the individual to make a structured arrangement with creditors to repay a portion of their debts over a set period, often five years. Any remaining unpaid debt at the end of the IVA is typically written off.
Bankruptcy
Bankruptcy is a legal process that is initiated when an individual or a business is unable to pay off their debts. It is a form of insolvency that involves a court-supervised process aimed at helping the debtor to manage their debts and repay their creditors. During the bankruptcy process, a trustee is appointed to manage the debtor’s assets and liabilities, and to distribute any available funds to the creditors. Bankruptcy can provide relief to debtors by allowing them to discharge certain debts and start afresh, but it can also have serious consequences such as damaging the debtor’s credit score and limiting their ability to obtain credit in the future.
How we can help
Our Business Recovery team are here to offer hands-on support and advice to help you proactively manage your situation. If you are facing financial difficulty, we can provide an expert assessment of your financial situation and guide you through the best options for you. However, early engagement is key. The earlier you seek advice, the more options available.
Next Steps
If you require financial assistance, please do get in touch as soon as possible. The first consultation is complimentary.
Contact us
The Importance of Customer Focus for Businesses
The economic outlook for Britain is still complex, despite signs of improvement. The Bank of…
Insolvencies reach 30-year high in 2023
Figures released this week by The Insolvency Service have indicated that 2023 had the highest…
What are the risks of extending more credit?
In every business cash is an important factor; therefore managing cashflow properly is crucial. Making…
Creditors’ Voluntary Liquidation: can a company really go into liquidation within a few days?
Our latest podcast was hosted for CICM (Chartered Institute of Credit Management), with Giuseppe Parla,…
Being prepared by building a resilient business – just in case!
In the aftermath of a series of impactful events that have caused businesses to alter…
Are the new Corporate Insolvency measures here to stay?
An official review of permanent measures that were introduced during the pandemic to protect businesses…
When the going gets tough, businesses can’t afford to stand by – so they must…
Businesses know that trading conditions for 2023 are going to be challenging due to high…
Podcast: How to Avoid an Aging Ledger – The Tips and Tricks of Credit Control
In this podcast, Giuseppe Parla, Business Recovery Director, Orla Lynch, Senior Credit Controller, and Richard…
Podcast: When will I Get Paid?
This podcast was hosted for CICM (Chartered Institute of Credit Management), featuring Giuseppe Parla, Business…