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 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.

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