Bankruptcy and IVA for Individuals

We offer various solutions for individuals including:

Bankruptcy

In some instances there is no alternative but to start again. This is a formal process where either the individual can make themselves bankrupt or a creditor will petition for their bankruptcy. The Official Receiver initially deals with a bankrupt’s estate and then frequently appoints an IP, such as Martin or Nicki to be Trustee. The role of Trustee involves the realisation of assets and making distributions to creditors. We recognise bankruptcy and financial difficulty can be a painful and emotive process and are able to offer advice in sensitive and professional manner if this is something you are facing.

Individual Voluntary Arrangement (IVA)

This is an alternative procedure to bankruptcy. The process is legally binding and involves putting a formal proposal to creditors for a financial settlement of their debts over a period of time. Proposals can be prepared for individuals and partnerships.

Assets need to be realised for the benefit of creditors in the proposal – this is often from a sale taking place or contributions from income. Please contact us to explore if this option is suitable for you.