Personal Insolvency
Bankruptcy
Recent trends have seen an increasing number of bankruptcies in the UK. This is largely due to the ease with which individuals can obtain credit coupled with the ability to petition for your own bankruptcy, thereby allowing you 'freedom' from your debts within a year.
However, bankruptcy can be more complicated than some may assume - especially when the debtor has assets.
We can provide advice and assistance to individuals concerned with personal insolvency issues. Whether acting as a Trustee in bankruptcy or preparing an Individual Voluntary Arrangement, our specialist experience can enable a solution to be found where the return to creditors can be maximised. We can also assist individuals avoid a potentially disastrous slide into bankruptcy.
Potential issues you may face as an individual
- As an individual in financial difficulty you find yourself facing bankruptcy and want some practical advice and help
- As a professional individual you may lose your professional status if made bankrupt and need to look for an alternative solution
How we can assist you
Bankruptcy
- With specialist bankruptcy knowledge allied to our longstanding relationships with experienced solicitors and agents, we will work together to minimise costs and maximise recoveries and to pay dividends to creditors as early as possible.
- We will investigate individuals who claim to have no assets and have secreted their assets elsewhere in the hope that they will not be realised
- We can assist individuals with properties where a Trustee in Bankruptcy has been appointed by the Protracted Realisations Unit (PRU) - often the problem can be resolved through negotiation - we have worked on both sides in these cases and are experienced in the best way to resolve them
Individual Voluntary Arrangements (IVA)
More information on how we could help you to achieve an IVA can be found on our IVA page, but outlined below are the main characteristics of an IVA.
- IVAs avoid the stigma of bankruptcy, to preserve professional status or preserve a business
- IVAs provide a flexible approach to asset realisation and payment schedules
- Through an IVA an individual can continue to trade a business and does not face debarment from professional associations
THE EARLIER A FINANCIAL CRISIS IS IDENTIFIED AND ADDRESSED THE BETTER THE OUTCOME
In the first instance please call one of our offices for specialist advice from Licensed Insolvency Practitioners
London - Paul Fletcher - 0207 216 4601
Manchester -Edward Cook - 0161 234 8968Â
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