UHY Hacker Young | Chartered Accountants

Personal Insolvency and Individual Voluntary Arrangements

If you are facing personal bankruptcy, or if your business is suffering due to a client or customer declaring themselves bankrupt, at UHY Hacker Young we’re here to help.

How to decide if you would benefit from insolvency advice

If you find yourself in severe financial difficulty and are contemplating personal bankruptcy, it is worth seeking a professional opinion before taking action, particularly if you are in a profession whereby personal bankruptcy could lead to extreme professional difficulties. At UHY Hacker Young, we provide advice and assistance to individuals concerned with personal insolvency issues. Whether acting as a Trustee in personal bankruptcy or preparing an Individual Voluntary Arrangement, our specialist experience enables us to find the right solution for you and your creditors.

The right option and the right support

Irrespective of whether personal bankruptcy or an Individual Voluntary Arrangement (IVA) is the best solution for you, at UHY Hacker Young we will accompany you through the process. We have experience of dealing with all kinds of personal insolvency and bankruptcy issues and we can provide you with help and advice, wherever possible avoiding formal insolvency.

Personal bankruptcy support

If personal bankruptcy is the right solution for your individual situation, we will work with you, making sure you have all the support you need. We will also work with your business if you’re a victim of unpaid debts due to personal bankruptcy.

With specialist personal bankruptcy knowledge in addition to our relationships with experienced solicitors and agents, we will work with you to minimise costs and maximise recoveries and to pay dividends to creditors as early as possible. We will also investigate individuals who claim to have no assets and who have potentially transferred their assets elsewhere in the hope that they will not be identified and dealt with as part of the bankruptcy process.

Individual Voluntary Arrangements (IVA)

If an IVA is the most appropriate solution for your situation, due to your professional status, or because of the threat of stigma attached to personal bankruptcy, we can help make that process as pain free and efficient as possible. Due to its formal nature, an IVA must be set up by a licensed insolvency practitioner; such as one of the experts in our turnaround and recovery team. After familiarising ourselves with your situation, we will prepare a fair and realistic proposal, in which:

  • a full disclosure of your assets and liabilities is made;
  • the creditors are guaranteed a higher return than if you were declared bankrupt; and
  • you will be guaranteed confidentiality and assurance that you will retain control of your assets.

If your debts are in excess of £20,000 we will perform a free review of your financial situation.

If your debts are less than £20,000

If your debts are less than £20,000 and consist primarily of credit card and, or bank loans or overdrafts, unfortunately the finance companies prefer not to become involved in these types of arrangements.  However, a charity called the Consumer Credit Counselling Service (CCCS) will deal directly with these companies for you and agree a repayment plan. They do not charge fees, unlike many debt management companies because they are funded by the credit industry. Their telephone number is 0800 138 1111 and their website can be found here www.cccs.co.uk.

As with any financial crisis, the best advice when it comes to personal insolvency is to face up to it, and to take action as soon as possible.  Irrespective of whether you’re concerned about your own individual situation or that of a client or customer, we can help.

The next step

All you need to do is contact us to arrange an initial discussion, completely free of charge and without obligation.