UHY Hacker Young | Chartered Accountants

Personal insolvency – how can our Manchester team help?

We offer personal insolvency advice and assistance from our licensed insolvency practitioners and specialists, aimed wherever possible, at avoiding formal insolvency.

Recent trends have seen an increase in personal insolvencies, with approximately 80,000 individuals entering formal insolvency during the last year. Roughly half of these entered into an “Individual Voluntary Arrangement”, which is an alternative to bankruptcy and many of the relevant restrictions imposed.

Personal insolvency advice and assistance

We can provide appropriate advice to individuals concerned with personal insolvency issues, including:

  • preparing an individual voluntary arrangement;
  • acting as a Trustee in bankruptcy;
  • maximising the return where you are owed money by an insolvent individual; and
  • explanation of all options available, including non-formal solutions.

Individual Voluntary Arrangements (IVA)

An IVA can be particularly appropriate where the individual has assets of value, runs a business, is a professional, or wishes to avoid bankruptcy and the restrictions involved.

An IVA is effectively a deal brokered by an Insolvency Practitioner between an individual and their creditors, which is legally binding. This can be less disruptive and more beneficial for all parties involved.

  • an IVA allows you to pay all or part of your debts over an agreed period, so avoiding the need to enter into bankruptcy;
  • 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; and
  • through an IVA an individual can continue to trade a business and does not face debarment from professional organisations.


We have experience of dealing with all kinds of personal insolvency and bankruptcy issues, including acting as Trustee in bankruptcy.

Despite negative connotations, bankruptcy can be the best solution for an individual, subject to their particular circumstances.

Our specialist licensed insolvency practitioners can provide you with help and advice aimed, wherever possible, at avoiding formal insolvency.

The next step

To find out more about the personal insolvency services offered by our Manchester office, please contact one of our insolvency specialists by clicking the ‘Contact us’ button above.

The earlier a financial crisis is identified and addressed, the better the outcome, and the sooner the problem can be resolved.