Insolvency help

 

If you feel that you are heading towards insolvency, help is available. In both personal and corporate insolvency, the sooner advice and assistance is obtained, the more likely the person or company is able to avoid insolvency. Help with debts is available from a variety of sources and creditors are likely to be much more willing to negotiate a payment plan, if they are informed of financial troubles early on.

Bankruptcy should be the last option for an individual. The Insolvency Act 1986 allows for an individual to enter into an Individual Voluntary Arrangement, or IVA, with creditors, to help with insolvency. An IVA allows the debtor to make a payment plan with creditors, with the assistance of an insolvency practitioner. The insolvency practitioner will prepare a report to the court advising on whether there are any realistic proposals that can be made. If there are, the insolvency practitioner will decide whether there should be a meeting of creditors called, who must agree to the proposals by more than a 75% majority in order for them to be implemented. If the proposals are implemented, then the insolvency practitioner will oversee the arrangement and ensure that the debtor adheres to the agreement. If the debtor does not comply with the terms, the insolvency practitioner, or the creditors, can petition for the debtor’s bankruptcy. There are situations where an Individual Voluntary Arrangement is not appropriate and in these circumstances the debtor, a creditor, or a group of creditors, can petition for the bankruptcy of the debtor.

If you would like to obtain legal advice on insolvency, help with setting up an IVA or advice on other related matters, Caven can put you in touch with a local specialist insolvency solicitor free of charge. So, if you have any questions or would like our help in finding local insolvency solicitors please call us on 08001 221 2299 or complete the web-form above.

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