If you can’t pay your debts or if what you owe exceeds the value of your assets, then you’re insolvent.
Historically, the only way out would have been bankruptcy, but an Individual Voluntary Arrangement or IVA is an increasingly popular alternative. An IVA is a formal but usually flexible financial arrangement dealing with all of your debts.
It is set up via an Insolvency Practitioner, the precise terms of which requires approval by your creditors. We have assisted with hundreds of IVA’s successfully enabling individuals to variously continue in trade, retain home ownership and act as Company Directors.
Directors determined to dodge debts by dissolving companies face disqualification and fines under a new government crackdown. The government has come forward with new proposals to raise standards in corporate governance by cracking down on directors who behave irresponsibly. These include: clawing back money for creditors including workers and small suppliers by reversing inappropriate asset […]
There are repercussions for users of Credit cards and gift cards where a retailer becomes insolvent. Sam Hawkins explains. Retailer insolvency has been on a noticeable increase recently with high profile cases such as Toys R Us and Maplin both entering Administration and New Look proposing a Voluntary Arrangement. When a large high street retailer […]