What Insolvency solution should I do?

When faced with serious financial difficulties, the debtor may have various options suggested to him by friends, family or other colleagues in whom he may have confided. Or it may be that his bank manager, one or more of his creditors or his business colleagues suggest what he should do, again assuming that they are aware of his financial circumstances. As in any important decision making process, it’s best to avoid plumping for what might seem an attractive solution at first and the well-meaning but sometimes erroneous advice of friends or colleagues. Continue reading

Insolvency explained

If you are sick or injured, you don’t have to be a medical expert to know that you need to go to a doctor for treatment. You just instinctively know that you don’t feel well and that your GP will in all likelihood be able to help you. The process is simple: you go along to see your doctor. You describe your symptoms or condition, the doctor may ask you questions, may perhaps examine you, may initiate some tests, may offer you his or her diagnosis of your condition or injury, may prescribe medication or other treatment, may refer you to a specialist or a medical consultant or may send you to hospital. Continue reading

Questions for your Insolvency Practitioner

The old cliché ‘fail to prepare, prepare to fail’ can be applied to your personal circumstances when you are encountering financial difficulties. You may be considering going to a financial expert to get advice on what your options are in trying to address your problems. The recognized expert in the UK is an Insolvency Practitioner or IP and the equivalent in Ireland is a Personal Insolvency Practitioner or PIP. Continue reading

Who will find out about my IVA?

Insolvent persons who are considering entering into an Individual Voluntary Arrangement (IVA) with their creditors are often concerned as to whether the world generally and certain other people in particular will find out about them and learn that they are in financial trouble. This is a very understandable worry. Continue reading

Teach yourself about IVAs

The purpose of these pages is to give basic and straightforward answers to queries that individuals want to pose on the subject of IVAs and insolvency in general but may avoid doing this for all sorts of reasons. Let’s begin with examining a scenario when somebody is preparing to get married but is concerned that their fiancé may perhaps be insolvent and that their insolvent fiancé’s creditors might seize their money after the wedding. Although love may be blind, it would be natural for partners to reveal to each other the state of their financial situation prior to getting hitched or even before beginning to co-habit. This is desirable simply because failing to reveal monetary troubles before starting to live together could lead to a failure of trust subsequently in the union in the event that one partner happens to be insolvent and their financial difficulties come to the attention of the other solvent party.
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Fall in levels of Insolvency

In recent months I have written on the dramatic growth of personal insolvencies in the UK over the last decade and of the reasons behind this growth. That is to say it was primarily down to the explosion of availability of credit and other economic factors. I have suggested that it will only get worse before it gets any better. Then earlier this month the third quarter statistics were released by the government’s Insolvency Service. They showed that for both forms of personal insolvency, bankruptcy and individual voluntary arrangements, there has been a fall. Continue reading

Insolvency & Administration

Leeds United fans will have followed the current crisis at the club with great interest. Most football fans have heard of Administration and know that any club choosing this path will be automatically deducted 10 points. However, how many fans know exactly what it means and what are the implications? Continue reading