If you’re planning on entering into an IVA (Individual Voluntary Arrangement) with your lenders you would naturally like to be in no doubt that they are going to accept and agree to your IVA proposal. The overriding concern is whether your offer will be sufficiently attractive to a minimum of 75% of those lenders who make a decision to exercise their power to vote to persuade them to approve your proposals. Exactly what do creditors need to see in your IVA proposal documents?
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Insolvency
Insolvency is the term given to a person or company that is unable to service their debts. Read our Insolvency Articles or get in touch if you need some Insolvency Advice.
Experiencing the Penalty of Debt
Capital punishment for even the most heinous criminal offenses has long been abolished in the majority of western democracies with some significant exceptions such as the USA. In regard to personal debt however, the USA has a most benign set of laws dealing with indebtedness both personal and corporate. Contrasting very much in both of these matters is the Republic of Ireland. The death penalty is long eliminated in Ireland but the personal insolvency regime there has been explained by a great many august authorities as unrealistic, rarely used, very costly and exceedingly penal. Continue reading
Bankruptcy term length in Ireland
Justice Minister Alan Shatter recently circulated the specifics of the Civil Law (Miscellaneous Provisions) Bill which will provide the outcome of decreasing the term of bankruptcy in Ireland. Bankrupts according to the proposed new legislation will ‘enjoy’ guaranteed release from bankruptcy after twelve years but will be legally permitted to submit an application for release from bankruptcy after five years.
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Relieving the Suffering of Personal Debt
When men or women start thinking about their own acute debt worries they occasionally contemplate how awful it would be if they had to go bankrupt. Whether or not they petition for their own bankruptcy or one of their creditors petitions for it, the stigma or imagined stigma of bankruptcy is the worst type of emotion a person may have some. However, there are several other great and pragmatic remedies other than personal bankruptcy. It might perhaps even be more desirable for both the consumer and his or her creditors to employ a different procedure to bankruptcy. Continue reading
Insolvency | Dodgy Transactions
In the lead up to any liquidation process, it is important that the borrower makes sure that he behaves truthfully, honorably and fairly in his or her business with all other individuals who might be impacted by the process. All actions relating to lenders or any others (not being creditors) which will detrimentally affect the welfare of creditors are of particular concern, regardless whether creditors happen to be party to the financial transactions are not. Insolvency processes include Bankruptcy, Individual Voluntary Arrangements, Company Voluntary Arrangements, Liquidations and the like. Continue reading
Interested in an Individual Voluntary Arrangement
If you’ve got money troubles and believe that you could be insolvent, you should find out more about an Individual Voluntary Arrangement (IVA) and ways in which an IVA might make life much better. Bear in mind that undergoing money anxieties in itself isn’t sufficient to be eligible for an IVA. It is essential to actually be insolvent. That means that you have to be unable to pay the money you owe once they fall due and that if you were to put up for sale any resources you might have, such as a home, would most likely realise insufficient money to pay off your due debts, despite the help of your earnings. Continue reading
Challenging the Irish Insolvency Law
A challenge to Ireland’s arcane insolvency legislation might well be made to the High Court in just weeks, in line with a newly released story in The Sunday Independent by Maeve Sheehan. This is certainly an amazing development if a challenge is made because of claimed breaches of the constitutional rights of people looking at bankruptcy. It would be truly astonishing if this might happen and turn into the prompt for reform of the legislation and also the launching of fresh laws on individual personal debt in addition to debt codes. It might be unfair to accuse the new Fine Gael – Labour coalition administration of sitting on its hands on this question, given the inertia and inaction of the former Fianna Fail – Greens administration, that couldn’t manage to get thier combined minds round the idea of personal debt forgiveness. The new administration has had many significant sovereign and banking money issues to cope with but it is now time to deal with business that would help the individual citizen. Continue reading
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
Growth in Personal Insolvencies in the UK
Growth in personal insolvencies (bankruptcies and IVAs) has been dramatic over the past decades in UK. 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