Personal Insolvency
Individual Voluntary Arrangements
An Individual Voluntary Arrangement (“IVA”) is a legally binding, court driven procedure, which freezes interest and gives the ability to effectively reorganise financial affairs.
The debtor in conjunction with a licensed Insolvency Practitioner (who at this stage is called the nominee) prepares a proposal, which; • must be achievable and realistic. • must make a full disclosure of all assets and liabilities to the nominee. • the creditors need to be paid a higher return than would be the case if the debtor became bankrupt.
We offer a free review of your financial affairs and will explain in detail the options open to you and their implications. If an IVA is the right procedure for you, we notify your creditors of your intentions and begin preparing all the necessary documentation.
The procedure is a positive step to resolving your financial difficulties and at the same time maximises the return to your creditors.
Bankruptcy
A person is made bankrupt by the court because they cannot pay their debts, and the bankrupt individual’s assets are vested in a Trustee who takes steps to realise them.
The bankrupt individual has a duty to assist the Trustee in his enquiries and the financial conduct prior to the bankruptcy can be examined.
Bankruptcy resolves financial affairs in that liabilities are satisfied in the majority of instances after 12 months or earlier.
THE EARLIER A FINANCIAL CRISIS IS IDENTIFIED THE BETTER THE OUTCOME
Please contact our office immediately to arrange a consultation