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Insolvency Practitioner Business Assistance
Professional advice for directors, shareholders and businesses needing practical insolvency and restructuring solutions.
Whether you need to close an insolvent company, liquidate a solvent business, restructure debts or discuss bankruptcy options, our experienced team can help you understand your choices clearly and confidentially.
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A Members' Voluntary Liquidation (MVL) is a formal process for closing a solvent company in a tax-efficient way. Often used by directors who are retiring, restructuring or no longer require a business, an MVL can help shareholders extract retained profits and assets while bringing the company to an orderly conclusion.
Please read more on our MVL page.
A Creditors' Voluntary Liquidation (CVL) is designed for companies that can no longer meet their financial obligations. It allows directors to take proactive action to close an insolvent business, helping to deal with creditor pressure while ensuring legal responsibilities are managed correctly.
Please read more on our CVL page.
A Company Voluntary Arrangement (CVA) can help viable businesses experiencing financial difficulties continue trading while repaying debts through an agreed arrangement with creditors. It can provide breathing space and an opportunity to restructure without immediately entering liquidation.
Please read more on our CVA page.
If personal debt has become unmanageable, bankruptcy may provide a route to a fresh financial start. We provide clear, confidential advice to help you understand the process, its implications and whether it is the most appropriate option for your circumstances.
Read more on our Bankruptcy page.
An individual with unsecured debts in excess of £12,000 and a disposable monthly income in excess of £200 is often suited to an IVA.
An IVA is generally for individuals who owe in excess of £12,000 of unsecured debt and earn a salary and / or have surplus monthly household income to make contributions towards your IVA. However, depending on your individual circumstances, in some cases an IVA may be recommended with unsecured debt levels as low as £7,000. Please find more details on IVAs and how they work on our Indivdual Voluntary Arrangement page.
A Debt Management Plan or DMP is an informal agreement made by your debt management company with your creditors to repay unsecured debts. The company can arrange for you to make a single monthly repayment which will be distributed to your creditors under the terms of the agreement with them. You can find more information about debt management on our debt management page.
A debt relief order (DRO) is an order granted by the Insolvency Service in cases where you can’t afford to pay off debts. A Debt Relief Order usually lasts about 1 year and during this time your creditors cannot take action against you to get their money back. Please read more on our DRO page.
Bankruptcy should generally be a last resort in cases of serious debt, and can be instigated by any creditor owed more than £750, or you can petition for your own bankruptcy. Except for certain exemptions, bankruptcy involves your assets, including your home being sold and the proceeds used to cover all or part of your debt. The aim of bankruptcy is to completely wind up your financial affairs in order to realise the value in your assets, pay off as much of your debt as possible, and essentially ‘start again’. Read more on our Bankruptcy page.
One route out of debt involves releasing equity in the home or consolidating all debts in to one loan to reduce the monthly burden.
Refinancing refers to consolidating debts by taking out a larger loan (usually over a longer repayment term and at a lower interest rate) to pay off smaller unsecured debts, such as credit cards, HP, loans etc. Usually, a secured loan or remortgage is recommended where debt is relatively small and you have sufficient equity in your home. This equity can then be used to pay off all or part of your debt. If you remortgage and this leads to a lower monthly payment, you may also find the remaining debt is easier to budget for. Always seek independent financial advice before taking extra credit to service existing debt, particularly when securing against your home. Also remember that, although monthly payments may be cheaper and therefore more affordable, the loan can be over a longer period so cost more in the long run. An IVA may be the best choice in these cases so please feel free to discuss your situation with us.
Please contact us for free advice
