Helping You Navigate Financial Challenges
As seasoned insolvency practitioners, we’re here to assist you in understanding the intricate financial, legal, and regulatory dimensions if insolvency becomes your final recourse.
We understand the emotional and financial challenges involved and are committed to working closely with you to explore and implement alternative solutions. Our focus is on restructuring your finances and developing a recovery plan that aims to stabilise your situation and avoid insolvency wherever possible. We offer compassionate support and clear, straightforward advice, ensuring you are fully informed and empowered to make decisions that promote long-term financial recovery. By combining empathy with professional expertise, we help you navigate this difficult time with confidence and clarity.
Our Insolvency Approach
Insolvency FAQs
Personal insolvency occurs when an individual is unable to pay their debts as they become due. It involves legal procedures to manage and resolve financial difficulties, which can include options such as bankruptcy, an Individual Voluntary Arrangement (IVA), or a Debt Relief Order (DRO).
If you are struggling with significant debt, are unable to meet your financial obligations, or have received legal notices from creditors, it may be time to consider insolvency options. We can help assess your situation thoroughly and discuss all available solutions to determine the best course of action for your circumstances.
There are several options, including bankruptcy, which involves the liquidation of your assets to repay debts; an IVA, which is a formal agreement to repay a portion of your debts over time; and a DRO, which is a simpler, less formal route for those with low incomes and minimal assets. We will work with you to understand each option and find the one that best suits your needs.
Insolvency will impact your credit rating, as it is a serious financial issue that creditors and credit agencies will see. However, taking proactive steps to resolve your debt issues and improve your financial situation can help you rebuild your credit over time. We will provide you with guidance on how to manage and improve your credit rating post-insolvency.
The duration of the insolvency process can vary depending on the option chosen and the complexity of your financial situation. Bankruptcy typically lasts for about 12 months, while an IVA lasts for a fixed period, often 3 to 5 years. We will provide you with a clear timeline and keep you informed throughout the process.
After completing the insolvency process, you will typically receive a discharge from your remaining debts (depending on the option chosen), allowing you to start afresh financially. We will guide you through the steps to rebuild your financial health and offer ongoing support to ensure you stay on track.
