Timely Intervention
This brochure aims to give a general overview of the different types of insolvency and to demonstrate the variety of ways in which we approach our client's needs and to engender an understanding of the different options available to businesses in difficulty.
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Personal Insolvency - Bankruptcy
In England and Wales the term is used for the formal procedure for individuals (not companies) who are declared by the court to be insolvent. An individual can petition for his/her bankruptcy or anyone who is owed monies by the individual, can likewise, petition for bankruptcy of the said individual.
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Personal Insolvency - Individual Voluntary Arrangements
Any individual owing money, whether or not he is bankrupt can put forward a set of proposals to his creditors to pay off all or part of his debts. This process is called an Individual Voluntary Arrangement (IVA). For an IVA to be accepted, a majority in excess of 75% (by value) of creditors, represented at the creditors meeting, (by proxy or in person) need to agree.
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Corporate Insolvency - Administration
In the last few years this type of insolvency has become familiar to the general public because they here the term more frequently, in connection with the recent spate of famous football clubs, which have undergone this process. It is also a much more common procedure in the UK since the Enterprise Act 2002 came into force on 15 September 2003.
Put in simple terms, it is a process which allows a company, club or organisation to continue with its everyday business whilst financial solutions are examined.
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Corporate Insolvency - Liquidation
This term is used when a company has no other option left. This exit route is chosen as a last resort when the company cannot, by reason of its indebtedness, continue to trade. A meeting of creditors is called and the creditors of the company appointed a liquidator, who must be a licensed insolvency practitioner.
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Corporate Insolvency - Company Voluntary Arrangements
A CVA is a method similar in company terms to an IVA. It is a procedure whereby the company sets out its proposals to creditors to repay some or all of the debts owing, over a period of time. The amount to be repaid and the length of time required to repay it will form the basis of any proposal, so it is of utmost importance that the initial proposals are fully researched and well thought out before approaching the company's creditors.
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