Our experienced insolvency practitioners understand the complexities of the legal system and the impact that personal insolvency or bankruptcy can have on individuals, families and businesses. We know what it takes to ensure that our clients receive the best advice and support throughout the process.
So, we can provide expert advice and guidance if you want to file for personal insolvency or wish to tackle commercial bankruptcy.
What is Insolvency?
Insolvency is a legal term that describes how businesses and individuals manage debts. When someone defaults on a loan, it becomes a creditor's asset, meaning the lender gets paid and keeps the rest of what they lent out. In contrast, when someone goes bankrupt, their assets become the property of their creditors. They no longer get repaid, and the creditors keep everything else.
Individuals and companies can start insolvent proceedings voluntarily and negotiate Voluntarily Arrangements with their creditors to arrange repayment terms for both parties. If not, creditors can use compulsory procedures, such as court action, to take over the individual or company's assets and sell them off to pay the outstanding debts.
The most common form of insolvency is bankruptcy, where the debtor cannot afford to repay their debts and files for bankruptcy protection. There are many types of bankruptcy, depending on the size of the debt and whether the person filing for bankruptcy intends to continue working.
How does Insolvency work?
Individual insolvencies differ from corporate ones because creditors can apply for a bankruptcy order against you if you haven't repaid your debts on time. You can still avoid this by asking for an informal voluntary arrangement (IVA ) or a debt relief order (DRO). These options work like a repayment plan where creditors agree to accept less money over a more extended period.
If you can't afford to make the payments, you could be forced into individual insolvency. We explain how it works and whether you should consider one of our debt solutions.
Can you keep my debt confidential?
Confidentiality is a crucial consideration for everyone involved in dealing with debt issues. As well as positively affecting your finances, it helps you maintain your privacy and dignity. If you are considering bankruptcy or have been advised to seek advice, there are some things you need to consider about your situation.
We understand that many people find dealing with debt difficult, and we want to make sure that you feel comfortable with us handling your case. To achieve this, we offer confidential debt solutions, including debt negotiation and arbitration.
Our expert team can advise you on what options best suit your needs. We can also negotiate with your creditors on your behalf, ensuring that any settlement includes a confidentiality clause. This ensures that no one else learns about your financial difficulties – even though you might be under pressure to tell someone.
Our specialist solicitors can provide legal advice and support throughout the process.
We can also help you draft the necessary documents if you are considering bankruptcy. Your solicitor will explain the procedure to you and give you helpful tips on how to deal with announcing this information once the proceedings begin.
How our bankruptcy solicitors can help
Bankruptcy can be a daunting prospect for anyone struggling with financial difficulties. However, it does not have to be a negative experience. There are many positive things about being bankrupt. For example, it allows you to start again, clearing away the debts that hold you back. Also, the process will enable you to restructure your finances, potentially saving money in the long run.
Our expert insolvency team knows what it takes to create a winning strategy for those facing financial issues.
Bankruptcy is a complex area of law. It involves many different areas of legislation, including insolvency, consumer credit, family law, employment law and taxation. Our experienced lawyers specialise in advising individuals and businesses on a wide range of issues surrounding the bankruptcy process.
Our insolvency solicitors can assist with responding to bankruptcy petitions and annulments.
Our insolvency solicitors offer an initial confidential consultation where we can discuss your options, assess your needs, and provide information about the court procedures involved.
If you decide to go ahead with us, we aim to complete your case within 12 months and keep you fully up-to-date with every step.
Contact our experienced team today to speak to our experts and talk confidentially about your insolvency matter with one of our specialist insolvency advisors.