CONTACT US NOW AND WE WILL PUT YOU IN CONTACT WITH ONE OF OUR LICENSED INSOLVENCY PRACTITIONERS FOR A FREE CONSULTATION TODAY.
MyAccess2Justice works with a network of Licensed Insolvency Practitioners for corporate and personal insolvency matters.
Personal Insolvency
For creditors and individuals concerned with personal insolvency issues, our network of Licensed Insolvency Practitioners provide innovative and practical solutions. Whether acting as a Trustee in Bankruptcy or the Supervisors of an Individual Voluntary Agreement, the Licensed Insolvency Practitioner's sensative approach coupled with specialist experience and leading edge methods enable creditors to maximise recoveries while helping individuals avoid a disasterous slide into bankruptcy.
Bankruptcy
Recent trends have seen an increasing number of bankruptcies in the UK due largely to the ease with which individuals can obtain credit coupled with the ability to petition for their own bankruptcy, thereby being allowed ‘freedom’ from their debts within a year.
However, bankruptcy can be more complicated than some may assume – especially when the debtor has assets. With specialist bankruptcy knowledge our Licensed Insolvency Practitioners will work together to minimise costs and maximise recoveries and to pay dividends to creditors in as many instances as possible.
Our network of Licensed Insolvency Practitioners also investigates individuals who claim to have no assets and have secreted their assets elsewhere in the hope that they will not be realised. They can also assist individuals with properties where a Trustee in Bankruptcy has been appointed by the Protracted Realisations Unit (PRU) often through negotiation, with experience gained having worked on both sides in such cases.
Individual Voluntary Arrangements
An IVA is essentially a contract between an individual and his/her creditors to repay a proportion of their debts over a period of time. It is often an attractive alternative to bankruptcy.
The individual may raise funds by disposing of some assets, arrange for a third party to provide funds and/or make voluntary contributions for the benefit of the creditors from his income. An Insolvency Practitioner acts as the supervisor of the IVA.
The advantages to the insolvent individual of an IVA include:
1. The avoidance of the stigma of bankruptcy, thus preserving professional status or that of a business;
2. A flexible approach to asset realisation and payment schedules;
3. The continuance of trade a business and does not face debarment from professional associations;
4. The advantage to the creditors is that they generally receive a higher dividend than they would do in a bankruptcy.
You should note that Bankrupts could have their bankruptcy annulled by arranging an IVA with an Insolvency practitioner or, in limited circumstances, a “Fast track” IVA with the Official Receiver.
