Services for individuals
We don't just look after businesses! We also help company directors and other individuals who are facing financial problems or unmanageable debt. Our focus is always on solving problems and moving on.
Individuals may face financial difficulties arising from corporate business activities – for instance, where creditors have been personally guaranteed, in a sole trader or partnership failure, as a result of excessive consumer debt or a combination of these reasons. At McTear Williams & Wood we understand the impact that such pressures can bring. The extent of the impact may depend on how the debts have built up and we can help with an assessment of your individual circumstances.
Dealing with a failing business is very different from dealing with excessive consumer debt. When dealing with a business, there is the real threat of the loss of an income stream. Financial problems often have a big effect on personal relationships, especially when the size of the problem comes as a suprise to one or both partners. Much of the information provided in the 'Services for business' sections is relevant for the individual in business. Click here for further details.
Informal arrangements – these can be useful, particularly when you are dealing with only a handful of creditors. We can help you negotiate with creditors who will readily understand what their alternatives are if they see that we are involved.
Bankruptcy – this is when a trustee is appointed by the Court to sell your assets and distribute them to your creditors. For most people bankruptcy lasts for one year but the consequences of bankruptcy can stay on your credit history for up to six years. It is important that you understand the implications of becoming bankrupt and if there are any alternatives. Most straightforward consumer debt bankruptcies are handled by the Official Receiver, not insolvency practitioners. The advice of an insolvency practitioner should be sought if you are a sole trader or in a partnership, or if you own property or other assets.
Call us free on 0800 085 5070 for more information or to talk to someone about your situation or read our FAQs for more information.