Just when the business challenges are starting to make sense, personal difficulties can overtake you. Individuals may face financial difficulties arising from business activities. We are happy to help with that too as part of our focus on business rescue and insolvency. Business related personal insolvency can arise, for instance, where creditors of a limited liability company have been personally guaranteed.
One option is an individual voluntary arrangement (“IVA”) – this is a formal arrangement with creditors that legally binds on all creditors if 75% of your creditors agree. The arrangements need to be made via a licensed insolvency practitioner and are often based on monthly contributions, however they can involve one-off settlements or a better realisation of assets. IVAs are not suitable for everyone and it is important that you take independent advice. Be very wary of so called IVA factories/specialists that can end up selling you the product they have on the shelf regardless of your needs.
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. Financial problems often have a big effect on personal relationships especially when the size of the problem comes as a surprise to one or both partners. Much of the information provided in the 'services for business' sections is relevant for the individual in business.
If you require independent advice in relation to individual or personal insolvency which is connected to your distressed business situation please contact us for advice on 0800 331 7417