Individual Voluntary Arrangements
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At Haslers we have a dedicated team of people who understand the financial difficulties individuals face. We have the experience to help you find a solution to put these debt related problems behind you.
A voluntary arrangement enables trading to continue and a scheme of repayment to be agreed with creditors, whilst avoiding more formal insolvency procedures. The arrangement aims to allow survival as a going concern or the enhancement of asset realisations.
After obtaining details of your financial situation our specialists are able to advise on a range of options and find an appropriate debt solution for you. In the event that formal insolvency becomes inevitable we will recommend the most appropriate procedure.
Individual Voluntary Arrangements (IVAs)
The purpose of IVAs is to provide a better alternative to creditors. This allows the debtor to settle under agreed terms and conditions which are binding on all creditors, affording a degree of court protection and control.
IVAs are a very useful and constructive way to achieve a better deal for both creditors and the debtor. The advantages here are that, as the IVA is not publicly advertised, debtors maintain more control over their affairs, while creditors avoid the duties, expenses and fees due in bankruptcy. They do, however, require a very strong commitment from the debtor. It is by no means an easy option, but can be of great benefit to all.
Bankruptcy Administration
Bankruptcy occurs where an individual is declared bankrupt at court because they cannot pay their debts as they fall due. The bankrupt´s assets are vested in a Trustee who takes steps to realise them. In individual will usually remain in bankruptcy for a period of 12 months. The Trustee will look into the circumstances which brought about the bankruptcy and the bankrupt must assist the Trustee by delivering up assets and records and answering his enquires.
Why choose Haslers?
We have extensive experience in this area. Whatever process is required, you can be assured that Haslers will be there to guide you, offering constructive, professional advice.
For more information please contact our Insolvency Team.
