Your Options to Help You Out Of the Current Difficulties

You have a number of choices if you have financial problems:

Bankruptcy
Voluntary Arrangements

Bankruptcy

Is this the right course of action for you?

If you answer YES to any of the following points then there is an alternative that might be appropriate for you.

Do you have a profitable core business?
Do you want to avoid the consequences of being made Bankrupt?
Could you afford one monthly payment as opposed to numerous payments?
Do you want to avoid the sale of your (matrimonial) home?
Could you afford to repay your existing creditors in part or in full if you were giving some breathing space?
Do you want to repay your creditors in full or in part in a controlled manner?

If the above points do not apply and Bankruptcy is the way forward then we can still help you through the stressful and complicated form filling process of making yourself Bankrupt.

We also offer a service where we will attend Court on your or your client’s behalf should you/they not are able to attend, should you live abroad for example.

Read about the Bankruptcy procedure

Voluntary Arrangements

If you or your client answers YES to any of the following there are alternatives to Bankruptcy.

Do you have personal cash flow problems?
Are your monthly credit repayments becoming unaffordable?
Do you run a business that is in financial trouble due to a bad debt, miss management, historic VAT and/or Tax debts or your business has cash flow problems?
Do you have mounting creditor pressure?
Do you want to avoid the disposal of the potential disposal of the matrimonial home, which may occur should you be made bankrupt?
Do you want to avoid the consequences of Bankruptcy?

The most common alternatives are known as 'formal' or 'informal' voluntary arrangements.

Such arrangements enable you to come to a contractual settlement with your creditors.

In essence you will be providing them with something 'more' than what they would get if you were made bankrupt in exchange of them not making you bankrupt. This might mean a greater dividend or a dividend paid in a shorter period of time, or a combination of both.

The beauty of a voluntary arrangement is the flexibility that you are afforded. It might be possible to repay your creditors by way of monthly payments from your income and/or from profits or the re-mortgage of your home or funds from a third party, or a combination of the above.

A formal voluntary arrangement is a recognised statutory procedure and will provide you with breathing space to seek consent from your creditors to the proposed course of action.

To read more about voluntary arrangements, choose one of the following:

Informal voluntary arrangements
Formal voluntary arrangements for individuals and for partnerships

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