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Personal Insolvency

Cashflow difficulties - identifying the problem

Individuals can find themselves in financial difficulty for any number of reasons. Some of the most common reasons for personal insolvency are:

• A loss of employment or reduction in income
• Divorce/separation – either through maintenance payments in divorce, or a reduction in household income following a separation
• Living beyond one’s means, perhaps through the easy availability of credit
• A neglect of tax affairs

If you are suffering cashflow difficulties contact Bulley Davey as soon as possible. Our team of experienced professionals can help make the problem manageable. We can deal with pressing creditors, threats of legal proceedings and guide you through your options to ensure that the best solution to your problem is found.

For the best opportunity of protecting assets and securing a successful solution then it is essential that early advice is sought – and whatever you do, do not put your head in the sand!

Informal solutions

Very often cashflow problems can be resolved with one of the following informal options:

• Debt rescheduling
• Debt management plans
• Informal arrangements with your creditors
• Use of third-party monies, e.g. family loans

Talk to us and we’ll help you decide the best course of action for you.

Individual voluntary arrangement

In the event that debts cannot be successfully rescheduled or repaid through an informal arrangement, then an Individual Voluntary Arrangement (IVA) may be an appropriate alternative to bankruptcy. 

An IVA is a contract with your creditors which enables you to repay what you can reasonably afford over an agreed period of time. The benefits include the ability to remain acting as a Company Director, greater protection of assets such as the home and the potential for third-parties to provide funds for a settlement.

Bulley Davey can prepare the IVA Proposal, provide an Insolvency Practitioner to act as Nominee in connection with the Proposal, guide you through the process of applying through the Court if necessary and putting the Proposal to your creditors for their approval.

Our team will supervise an approved IVA through to a successful conclusion for both you and your creditors.

Bankruptcy

If you are unable to propose a viable IVA, then Bankruptcy may be the only way to resolve the financial position and end creditor pressure.

Bulley Davey can advise about the Court procedure and assist with the completion of the forms for you to make yourself Bankrupt. We can also advise what may happen to your home in a Bankruptcy, bearing in mind the interests of joint owners, children, secured creditors and any other parties.

If possible, we can help facilitate an exit from Bankruptcy by way of an IVA or an annulment of the Bankruptcy Order.

Other Services

Other relevant services include:

Debt recovery advice – if outstanding debts are affecting your cashflow, it can be a serious issue. We can help find solutions.

The effects of business failure – we can help resolve personal guarantee issues

For individual help and advice, contact Bulley Davey today.

Bulley Davey has a broad range of expertise across all aspects of accountancy and taxation.