Insolvency and Bankruptcy
Max Kennedy of Ashton Morton Slack has over 15 years experience in dealing with insolvency matters. During that time he has seen the development of more and more options to assist people and companies in difficulty.
If you are in financial difficulties and need to discuss your option with a specialised solicitor then call Ashton Morton Slack.
Company Insolvency - Liquidation & Administration
When companies fall into financial difficulties it can often feel like there is no way out. Ashton Morton Slack can advise you on the best possible solution for your business, whether it be saving the company or entering into liquidation or administration.
Personal Bankruptcy
Personal bankruptcy is an option that has to be considered when an individual cannot pay their debts as they fall due. It is common practice that an individual will be made bankrupt following a petition for bankruptcy by one of his or her creditors (although it can be done at the request of the individual).
When an individual is made bankrupt, a bankruptcy order is produced by the Court. If you are first time bankrupt, you will probably receive a discharge one year after the date of the bankruptcy order. However, the length of the bankruptcy can be up to three years.
Once the bankruptcy order is made the assets of the bankrupt individual becomes the responsibility of the Trustee in Bankruptcy. The Trustee in Bankruptcy is usually a licensed Insolvency Practitioner or the Official Receiver. It is the Trustees duty to uncover as much payment from the bankrupt individual's assets.
Once the bankruptcy order is made the creditors can no longer pursue you and will deal directly with the Trustee in Bankruptcy.
Individual Voluntary Arrangements
Individual Voluntary Arrangements are also more commonly known as IVAs are becoming an increasing solution for individuals facing personal bankruptcy. They are always worthy of serious consideration for anyone who has assets which they wish to retain (such as their home) or are employed in the financial sector.
An IVA is an arrangement made between you and your creditors to repay the debt or an agreed percentage of the debt. This arrangement is overseen by an Insolvency Practitioner.
Seeking advice early can maximise the options available to you, so it is good to know with Ashton Morton Slack you will have the best legal advice at your disposal.
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