The aim of a business contract is to try to provide certainty for both parties.
Personal insolvency specialists at One80 work with individuals facing uncertainty in respect of their personal finances.
We regularly work with directors of distressed businesses, whose personal finances have been impaired as a result. We also act for a wide range of high-net-worth individuals, sole traders and professional sportspeople.
We understand that constrained financial circumstances can be challenging to address and how you handle them will determine the overall impact they have. If unpaid bills start mounting up or debt collection agencies get involved, it is important to understand your rights and obligations as soon as possible.
The potential for personal insolvency can be pressurised and intimidating, but there are a range of strategies which can be applied to help resolve a difficult situation. By considering all the options and thoroughly reviewing your circumstances, our team can help get you on the road to recovery.
OUR RANGE OF PERSONAL INSOLVENCY SERVICES
A private rescue procedure offering an alternative to bankruptcy, giving debtors more control over their own financial affairs while avoiding the duties, expenses and fees involved in bankruptcy proceedings.
Our robust advisory process:
When advising individuals on personal insolvency matters, we adopt the following process to ensure the very best outcome for our clients:
- Consultation – a robust assessment of our client’s financial circumstances and commitments
- Options – we undertake a full review of all the options available to you and thoroughly explain the benefits and also the implications of each
- Recommendation – we advise you on the most appropriate option for your personal circumstance
- We begin a process of engagement with your creditors, draft our proposals and convene a meeting of creditors
- Approval of proposals: once the creditors have agreed to our proposals, the IVA is approved. Agreed repayments are made under the supervision of our personal insolvency team.
It should be noted that not all individual voluntary arrangements can be granted, as there are certain criteria to meet. You must have sufficient surplus income to put forward a contribution to your creditors proportionate to the level of debt.
As a last resort, we offer personal insolvency advice and can act as a trustee for creditors at no charge, as a trustee following a Secretary of State appointment, and/or as an interim receiver pending the hearing of a bankruptcy petition in circumstances where assets are in jeopardy.
Bankruptcy can be a very clear and straightforward way to resolve personal financial affairs – it should be noted, however, that the implications of such a process need serious and careful consideration.
Trust deeds are a voluntary agreement between an individual with debts and their creditors. It is a common arrangement between the debtor, creditors and a qualified independent ‘Trustee’ who takes control of the debtor’s repayments.
The process is effectively a repayment compromise that has benefits for both debtors and creditors; the debtor begins a monthly repayment schedule based on what he or she can afford, whilst the creditor is able to recover at least some of what is owed to them.
Sequestration is a process that involves the debtor transferring all of his/her assets to a licensed insolvency practitioner – known as a Trustee – who acts on behalf of the creditors due to the debtor’s failure to pay their debts.
The Trustee’s duty of care to the creditors means they must look to realise all assets – such as property, vehicles, valuables etc. to realise funds for the creditors. The whole Sequestration process lasts for approximately one year and is likely to have serious implications on the availability of credit in the future.
We can provide advice on your rights to retain property, your pension rights and consider the possibility of proposing an IVA as an alternative to, or an exit from, a bankruptcy process.