Corporate and Personal Insolvency
Individuals in financial difficulties
What is insolvency?
Insolvency is a condition of financial difficulty, and can apply to an individual or company. It is an umbrella term under which fall many different procedures, such as bankruptcy, as set out by the Insolvency Act 1986.
If a person cannot pay their debts, they are considered insolvent and may need to be declared bankrupt. However, bankruptcy is usually a last resort, and it can be preferable to enter into a voluntary arrangement with creditors to negotiate more affordable repayments. This can be done with the help of a professional advisor such as an insolvency practitioner.
An insolvency practitioner (IP) is a licensed individual in a position of legal responsibility. An IP’s work is closely monitored and regulated to ensure it meets legal and professional standards, and the IPs themselves must satisfy the regulator that they are honest, qualified and competent. Under UK law, many types of insolvency procedures must be dealt with by an IP, including bankruptcy, liquidation, administration and voluntary arrangements.
If you would like further information on insolvency or ways to improve your finances, please email InfoInsolvency@harris-lipman.co.uk or call (020) 8446 9000.
|The insolvency licence holders of this practice are licensed as insolvency practitioners in the UK and Ireland by the Institute of Chartered Accountants in England and Wales.|
- Businesses for Sale
- Tax-efficient distributions from dissolved companies
- Managing your Business through Recession
- Taking steps to avoid insolvency
- Breathing life into ‘zombie’ companies
- Companies facing insolvency
- What is an insolvency practitioner?
- Keeping you in business
- Advice to Directors
- Fixed Charge Receivership/Law of Property Act (LPA) Receivership
- Company Voluntary Arrangement (CVA)
- Creditors’ Voluntary Liquidation (CVL)
- Members’ Voluntary Liquidation (MVL)
- Individuals in financial difficulties
- What is bankruptcy?
- Helping you back to financial health
- Individual Voluntary Arrangement (IVA)
- R3 Creditors' Guides
- Guide to Administration
- Guide to Administrative Receivership
- Guide to Voluntary Liquidation
- Guide to Compulsory Liquidation
- Guide to Bankruptcy
- R3 Fee Guides
(for appointments before 6th April 2010)
- Guide to Administrators’ Fees
- Guide to Liquidators’ Fees
- Guide to Supervisors’ Fees
- Guide to Trustees' Fees