Case Study:
A Self Employed Quantity Surveyor

INDIVIDUAL VOLUNTARY ARRANGEMENT

Faced with two creditors trying to issue a bankruptcy petition, together with the threat of bailiffs, it was little wonder that this self-employed quantity surveyor was at his wits-end when he first contacted RPG Business Recovery.

In spite of these seemingly insurmountable obstacles we were still able to act on his behalf to prevent legal action and we came to an arrangement that allowed him to carry on working.

This is what we achieved

We not only saved our client from the threat of bankruptcy and seizure of his possessions by bailiffs, but we helped him to maintain his business and income.

  • We quickly obtained an Interim Order providing immediate protection from a bankruptcy petition and the bailiffs attending his home.
  • Our main proposal was an Individual Voluntary Arrangement (IVA) that, thanks to our negotiations on his behalf, was approved by his creditors.
  • We arranged for the quantity surveyor to make contributions from future profits (subject to availability) and reduced the industry standard five year proposal to four years on account of his age.
  • We also negotiated that at the end of the four-year period the balance of any debt would be written off.


Our client was amazed at what we achieved

With unsecured debts of £290,000 the situation looked grim for this self-employed quantity surveyor and he faced the real threat of bankruptcy and seizure of his possessions.

We reassured him that we could indeed find a solution to his problems and we used our experience and expertise to negotiate agreeable terms for everyone involved

Because most of his work came from the Local Authority the upholding of the bankruptcy petition would have effectively ended his ability to win further contracts. Our arrangements however preserved his reputation and enabled him to continue to run his business and earn a living, which was a significant factor in our approach to his creditors. Thanks to our contribution our client has continued to work and his creditors are being paid a regular amount.

“At first sight it appeared there was little we could do to resolve our client’s problems, but after studying all the facts we quickly recognised that there was a solution that would be of benefit to everyone concerned.”

Want to see what we can do for you?

It couldn’t be easier. Contact us right away for reassurance and peace of mind.

You can have a free consultation

It won’t cost you a penny to find out how we can help you. Do it today, you have nothing to lose and everything to gain.

Individual Voluntary Arrangement

By organising an ICA and negotiating with our client’s creditors we can avoid the risk of formal litigation that could prevent their ability to continue in business and repay their debts.