What is Debt Consolidation or Refinancing?

What is an Insolvency Practitioner?

An option that allows for some individuals to avoid a formal insolvency procedure is to consolidate your debts into one affordable monthly payment.  This can be done by either obtaining an unsecured or secured loan that is sufficient to repay all your creditors.  Clearly, this is easier said than done and will be depending on […]

What is an Independent Business Review also known as an IBR?

What is an Insolvency Practitioner?

An IBR is an Independent Business Review or Viability Review and is performed to assess a company’s financial position. An IBR is usually performed by an external (i.e. independent) Accountant or a Licensed Insolvency Practitioner see Alan Coleman or James Fish upon the request of a bank/lender or directors/shareholders of a company that is either underperforming or in need […]

What is a Company Voluntary Arrangement also known as a CVA?

What is an Insolvency Practitioner?

A Company Voluntary Arrangement is a legally binding agreement between your company and its creditors. Your company has to be insolvent. A Company Voluntary Arrangement is an alternative to Liquidation and Administration. The basic principle of a Company Voluntary Arrangement is to effectively consolidate all the Company’s creditors and the Company agrees to either pay a […]

What is a Pre Pack Administration?

What is an Insolvency Practitioner?

The term Pre Pack is a style of Administration.  A Pre-Pack Administration is when a sale of the business and assets BUT not creditors are negotiated prior to the Company being placed into Administration normally by the Directors. Immediately following the appointment of Administrators, who have to be Licensed Insolvency Practitioners, the Administrators immediately complete […]

What is an Individual Voluntary Arrangement also known as an IVA?

What is an Insolvency Practitioner?

An Individual Voluntary Arrangement (IVA) is an arrangement between a debtor (someone that owes money) and their creditors (people and companies that are owed money).  An Individual Voluntary Arrangement (IVA) is for people that are insolvent. An Individual Voluntary Arrangement is an alternative to Bankruptcy. Only a Licensed Insolvency Practitioner can propose an Individual Voluntary […]

What is Liquidation?

What is an Insolvency Practitioner?

Liquidation is a legal process whereby a limited company is ‘wound up’ and eventually dissolved – which means it ceases to exist (the Company will be taken off the formal Register of Companies at Companies House). There are two types of Insolvent Liquidation: – Creditors Voluntary Liquidation Compulsory Liquidation (involuntary) There is one type of […]

What is a Debt Management Plan also known as a DMP?

What is an Insolvency Practitioner?

A Debt Management Plan is not a formal insolvency procedure.  It is available for individuals that are struggling the monthly payments on their credit commitments. If you are unable to make your monthly payments to your creditors you may be insolvent and when an individual is insolvent we recommend that you should take insolvency advice from […]

What is a Compulsory Liquidation also known as a CWU?

What is an Insolvency Practitioner?

The process is often commenced following an application to Court by a creditor of the company, who having tried other methods of recovering the sums owed to them by the Company without success, issues a Winding up Petition against the Company. If you are on the point of receiving a winding up petition or you […]

What is a Limited Company Bankruptcy or Corporate Bankruptcy?

What is an Insolvency Practitioner?

The term Limited Company Bankruptcy or Corporate Bankruptcy has developed over years by the media.  You may be surprised to learn that there is no such term as Limited Company Bankruptcy or Corporate Bankruptcy. An individual can be declared bankrupt but there is no such procedure as a Company Bankruptcy.  A Limited Company or Corporate […]

What is a Members Voluntary Liquidation also known as a MVL?

What is an Insolvency Practitioner?

A Members Voluntary Liquidation often referred to as a MVL, is a legal process used to bring the life of a limited company to an end.  It is a solvent liquidation in which all creditors are paid in full and the surplus assets are paid/distributed to the shareholders. It is commonly used where the business […]