Your Personal Circumstances - Insolvency Debt Advice
Individuals
If the investigation your advisor will conduct, free of charge, shows the individual can pay his/her debts given time, his/her options will be the following:
- Debt consolidation or debt management
- Negotiated informal arrangements
- An IVA – (an Individual Voluntary Arrangement)
If the investigation shows the individual cannot realistically re-pay his/her debts even given time the options will be:
- A DRO – (Debt Relief Order)
- Bankruptcy
Either way act fast, get professional advice, find out your options and plan accordingly. Call Phoenix Recovery now on 08000 126 580.
Sole Trader
If the investigation your advisor will conduct, free of charge, shows your business is potentially viable,
your options will be the following:
- Trading out of the problems with advice and help
- Refinancing
- An IVA – (an Individual Voluntary Arrangement)
- A trade sale
If the investigation shows your business is not viable, your options are:
- Business closure
- Settling debts Informally
- Bankruptcy
Either way act fast, get professional advice, find out your options or make a plan.
Call Phoenix Recovery now, on 08000 126 580.
Be aware that if the business is insolvent the law requires the sole trader to act in the best interests of the creditors.
Partnership
If the investigation your advisor will conduct, free of charge, shows your business is still viable,
your options will be the following:
- Trading out of the problems with advice and help
- Refinancing
- A PVA – (a Partnership Voluntary Arrangement)
- A SIMIVA – (a Simultaneous Voluntary Arrangement)
- A trade sale
If the investigation shows your partnership is not viable, your options are:
- Partnership Winding-up
- Partnership Administration
- Bankruptcy
Either way act fast, get professional advice, find out your options and make a plan.
Call Phoenix Recovery now on 08000 126 580.
Be aware that if the partnership is insolvent the law requires all the partners equally, to act in the best interest of the creditors.
Limited Company
If the investigation your advisor will conduct, free of charge, shows your business is still viable,
your options could be one of the following:
- Trading out of the problems with advice and help
- Refinancing
- A CVA – (a Company Voluntary Arrangement)
- An Administration Pre-Pack
- A trade sale
If the investigation shows your company is not viable, your options are:
- Administration
- Administrative Receivership
- Voluntary Liquidation
- Winding up – compulsory liquidation
Either way act fast, get professional advice, find out your options and make a plan.
Call Phoenix Recovery now on 08000 126 580.
Be aware that if the company is insolvent the law requires the directors to act in the best interest of the creditors.