The specialist insolvency team at Francis Wilks & Jones is highly experienced in all aspects of personal insolvency including the alternatives to Bankruptcy, including individual voluntary arrangements.
Bankruptcy has many adverse consequences and it is therefore necessary for individuals to consider what alternatives are available other than bankruptcy, such as an individual voluntary arrangement.
What is an individual voluntary arrangement?
An individual voluntary arrangement is an agreement that an individual can enter into with their creditors to pay off their debts over a set period of time which is usually 3 to 5 years. An individual voluntary arrangement is often more flexible than bankruptcy because it can be set up to fit around an individual’s personal circumstances.
In addition, an individual voluntary arrangement may be preferable to bankruptcy if
- an individual may otherwise lose their job if they were to be made bankrupt; or
- the individual has some spare income each month or a lump sum to offer to make repayments to creditors; or
- the individual owns a home or other assets that they do not want to lose; or
- owns their own business; or
- is a director or involved with the promotion, formation or management of a company for permission to do so.
How can we help?
FWJ is experienced at assisting individuals with stopping a bankruptcy order being made to enable an IVA to be proposed to an individual’s creditors as an alternative to bankruptcy.
In addition, FWJ regularly provides expert assistance and guidance on obtaining the annulment of a bankruptcy order following the approval of an IVA by an individual’s creditors.
If you have any questions regarding the service that we provide relating to an IVA or a personal insolvency matter, do not hesitate to contact one of our dedicated insolvency experts for an informal discussion.