There are a number of different sorts of insolvency both personal and cooperate. These require advice form a Licensed Insolvency Practitioner. However there are various challenges both prior to insolvency and if an insolvency practitioner is appointed post their appointment which need to be addresses. We are able to help you through these difficult periods with practical advice and guidance as to the correct questions to ask and who to seek further advice form.
There are generally 4 different forms of corporate insolvency. All have slightly different challenges but normally all will be considered and the best option chosen for the creditors as a whole.
The Enterprise Act set out that every effort should be made to preserve jobs and the business. But should this not be possible then the creditors as a whole should have equal say in the decisions. As part of the change the Act made HMRC gave up their preferential status.
Below is a brief outline of the various forms of insolvency
Company Voluntary Arrangement (CVA)
Personal insolvency will result in some form of Bankruptcy or Individual Voluntary Arrangement (IVA). In each case the terms will be effected by the personal finances of the individual and it is not possible to generalise without some basic information.