Debt Assistance:

Insolvency is quite common these days and we can offer you a number of solutions to salvage your investment. Our "Quick Property Buying Service" can help you in cases of repossession or mortgage repayment. You can proceed through any of the following processes-

  • File for bankruptcy
  • Wait for a creditor to make a petition for your bankruptcy
  • Make a proposal for settlement of debts through an Individual Voluntary Arrangement.

Individual Voluntary Arrangements:

Individual Voluntary Arrangements (IVAs), introduced through the Insolvency Act of 1986 is an alternative method for individuals to formal bankruptcy.

The sole purpose of IVA is to present a better solution for both debtors and creditors, which allow debtors to settle their debts under pre-determined terms and conditions that are binding on each creditor and offers court protection. It is possible to present an IVA to a creditor even after bankruptcy has been granted.
There are many advantages of IVAs, but the main advantages are:

  • Debtors maintaining more control over legal affairs since an IVA is not publicised
  • Creditors are able to avoid the expenses, duties, and fees due in cases of bankruptcy
  • IVAs are able to achieve a better deal for both parties; the debtor and the creditors.

IVAs do require a strong commitment from debtors so can not always be an easy option, but provides great benefits to all.

A formal IVA proposal is drawn up by a debtor with the help of a nominee, who is a licensed insolvency practitioner.

An application for an Interim Order is made to an appropriate court, which upholds all financial proceedings for a limited time frame so that a meeting of all the creditors can be held. This is then reported to the courts and a meeting of creditors is called once the Interim Order has been passed.

All creditors are notified and attend the meeting to vote for or against the proposal. Assuming the creditors favour the proposal, the aforesaid scheme is put in place under a supervisor who oversees its implementation. Debtors need to comply with their proposals.


Bankruptcy is an option available to an individual in order to deal with his debts in case of a financial crisis. Bankruptcy assists debtors to make a fresh start with some restrictions. It also ensures that his assets are distributed properly amongst creditors.

Courts make a bankruptcy order after a bankruptcy petition has been filed. Such petitions can be presented by creditor(s), an individual debtor, and supervisor of a voluntary arrangement or the official petitioning the criminal proceedings.

Once the order has been passed, it is published in the 'London Gazette' along with a local or national newspaper (or both). The financial affairs of the debtor are placed under the supervision of the Official Receiver, who is responsible for the clearance of the debtor’s assets and making payments to the creditors. Bankrupts normally obtain a discharge after two/three years depending on their circumstances.

We can provide you with expert debt advice, relating to your property sales. There is no obligation when you call. We can simply talk you through the options available which are best suited to your situation.



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