Insolvency
What is Insolvency?
Section 123 of the Insolvency Act 1986 defines insolvency in two ways.
Firstly, being unable to pay your debts as and when they fall due.
Secondly, if your assets are worth less than the value of your liabilities.
At BRI we are dedicated to helping our clients through insolvency and to find the right solution for them and their situation.
Insolvency is split into 2 areas: company insolvency and personal insolvency.
Company insolvency is when a company or business can’t pay its debts and personal insolvency is when an individual can’t pay their debts. Often there is an overlap of the two, for example, if an organisation is suffering from company insolvency and cannot pay its debts, this then has a negative impact on the directors’ income and personal liabilities which could lead to personal insolvency such as bankruptcy.
Our mix of strategies, to deal with the difficulties you are experiencing, will depend on whether you need company insolvency advice, personal insolvency advice or both.
Company Insolvency
We are able to provide tailored help and advice, for your organisation if you are facing possible insolvency. We can help you to find the best possible solution for you and your business.
By listening to and understanding the problems you are facing, we can often provide solutions that may not require a formal insolvency procedure. This could involve assisting you with negotiating with creditors, speaking with HMRC or helping to avoid compulsory winding up.
It could be as simple as helping to put you in touch with other professional contacts that can assist with securing additional finance, provide legal advice or other business support.
Forms of Company Insolvency
There are a number of different forms of company insolvency for organisations and businesses including Limited Liability Partnerships (‘LLPs’) and similar structures:
- Company voluntary arrangement (‘CVA’)
- Administration
- Creditors’ voluntary liquidation (‘CVL’)
- Compulsory liquidation
The right route for you will be
There is also:
Contact us if you would like further information and assistance regarding any aspect of company insolvency and your business.
There is no charge for doing so and it is without obligation.
Personal Insolvency
At BRI, our dedicated and professional team will help guide you through personal insolvency and devise the best strategy to deal with any difficulties you are experiencing. Each case is unique and the most appropriate approach for you or your client will depend on many factors. As with company insolvency by listening and understanding the problems you are facing, we can often provide solutions that may not require a formal insolvency procedure.
Forms of Personal Insolvency
There are a number of forms of personal insolvency:
- Bankruptcy
- Individual Voluntary Arrangement (‘IVA’)
- Debt Relief Order (‘DRO’)
- Partnership Voluntary Arrangement (‘PVA’)
- Partnership Administration Order
Contact us if you would like further information and assistance on personal insolvency or regarding any aspect of your personal financial situation.
There is no charge for doing so and it is without obligation.