Personal Insolvency

BRI Business Recovery and Insolvency are an independent firm of insolvency practitioners. We are committed to finding the right recovery or insolvency solutions for businesses as well as individuals in financial difficulty. At BRI Business Recovery and Insolvency, we specialise in the field of recovery and insolvency; we offer sound, practical advice and solutions.

What is Personal Insolvency?

Personal insolvency is when an individual is unable to repay their debts. It is a financial position which can be distinguished by the individual’s inability to pay their debts as and when they fall due or their liabilities being greater than the value of their assets.

Personal insolvency is one of the issues that we can help with here at BRI Business Recovery and Insolvency. If you require advice or help with a personal insolvency issue, please contact our team today.

Why Seeking Advice for Personal Insolvency is Important

If you’ve found yourself having severe financial difficulty and facing personal insolvency, it is easy to panic. It can have a detrimental impact on your life and, if not addressed, can lead to complicated legal issues.

At BRI Business Recovery and Insolvency, 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. The most appropriate for you or your client will depend on many factors.

Money, generally, and personal insolvency in particular, is an emotive subject. When it involves a partner/spouse, children and a family home, it just racks up the pressure. If you are contemplating making yourself bankrupt and wondering what all the other proceedings are about, do not let pride come before a fall – call us.

In most cases, your imaginings are far worse than reality. There are many myths and legends, and we can help to dispel them – or at the very least make them more manageable.

Forms of Personal Insolvency

There are a number of forms of personal insolvency that we can help and advise on:

Bankruptcy – Bankruptcy is one of the ways an individual can deal with a debt they are unable to pay. Although it can be quite stressful for those who have no experience with it, bankruptcy allows you to remain employed and even continue to run a business (but not a limited company) in order to earn a living. This makes it a viable solution to many people suffering with personal insolvency.
Individual Voluntary Arrangement (‘IVA’) – An IVA is a legally binding agreement between the individual and their creditors on how they will repay the debt they owe. This is often over a period of 5 years with regular re-assessments to ensure an affordable and correct amount is being paid. An IVA can be a good alternative to bankruptcy if the individual wishes to avoid bankruptcy.
Debt Relief Order (‘DRO’) – a DRO is similar to bankruptcy, albeit for situations where the individual has a lower amount of debt, fewer assets, and less disposable income. Whilst a DRO offers relief from debt, to qualify, you have to meet certain criteria which you may not have to with a bankruptcy.
Partnership Voluntary Arrangement (‘PVA’) – a PVA is similar to an IVA but for partnerships with partnership debts.
Partnership Administration Order – a partnership administration order is when a partnership is insolvent and is put into administration by a partner or creditor.