Insolvency is the last thing a business wants to have to face, but sadly, it’s an all too common problem. A total of 4,308 companies entered insolvency in Q3 2018, including 3,083 creditor’s voluntary liquidations (71.6%), 741 compulsory liquidations (17.2%), and 484 other insolvencies (11.2%). But if you’re facing insolvency, it doesn’t always have to
Whether you’re a company or an individual, insolvency ultimately leads to an individual voluntary arrangement, company voluntary arrangement, or bankruptcy. Any such endpoint will protect those in trouble from their creditors, and may result in the creditors losing some of the money they are owed. For those who have genuinely hit hard times, these are
If you find your business in a state of insolvency, exposed to continual pressure from creditors, it may be time to consider a Company Voluntary Arrangement (CVA). You can keep trading while ensuring your creditors are reasonably repaid over time. But, there is a lot to understand. Therefore, this guide provides critical information about CVA
If your business is in financial trouble and struggling to stay afloat, then you might have thought about declaring bankruptcy. If you think you’ve exhausted every other option, this may be the only path left for you to take. In the UK we’re familiar with the administration process, but around the world, there are different
If you’ve endured numerous failed recurrence attempts and have concluded there are no other options for your business than to declare insolvency, you may be doing a lot of research during this difficult time to find the best methods to deal with the situation. This is because not being able to pay off your debts
For the best chance of turning things around and saving your business, you should consult an insolvency practitioner at the first sign that your company is facing financial difficulty. Whilst insolvency practitioners are often called in to help businesses that have already become insolvent, their services are best put to use before things reach this
