Many people mistakenly believe insolvency and bankruptcy to be the same thing. However, while there are similarities, they have different meanings. What Is Insolvency? Insolvency is a financial state where a company or individual is unable to pay their debts on time, while bankruptcy is the legal process when a person has been declared insolvent. An insolvency
According to The Money Charity, people in the UK owed £1.637 trillion at the end of April 2019. The Office for Budget Responsibility’s forecast is for household debt to reach £2.425 trillion in 2023-24. If you are in financial difficulties and your options seem limited, then one form of insolvency you could consider is the Debt
An insolvency proceeding is a process taken when an organisation or individual are no longer able to meet their financial obligations and pay their creditors when debts are due. Insolvency proceedings usually take place after less formal arrangements have failed and can be the result of bad financial management, changing market trends, heightened expenses and
For business owners, a failing company is not something they want to face, but it is a regular, if unfortunate, feature of business life. According to the Office for National Statistics (ONS), the gap in the number of business births and deaths in the UK is shrinking. In 2017, while the number of births exceeded deaths, the
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
Personal bankruptcy sounds drastic and, to an extent, it is big step to take. However, it is not the end of the world and, in certain circumstances, it is an effective means of clearing yourself of many debts. This is at a time when personal insolvencies in the UK have hit a seven-year high. As