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Individuals and Sole Traders
The options available to individuals and sole traders are more
limited than those
for companies. However, the complexity of choice remains, and Robert
Day &
Company is well placed to help you decide on the best approach to
take. This
advice extends to both debtors and creditors, and is always biased
towards the
most expedient and successful outcome for all parties. We never
forget that there
are real people involved in these procedures, and so will endeavour
to undertake
our duties sensitively.
Negotiated Settlements
This is an informal arrangement between debtor and creditor where
payments
and payment schedules are negotiated. Robert Day & Company is
experienced
at advising during these negotiations in order to come to a rapid
and amenable
settlement.
Individual Voluntary Arrangements
An Individual Voluntary Arrangement (IVA) is a flexible procedure that enables an insolvent individual to make an offer to creditors by way of a formal proposal, in full and final settlement. If accepted by 75% in value of the creditors who vote upon the scheme, it will be legally binding upon all creditors. The offer does not have to repay creditors in full and can be structured to allow repayment over a period of time.
Robert Day & Company can help and advise throughout the IVA process and can accept the appointment as Nominee and Supervisor.
Advice for debtors (FREE)
Advice on whether bankruptcy is the most appropriate course of
action (including
long term ramifications).
Advice for creditors (FREE)
Advice on whether petitioning the court for the bankruptcy of a
debtor is the best
way to recover your debt given the circumstances
Assistance with preparing and filing bankruptcy papers
Acting as a Trustee in Bankruptcy
Accepting the appointment as
Trustee in
Bankruptcy to realise the bankrupt’s assets on behalf of creditors
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