Insolvency Solutions for Individuals & Partnerships
- Informal Solutions – often involving negotiation of “full and final” settlement agreements with creditors involving you avoiding a formal insolvency procedure and your creditors obtaining a higher return.
- Individual Voluntary Arrangement – this is a formal, court registered but not publicly advertised, agreement between you and your creditors. It usually spans a 5 year term and provides for all or part of your debt to be repaid to creditors. It is aimed at providing a better outcome for you and your creditors than formal bankruptcy.
- Bankruptcy – a formal court procedure but not necessarily the worst thing in the world and is often a massive relief from creditor pressure.