Personal Insolvency & Bankruptcy

Personal Insolvency

Bankruptcy - personal bankruptcy is the final option for people who have mounting debts that they cannot pay back. However, it is not for directors and business owners who wish to sell their business interests due to unresolvable financial difficulties.

More about Bankruptcy

Lawson West can assist you in making a Statutory Demand against a debtor, and we can advise a debtor on setting aside a statutory demand as long as it meets the test of there being a “genuine and triable issue”.

If the statutory demand is successful, we can advise the client as to the trustee’s duties and also the bankrupt’s duties.

A Bankruptcy Order can be made for one of three reasons:

• a person cannot pay what they owe and want to declare themselves bankrupt (a voluntary action)

• creditors apply to make someone bankrupt because they owe them £5,000 or more (a forced action)

• an insolvency practitioner makes a person bankrupt because they’ve broken the terms of an individual voluntary arrangement (IVA).

 

Debt Relief Order (DRO) –  This refers to debt of £20,000 and less. There is strict criteria in obtaining a DRO, and Lawson West can provide full advice.

Individual Voluntary Arrangement (IVA) -  This solution avoids bankruptcy, and again it is vital that you seek early advice given that there is a protocol to follow in obtaining an IVA.

For professional persons who seek to obtain an IVA, there can be implications upon the practicing of their profession, along with reporting obligations to their regulating body. At Lawson West, can provide full advice in relation to this.

At Lawson West we can we advise on the process of personal and corporate insolvency procedures. We can help you to dispute an insolvency order or petition, where there are grounds to do so. We can help prepare and present the evidence in defending your personal and business financial interests.

Contact Us

Our experienced Litigation and Disputes team of lawyers and solicitors is here ready to help you further in any insolvency action or litigation. We act for business directors and business owners and we can advise and provide support.
Please complete our enquiry form here. Meet the Team.

Types of Insolvency

• • Compulsory Voluntary Arrangement (CVA)
    
    
  • Administration or Administrative Receivership
    
    
  • Business Turnaround – Business Recovery
    
    
  • Members Voluntary Liquidation (MVL)
    
    
  • Creditors Voluntary Liquidation (CVL)
    
    
  • Compulsory Liquidation (Creditors Petition)
    
    
  • Personal Bankruptcy
    
    
  • County Court Judgments (CCJs)