Bankruptcy, or sequestration as it’s known in Scotland, can sometimes seem an attractive option – both for the debtor and the creditor issuing the petition. But it’s not always the best route for either to take.
While it can provide short-term relief for debtors, it can have a negative impact on their reputation and ability to get credit in the future. Creditors of bankrupt individuals or businesses might receive less money than via an Individual Voluntary Arrangement (IVA),Trust Deed in Scotland, or other solution.
These are some of the reasons why our team of experienced specialists makes sure that our clients are aware of all possible outcomes and alternatives. We help them make the practical, commercial decisions that will lead to the best possible outcome, whatever their interests.
We can help creditors establish whether they’re likely to receive money from a bankrupt’s estate. We can help debtors make sure the choices they make now are right for their long-term future and lay the foundations for a return to solvency.