If you or any of your clients are facing financial difficulties or debt-related legal action, FRP can help you understand your options.
This might involve an Individual Voluntary Arrangement (IVA) or a Trust Deed (TD) if you are based in Scotland . This legally binding agreement, which sets out a creditor-repayment programme, can be a useful tool for managing the return to solvency. Depending on the circumstances, this might be the right solution, providing a better outcome both for the individual concerned and their creditors.
Our advice is always tailored to each particular case. Our team of experienced specialists start by gaining a deep understanding of the situation, including any employees, home, family and other dependents.
Only then can we explain all the available options, the processes involved and the implications of an IVA/TD. These can be particularly significant if the individual is a sole trader or company director. Above all, we aim to ensure that you have all the information needed to make the right decision.
If an IVA/TD is the right solution we will assist you at each step of the process, including liaising with your creditors if appropriate. If legal proceedings against you are already underway, we can help appoint a solicitor to temporarily delay such proceedings to allow sufficient time to enable an IVA/TD to be considered by your creditors. We can also refer an accountant to ensure all tax and VAT affairs are up to date.
If a bankruptcy order is already in place, an IVA may still be an appropriate option for both the individual and their creditors. In that circumstance we would liaise with the relevant third parties to ensure overall costs are minimised whilst an IVA was being considered.