A company is insolvent if it does not have enough assets to cover its debts or if it is unable to pay its debts as they fall due. There are various Insolvency procedures available for companies:
- Company Voluntary Arrangement (CVA)
- Administrative Receivership
- Receivership - Scotland only
- Creditors Voluntary Liquidation (CVL)
- Compulsory Liquidation (winding up by the court)
A solvent Liquidation is known as a Members Voluntary Liquidation (MVL).
An individual is insolvent if he or she is unable to discharge his or her debts as they fall due. There are various Insolvency procedures available for individuals:
- Bankruptcy (sometimes known as Sequestration in Scotland)
- Individual Voluntary Arrangement (IVA) - England and Wales only
- Trust Deeds - Scotland only
If you are worried about being able to meet bill payments and your debts, then please get in touch with our approachable team. Taking early action can often help the situation and get a better outcome for you.