Insolvency and Restructuring Services for Individuals
Isadore Goldman has extensive experience in advising on and arranging rescue options for individuals in financial distress.
- Bankrupts, Spouses and Partners
- Individual Voluntary Arrangement
- Debt Relief Orders
- Sole Trader & Partnership Insolvency
- Directors, Shareholders & Guarantors
As a specialist insolvency firm we also have the knowledge and expertise to assist you if you are owed or owe money, if you are a sole trader business or in a partnership experiencing financial difficulty, if you are or have been a director and/or a shareholder of a company that is or has been experiencing financial problems, or if you require advice in relation to a personal guarantee.
Whatever your query we will do our best to find the quickest and most cost-efficient solution for you.
Are you under financial pressure personally?
The best thing to do if you are is to seek legal advice early. We cannot emphasise this enough! This will undoubtedly result in a better outcome for you than if you wait. We can talk through your options to find the best remedy tailored to you personally, because no two situations are ever the same.
Whether you are struggling to pay debts as they fall due, or you have had a debt claim brought against you, have run into difficulty with HMRC or even if you are concerned about how another person’s debt could affect you - whatever your position, we can provide advice in relation to how to manage your debt and protect your assets. We can assist with negotiations with those that you owe money to, we can act for you in defending a debt claim brought against you, or where appropriate, we can advise you on the procedure and on the consequences and likely effect of either an individual voluntary arrangement or bankruptcy on you and your family.
Aside from our experience, we also have a huge range of contacts in the insolvency industry who can assist us in solving your problem quickly, professionally, and effectively.
Are you considering applying for your own bankruptcy, but you are not sure how it will affect you? Perhaps you have been served with a bankruptcy petition, or a bankruptcy order has already been made against you? Or maybe a bankruptcy order has been made against a family member and you are concerned as to how it could affect you personally, or you are wondering if there is any way that you could assist by purchasing assets (such as a property) from the bankruptcy estate for example?
Isadore Goldman has a long history of specialising in personal insolvency matters and so whatever your bankruptcy query, we are here to listen and to help you. You can find a lot more information on this here.
Isadore Goldman has considerable experience advising on and assisting with such arrangements and will always strive to find the best and most cost-effective solution for you should you decide that you want to propose an IVA to your creditors. The firm’s wealth of knowledge in this area has seen it advise on some of the largest and most complex IVAs in the UK. An IVA is a formal agreement between you and your creditors (those that you owe money to) that is monitored by a third party called a Supervisor, who is a licensed Insolvency Practitioner.
Such an agreement can provide considerable flexibility in the terms reached with your creditors. It provides a mechanism whereby you make an offer to pay what you can afford (for instance monthly payments for a period of five years or a lump sum payment from a third party), usually over a period of time, and so you end up paying a lesser amount than originally owed. The IVA is approved if a majority of your creditors (holding more than 75% in debt value) vote in favour of it. Once the IVA is approved, both you and all of your creditors are bound by its terms for the duration of the agreement (even the creditors that did not vote or that voted against). Once your IVA is approved, your creditors cannot pursue you for any further sums and once the IVA is complete, any remaining debt is written off.
We can of course also provide advice if you are a creditor of an IVA seeking to challenge its approval, or if you have proposed an IVA yourself and for whatever reason, you have been unable to comply with its terms. If you think an IVA could work for you then please get in touch and we can discuss your circumstances and confirm whether we think an IVA is right for you.
If the debts that you owe are at a relatively low level, you do not own your own home, do not have other assets of value, and do not have much spare income, a ‘debt relief order’ might be a solution for you. A debt relief order can be a low-cost alternative to bankruptcy.
You do not have to make payments towards most types of debt included in your debt relief order for 12 months, and your creditors cannot pursue you for your debts during that 12-month period. After that time those debts are written off.
We understand the challenges you might face as a business owner and we know there are a lot of potential issues that you may require our assistance with. You might find your business struggling for cashflow due to third parties having failed to pay you, and you might wish to discuss funding possibilities as a result? Or are you concerned about how your business is impacting on your personal finances and are you considering changing to an alternative business structure to minimise the risk?
Some of the issues set out above may also affect you if you are operating as a partnership with one or more others. However in addition, you may be seeking advice in relation to whether to enter into a partnership, whether or not you actually are already operating as an informal partnership, and if so, whether you should consider making that formal by way of an agreement? Or you may have been operating as a partnership for some time but for whatever reason a dispute has arisen, or you are looking for a way to bring the partnership to an end? It may be that one of your partners is facing insolvency and you are wondering how that will impact you and the business?
We offer a wide range of business advice here.
We have highly experienced solicitors that can offer expert advice in relation to a range of issues you might be facing if you are a director of a limited company. You might be facing a claim being brought against you in your capacity as a director or you may have been notified that proceedings are being considered for your disqualification as a director. Whatever it is you are facing, we can help you here and here.
We also offer assistance to companies experiencing financial difficulty. More details are available here.
Alternatively, or as well as, you may be a shareholder in a limited company. Whether that company is insolvent or not, we are aware that disputes can arise, and we are here to discuss with you your options and to find the best resolution to your particular situation. More details are available here.
Unsurprisingly due to the economy being as it is, personal guarantees are frequently a prerequisite for business lending. Have you been asked to give a personal guarantee and you want to know what the repercussions could be before you do? Or perhaps you have given a personal guarantee in the past and you have received a demand for repayment of a debt under that guarantee? It may be that you have made a demand under a personal guarantee and you need assistance in enforcing the same? Whatever your circumstances we have specialists with years of experience of these types of issues - click here.
Are you owed money?
If you need assistance recovering your debts we can assist, but you should act quickly in order to recover as much money as possible from insolvent and problem debtors. We can assist you with all your debt recovery needs as quickly and cost effectively as possible.
There are lots of methods of debt recovery and we can discuss your specific needs and advise you of the most suitable option for you. You can find a lot more information on this here.