At Parker Getty we can advise individuals, partnerships, companies on the avenues available to them if they are experiencing financial difficulty and pressure from creditors. If it is not possible for an informal agreement or negotiated settlement to be reached with your creditors, Parker Getty can assist with the following procedures.
Independent Voluntary Arrangements “IVA”
An IVA is a legally binding agreement that sets out a sum to be paid to creditors on the debt owed to them usually over a period of time that varies dependant on the IVA’s proposal. Through an IVA an individual will be able to retain control of their business and personal finances as normal.
Whilst there are a number of providers that can assist with IVAs, at Parker Getty from the onset you we be dealing with professionals who are experienced in dealing with both straightforward and complicated IVAs. Our proposals are tailored to each individual based on their unique circumstances.
Bankruptcy
Bankruptcy orders are made by the Court against individuals following a petition being presented to a court by either the debtor, a creditor or the supervisor of an IVA. Upon an order being made the Official Receiver will be appointed as the receiver or manager of the bankrupt’s estate. At the behest of creditors an insolvency practitioner can be appointed trustee and will act to realise all assets that vest with the trustee for the benefit of creditors.
Parker Getty can also assist clients whose spouse, relation or friend has been made bankrupt with negotiations with the bankrupt’s trustee. Negotiations could include settlement of the bankrupt’s interest in either their matrimonial home or jointly owned property.This may result in a lower settlement figure having to be paid to the trustee.
