Administrative Receivership

Up until the enactment of the Enterprise Act 2002 the holder of a fixed and floating charge, typically a bank, could, under the terms of its security appoint an Administrative Receiver to enforce repayment of the monies secured under the charges.

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Liquidation (CVL)

To choose to place his or her company into Creditors Voluntary Liquidation (CVL) is the ultimate sanction any Director or Shareholder can have.It is a decision not to be taken lightly and should only be taken after first having sought independentprofessional insolvency advice.

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Receivership

The Law & Property Act or Fixed Charge Receivership enables a lender to recover monies owed to them if a loan they have made is in default and is secured against a property. This form of redress is usually known as an LPA Receivership, after The Law of Property Act 1925.

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Individual Voluntary Arrangement (IVA)

An Individual Voluntary Arrangement (IVA) is essentially a contract between you and your unsecured creditors.In simple terms you offer an IVA to your creditors as an alternative to bankruptcy. You are offering to make a commitment to your creditors often over a period of 5 years to provide them with a better outcome i.e. a greater dividend then they would receive if you were to be made bankrupt.

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Bankruptcy

To declare yourself bankrupt is the ultimate sanction you have in order to deal with your financial situation.If you declare yourself bankrupt all the assets you own and all the debts you owe will be caught in the bankruptcy.

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Company Voluntary Arrangement (CVA)

A CVA is a method of repaying creditors some or all of their debts whilst allowing the company to continue.A supervisor/IP will be appointed to oversee the CVA.The supervisor’s role is to ensure that the terms of the CVA proposal are met.

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Debt Relief Order (DRO)

Debt Relief Orders (DRO’s) are available if you have little in the way of assets or disposable income.In order to apply for a DRO the following specific conditions apply:

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Administration

Overview Administration provides an alternative to liquidation so that where possible the company, or its business, can be rescued.  Most ...

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Compulsory Liquidation

Overview Where a creditor is owed more than £750 they may petition to the Court for a company to be ...

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