0370 1500 100
Insolvency

Debt Consultancy

If you’re in financial difficulty, our specialist lawyers can advise on how to manage your debt and negotiate agreements with your creditors.

We understand how stressful it can be to deal with debt, particularly if you have received County Court Judgements, Statutory Demands or Bankruptcy Orders. Our lawyers can guide you through your financial problems and defend you against legal action.

We can help if:

  • You have cash flow problems
  • You can’t pay your debts when they’re due
  • Creditors or the Inland Revenue are making claims against you
  • A creditor has issued a Bankruptcy Petition issued against you
  • Someone in your family is in debt and your assets are at risk.

Our solicitors can negotiate repayments between you and your creditors, either through informal agreements or more formal measures like Individual Voluntary Arrangements (IVAs).

If necessary, we can also help you through the bankruptcy process. We’ll always advise you on the best course of action for your personal situation.

Our solicitors have a vast amount of experience with all aspects of debt and insolvency. Our close contacts with insolvency practitioners, creditors and other industry professionals mean that we can resolve your debt issues quickly, effectively, and confidentially.

Payment options to suit your needs and circumstances
Extensive experience in advising and acting for creditors and debtors
Offices in 14 locations across the country
Professional and confidential service

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Debt Consultancy - More Information
    • What Is Insolvency?
    • Insolvency is a process for managing debt if individuals or companies can’t make repayments when they’re due. It’s intended to help creditors – the people that are owed money – get as much money back as possible.

      Individuals and companies can start insolvency voluntarily, and negotiate Voluntary Agreements with their creditors to arrange the best way of repaying the debt for both parties.

      If not, creditors can force their debtors into insolvency instead. This outcome is much more restrictive and the debtor can have repayments and other controls forced on them.

    • How Does Insolvency Work?
    • Insolvency works slightly differently for individuals and companies:

      Individuals

      If you can’t pay back your personal debts on time, you can go insolvent by applying for bankruptcy, an Individual Voluntary Arrangement (IVA), or a Debt Relief Order (DRO). This will help you organise reduced repayments and write off debts that you’re unable to repay – we’ll advise which is the best option for you.

      In some cases, a creditor can force you into insolvency by applying to the court for a bankruptcy order if you don’t repay your debts. This usually takes at least three to four months.

      Companies

      Companies that can’t pay their debts can also organise voluntary arrangements to manage repayments. Other, more restrictive options in more serious cases include liquidation and administration.

      Creditors can force you into administration in a matter of hours if your debt has lapsed for too long.

      Once both individuals and companies are insolvent, their assets will be sold to repay creditors in a strict order of priority.

    • How Do I Pay For Your Services?
    • We understand that paying for our services is a concern if you’re already struggling with debt repayments or if you’re owed money by someone else.

      We can accept a variety of different payment methods depending on your situation, including hourly rates, fixed costs, or Conditional Fee Agreements (also known as ‘no win no fee’ agreements).

      We also work with a number of litigation funders who can finance the cost of claiming debt from an insolvent person or company. If the claim is successful, the litigation funder receives a pre-agreed share of the final claim. Litigation funders can also buy your claim outright for a lump sum before litigation begins.

      We’ll talk through your payment options in detail before beginning any work of your behalf and help you decided the best arrangement for you. Call us today on 0370 1500 100 to find out more.

    • Can You Help Keep My Debt Private?
    • Confidentiality is a key concern in everything we do and we appreciate how sensitive debt and insolvency can be, particularly for business people and anyone in the public eye.

      When negotiating with your creditors, we can ensure that any settlements include a confidentiality agreement to help keep the matter private.

      We can also work with colleagues specialising in reputation management to control the impact of any information that has already leaked. See our Personal Brand Reputation page for more information.

    • Meet The Team
    • Our team includes seven Partners and over 20 staff who specialise in professional and confidential services for anyone affected by insolvency.

      We take the time to understand the often complex and sensitive circumstances involved and treat each client with a personal, pro-active, and tailored approach.

      We have extensive experience with advising and acting for both debtors and creditors. As part of one of the largest law firms in the UK, we can handle complex, high-value cases around the country.

      Meet the team

Irwin Mitchell are a very professional, trustworthy and straightforward company to deal with. I would recommend them to anyone."

Frank Clayton, client

Frequently Asked Questions

What Is An Individual Voluntary Arrangement?

An Individual Voluntary Arrangement (IVA) is an agreement that you make with your creditors to pay back all or part of your debts.

To make an IVA, you must work with an insolvency practitioner and give them details about your assets, income, debts, and creditors. They will work out what you can afford to repay and how long repayments will take.

The insolvency practitioner will propose these repayments to your creditors. If the creditors holding 75% of your debt agree, the IVA will start. You make payments to the insolvency practitioner, who divides the money between your creditors.

You will have to pay fees to the insolvency practitioner, but the IVA prevents your creditors from filing a bankruptcy order or taking court action against you. However, the insolvency practitioner can cancel the IVA or even make you bankrupt themselves if you fail to keep up with the agreed repayments.

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What Is A Statutory Demand?

A statutory demand is the first step in the process for a creditor to make you bankrupt.

Statutory demands give you 21 days to repay a debt. If you don’t respond.

The creditor can apply to court to make you bankrupt. Approximately eight weeks later, the court will decide whether or not to issue a Bankruptcy Order, which will make you bankrupt.

You do have the right to dispute a Statutory Demand but it’s important to act quickly to avoid being made bankrupt – contact us today to find out more about how we can help dispute a Statutory Demand.

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What Is Bankruptcy?

Bankruptcy is a declaration that you can’t reasonably pay back all of your debt. You can declare bankruptcy voluntarily or you can be forced to do it by a creditor if you have missed repayments too long.

Once you are bankrupt, a Trustee takes over responsibility for your assets and money. They’ll sell your assets – and potentially your home - to pay back your debts. If you own a business, it will probably be liquidated, its assets sold off, and your staff laid off.

They’ll also decide how much of your income will go towards your monthly debt repayments. You’ll be able to keep a portion of your income to pay for necessities such as housing and food.

Bankruptcy usually lasts a year, after which you will no longer be liable for your pre-bankruptcy debts. It can last longer if you don’t cooperate with your Trustee. Bankruptcy will stay on your credit report for up to six years, making it hard for you to borrow money again in the future.

Bankruptcy is a serious form of insolvency but can sometimes be the best option for resolving your debt problems.

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Awards & Accreditations

We're always proud to be recognised for the work we do for our clients and have been named as a leading firm in the latest legal guides - which provide information and recommendations about lawyers and law firms in the UK.

Private Client Team of the Year - Legal Business Awards 2018 legal-500-2019 chambers-2019 The Times Best Law Firms 2019

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