Personal Insolvency Legal Services
Aaron & Partners’ team of specialist solicitors have vast experience in advising individuals and company directors on the relevant insolvency procedures and their implications for any given situation. We provide a range of personal insolvency services, assisting with negotiations with creditors and trustees in bankruptcy, as well as advising on possible annulment applications.
Insolvency is a complicated area of law and can be an overwhelming process for individuals and companies. The key is to engage with specialist advisers at the earliest possible opportunity to help navigate the challenges at what can be a difficult time.
What is an Individual Voluntary Agreement (IVA)?
An individual voluntary agreement, also known as an IVA, is a formal agreement between an individual and their creditors to repay their debts over a period of time. Under an IVA, the individual agrees to make regular payments to their creditors, and in return, the creditors agree to freeze interest and charges on the individual's debts. An IVA is a legally binding agreement, and it can provide a way for individuals to repay their debts in a more manageable way.
Click here to learn more about IVAs
What is Bankruptcy?
Bankruptcy is a legal process that individuals or businesses can use to manage or eliminate their debts if they are unable to pay them. The process is overseen by the Insolvency Service, an executive agency of the UK government.
Once the bankruptcy order has been issued, the individual's assets will be seized and sold to repay their creditors. An official receiver, appointed by the court, will manage the bankruptcy process and will work to sell the individual's assets and distribute the proceeds to their creditors.
Click here to learn more about Bankruptcy
What is a Debt Relief Order (DRO)?
A Debt Relief Order is a personal insolvency solution for individuals with small amounts of debt (under £50,000), minimal disposable income (under £75 per month), and no significant assets, such as a home.
Key Contact
Mark Davies
Partner | Head of Restructuring & Insolvency
Mark is the Head of the Restructuring & Insolvency team and advises Insolvency Practitioners on a national level in relation to insolvency cases. He also advises unsecured creditors in relation to their claims in insolvent estates.
