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FREQUENTLY ASKED QUESTIONS - INDIVIDUAL VOLUNTARY ARRANGEMENT

1. Will I lose my home?

Usually in an Individual Voluntary Arrangement the debtor is allowed to keep his house and continue to pay the mortgage. In some instances the creditors may require you to sell or re-mortgage the property and contribute all or some of the funds into the Individual Voluntary arrangement.

2. Will the Individual Voluntary Arrangement be advertised?

No. Although a bankruptcy order must be advertised, this is not required in an Individual Voluntary Arrangement.

3. Will my employer be informed?

No. The supervisors of your Voluntary Arrangement will not contact your employer unless required to do so under the terms of the arrangement. If your employers are amongst your creditors, they will of course be notified. - More Individual Voluntry Arrangment Questions

FREQUENTLY ASKED QUESTIONS - LIQUIDATIONS BY DIRECTORS

1. My company is in financial difficulties, what are my obligations?

Where a company cannot meet its debts as and when they fall due [for example, when it can't pay its bills on time, or it is having County Court Judgments entered against it], it is regarded as insolvent. The directors need to take action. It may be possible to re-finance the Company or put forward an informal or formal arrangement [a CVA or Company Voluntary Arrangement] to its creditors. If however none of these are feasible, then the directors must take steps to cease trading and stop incurring any further credit. All directors have an obligation to make sure that the position does not deteriorate further. Once a Company is insolvent, the directors' primary duty is to protect the interest of creditors - not the directors or shareholders.

2. Can the Company continue to trade up until the date of the meeting of creditors?

In most cases, once the decision has been made to put the Company into liquidation, the directors should cease trading. There are exceptions. In some instances, where there are contracts to finish off, or it will aid the collection of book debts, the business may continue. However, directors have to be very careful to make sure that no further credit is taken. They should seek advice from a licensed Insolvency Practitioner. - More Liquidations by Directors Questions

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