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The simple way to becoming debt free

If you have become burdened by debt it is important that you get help as soon as possible.

Get Debt Help

Get Debt Help

If you would like any further information on our services and how we can help, please get in touch

+44 (0)28 9032 9255

What is an IVA?

What is an IVA?

Individual Voluntary Arrangement (IVA)

An Individual Voluntary Arrangement, or what is more commonly known as an IVA, was introduced by the government as a legal alternative to bankruptcy and a solution for people with problem debts.

An IVA may be a good solution for you if: –

  • You have unsecured debts of £10,000 or more;
  • You are unable to manage your monthly debt repayments without relying on credit;
  • You owe money to 2 or more creditors (in some cases this may be only 1 creditor);
  • You wish to avoid bankruptcy and protect your home.

An IVA is a private, legal contract between you and your creditors.

An IVA allows you to clear your debt at an amount you can afford, without any reliance on credit. This is usually over a fixed period of 5 years but can vary depending on your circumstances.

Once an IVA is set up and approved, all interest and charges are frozen, threats of legal action stop, and you no longer have the worry of hassle from your creditors.

Each IVA is unique and depends on your individual circumstances. Your monthly payments are determined by things like your monthly income, monthly living expenses, number of debts and your living situation.

For your IVA to be accepted, creditors representing at least 75% in value of the creditors who vote must agree to it.

Once your IVA is approved it is legally binding, your assets are safeguarded, and you are protected from any further court action. This will rely on you keeping to the terms of your agreement.

An IVA with Arthur Boyd & Company will allow you to look forward to a debt free future.

 

If you would like any further information on our services and how we can help, please get in touch

+44 (0)28 9032 9255

Bankruptcy

Bankruptcy

Bankruptcy

If you have unsecured debts of £5,000 or more, you may be thinking about the possibility of bankruptcy. Bankruptcy is a debt solution for a person who is unable to pay their debts as they fall due.

How you become bankrupt

You can declare yourself bankrupt or your creditors can petition for your bankruptcy.

Filing your own bankruptcy petition

If you live in Northern Ireland, England or Wales bankruptcy may be an option if you have unmanageable debts of over £5,000.

Northern Ireland

If you live in Northern Ireland you can make yourself bankrupt by submitting an online application and paying the bankruptcy fees. You can do this at https://www.nidirect.gov.uk/articles/bankruptcy

England and Wales

If you live in England or Wales you can make yourself bankrupt by submitting an online application and paying the bankruptcy fees. You can do this at https://www.gov.uk/apply-for-bankruptcy

What happens when I am bankrupt?

When you are bankrupt, your non-essential assets (property and possessions) and excess income are used to pay off your creditors (those you owe money to). At the end of the bankruptcy period, most debts are ‘discharged’ (cancelled).

Bankruptcy usually lasts for about one year, however the effects of Bankruptcy can last much longer.

I am unable to manage my debts, is bankruptcy my only option?

Bankruptcy is a serious matter and is normally only considered as a last resort. However, for an individual with no means of repaying their debts, or who has little or no assets, bankruptcy can be the best option. Bankruptcy can enable a person or business to have a fresh start.

Alternatives to bankruptcy

• Informal agreement – if you have not done so already, you should contact your creditors and attempt to agree a repayment timetable;
Individual Voluntary Arrangement (IVA) – a legal alternative to bankruptcy. An insolvency practitioner can negotiate a repayment plan on your behalf;
• Debt Relief Order (DRO) – available to an individual with debts of £20,000 or below and with little or no assets.

A Debt Relief Order is a formal insolvency process suitable for people who cannot pay their debts and who have no assets, a low income, no other access to debt relief and no prospect of their situation improving.

If people do have assets, or there is a possibility of an improvement in financial circumstances, a DRO is not an appropriate solution.

If you are in financial difficulties and you or your creditors are considering petitioning for your bankruptcy, contact Arthur Boyd & Company today for confidential and impartial advice on the options that may be available to you.

If you would like any further information on our services and how we can help, please get in touch

+44 (0)28 9032 9255

Company Voluntary Arrangements

Company Voluntary Arrangements

  • Informal Arrangements with creditors where business turnaround can be achieved
  • Formal Arrangements or Compositions where situation is more complex or formal insolvency proceedings have begun; allows company and creditors flexibility and avoids insolvent liquidation

If you would like any further information on our services and how we can help, please get in touch

+44 (0)28 9032 9255

Administrations

Administrations

  • Rescue procedure to save company as a going concern
  • Sale of business &/or assets to achieve better result for creditors as a whole than would be achievable in liquidation (pre-pack or following a period of post Administration trading)
  • Realisation of assets for secured or preferential creditors

If you would like any further information on our services and how we can help, please get in touch

+44 (0)28 9032 9255

Receiverships

Receiverships

  • Administrative Receiverships, including a review of the advantages and disadvantages over Administration
  • LPA or Fixed Charge Receivership over a specific property or assets; advice on powers under the Charge Document including power to trade

If you would like any further information on our services and how we can help, please get in touch

+44 (0)28 9032 9255

Insolvent Liquidations

Insolvent Liquidations

  • Where all other options have been considered and found not to be appropriate, assistance in placing company into Voluntary Liquidation
  • Assistance to directors in producing Statement of Affairs
  • Assistance in convening and holding Meetings of Members and Creditors
  • Maximising realisation of assets on appointment for purpose of making distribution to various classes of creditors

If you would like any further information on our services and how we can help, please get in touch

+44 (0)28 9032 9255

Advisory Services

Advisory Services

  • Business & liquidity reviews for financial stakeholders where business insolvent or close to insolvency to assess viability
  • Contingency Planning, to review best route out of a crisis whilst at the same time planning an alternative if the rescue cannot be achieved
  • Advice to Directors
  • Support to Creditors
    • Representation at creditors meetings
    • Supplier Retention of Title
    • Landlords Rights and Remedies
    • Investigations and Reviews

If you would like any further information on our services and how we can help, please get in touch

+44 (0)28 9032 9255

If you have become burdened by debt or your business is experiencing cashflow difficulties it is important that you get help as soon as possible.

We work with individuals, companies and family-owned businesses, offering expert advice to enable you to recover, restructure or refinance and develop a more sustainable business moving forward. (Alternatively, we can provide the necessary assistance to formally wind up your business entity.)

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What our customers have to say:

  • "Arthur Boyd & Company prepare our annual accounts and provide assistance with book-keeping and management accounts as and when we require it. They make the process simple and hassle free and explain everything in detail. We liaise with them on a regular basis and find them prompt, efficient and easy to deal with. They provide advice on all sorts of matters such as pricing/margins, business expansion, director’s duties and tax implications of potential transactions, in clear, concise terms which are easy to understand."

    Mauds Ice Creams Ltd

  • "I pass Arthur Boyd & Company my records and they carry out all my book-keeping, VAT returns and payroll. They have taken the stress factor out of my accounting and tax needs for the past number of years, I am happy to recommend them to others."

    Ian Cruikshank, dairy farmer

  • "We have been with Arthur Boyd & Company from the very beginning. The staff are always friendly, professional and helpful. They have provided us with sound business and tax advice throughout the years, and really do go the extra mile to help. We are very happy clients and will continue to use their services."

    Bell family, hauliers & farmers

  • "The team at Arthur Boyd & Company have helped us for many years. I have always been impressed by their expertise and understanding of our business. They have a personal, proactive approach to guide us with the financial running of our company and they are always available either via telephone or email."

    Bellaire Beauty Ltd

  • "Arthur Boyd & Company have worked very closely with us over the years. They do so much more than simply prepare our accounts and tax returns. We often phone them for advice or simply to sound out ideas. Their support has been invaluable."

    Fegan Transport Ltd

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At Arthur Boyd and Company we pride ourselves on providing a hands on and personal approach, specifically tailored to your individual needs. To find out how we can help, contact us today for a free initial consultation.

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