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Wrong. There are a number of common scenarios where a director's personal assets may be at risk if a company falls into some sort of formal insolvency procedure. The most common ones are continuing to draw dividends from a company long after its profit reserves are exhausted, or trading on for too long after it's clear that the company has no reasonable prospect of recovery. The most important word in the above paragraph is "may". This is a complex situation and you therefore must speak

Dodd Rescue Penrith Individual voluntary arrangements (IVA)

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Remember that formal insolvency processes are complicated, and only explain a tiny part of the entire procedures. Remember also that these rules also may apply to partnerships so please speak to Dodd Rescue so that we can explain further.

This is a process which assists an individual to avoid bankruptcy. It is essentially a “contract” between the insolvent individual and their creditors.

In return for creditors agreeing not to make a person bankrupt, they receive a settlement of the debt owing to them (either in the whole or in part) over a set period of time. The normal period of time for an Individual Voluntary Arrangement (IVA) is 5 years. The agreement between the individual and the creditors is known as a proposal. The proposal must be agreed by at least 75% of the unsecured creditors before it can start.

It may be possible for an individual to include terms in the proposal which allows continuation of trade and protection for the family home. You will need the assistance of an Insolvency Practitioner to explain the consequences of an IVA. Contact Dodd Rescue for more details.

To find out more about how we can help please call either Carol, Jackie or Jeanette on 01768 864466.