The changed market conditions have significantly damaged consumer confidence and overall consumption in a variety of sectors, affecting the solvency of investment portfolios and the stability of businesses.
The scale of the issues and the competing nature of the demands in terms of personal debts, personal investments and business needs have resulted in some paralysis at a time when an integrated and well thought out plan is required.
Our insolvency advisory team, who understand the pressures that investors and business owners are under, can help them to evaluate their financial position and legal obligations. This evaluation would include the preparation of a realistic statement of affairs and a schedule of possible solutions for the settlement of liabilities due to banks and other to creditors.
We would enter into negotiations with your bank to restructure your loan repayments by way of a moratorium or variation of the loan terms. In cases where there is a number of creditors we would seek a solution through one of the following methods where you and your creditors would enter into:
An informal scheme of arrangement to assist you in restructuring or reducing the amount payable over an agreed period of time.
- A formal scheme of arrangement for the discharge of your liabilities which is court approved when the repayment proposals are agreed by at least 60% of the creditors.
In a situation where a solution cannot be worked out we can assist the individual in the process of declaring himself bankrupt.