Important announcement regarding Varden Nuttall
Varden Nuttall Limited (‘the Company’) was placed into Administration on 24 March 2016.
The Joint Administrators, Paul Boyle of Harrisons Business Recovery and Insolvency Limited and Ben Woolrych & Phil Pierce of FRP Advisory LLP, act as agents of the Company and without personal liability. Paul Boyle, Ben Woolrych and Phil Pierce are licensed by the Institute of Chartered Accountants of England and Wales, all Joint Administrators are bound by the Insolvency Code of Ethics.
Debt Solutions | Bankruptcy
Advantages and Disadvantages of Bankruptcy
A decision to declare yourself bankrupt is one that should not be taken lightly. Declaring yourself Bankrupt can have a number of significant knock on effects, however in some situations it can offer an opportunity for a new start.
|All of your existing debt is wiped out – thus stopping existing creditors from chasing you for payment||Assets under your control are at risk. These include homes, vehicles (over £2500), savings and any other expensive items you may have|
|People who go bankrupt are usually discharged within 12 months – and in some cases even sooner||Obtaining any credit can be very difficult – particularly for credit of over £250|
|Your home is not at risk if you rent or live at home||Setting up your own business can be very difficult without prior permission from the court|
|It is a chance to start again – as you are able to get your credit rating improved once you are discharged||In reality your credit rating will be affected for six years from the date you are made bankrupt.|
There are alternatives to declaring yourself bankrupt and facing all the issues and implications that are often associated with bankruptcy. Other alternatives such as Individual Voluntary Arrangements (IVA’s) and debt management plans (DMP’s) can often provide excellent alternative solutions to bankruptcy.
There are three ways an individual can be made bankrupt:
- Voluntarily - By the debtor themselves.
- Involuntarily - By the creditor owed money (£750 Minimum).
- By the supervisor of an IVA, depending on the terms of the IVA