Important announcement regarding Varden Nuttall
Varden Nuttall Limited (‘the Company’) was placed into Administration on 24 March 2016.
The Joint Administrators, Ben Woolrych & Phil Pierce of FRP Advisory LLP and Paul Boyle & Tom Bowes of Harrisons Business Recovery and Insolvency Limited, act as agents of the Company and without personal liability. Paul Boyle & Tom Bowes are licensed by the Insolvency Practitioners Association and Ben Woolrych & 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
Bankruptcy vs IVA
There are a number of significant differences between an IVA and bankruptcy which should be carefully considered. With personal insolvencies on the rise – many more people are finding themselves in financial difficulty.
|Duration||Discharge from bankruptcy is normally after 12 months. However the Official Receiver can impose restrictions which may last as long as 15 years. Additionally, an income payments order/agreement can be imposed for up to 3 years.||Normally 5 years|
|Loss of assets||Can force the sale of your home, although often the option of equity release is preferred||Equity Release may be required, though loss of home is extremely unlikely|
|Publicity||Appears in the Insolvency Register and London Gazette. May be displayed in local press at the discretion of the Official Receiver||Appears in the Insolvency Register.|
|Effect on career||Individuals are barred from taking certain positions such as Directorships, MP or certain financial positions.||Certain organisations may not employ an individual with an IVA, although in reality these would be very few.|
Both IVA’s and Bankruptcies will be in your credit file for 6 years, so both options will impact significantly on future opportunities to obtain credit. Further to that, should you default on your IVA , there may be a requirement to file for bankruptcy, again this is less frequent than in previous years.