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
Should I declare myself bankrupt?
Before you make the decision to declare yourself bankrupt, there are a number of important considerations to take into account namely:
- You and your finances will be subject to an examination by the Official Receiver
- Loss of control over your significant assets. These can be taken into account during the bankruptcy proceedings
- You will be unable to act as a company director
- You cannot take any part in the promotion, formation or management of a limited company (LTD) without the permission of the court.
- You cannot trade in any business under any other name than your own..
- It is possible that you will be restricted from practising in any senior financial position such as a Charted Accountant / Lawyer.
- You may not act as a Justice of the peace (JP).
- You may not become aMP (member of parliament)
- Your credit and thus the ability to obtain future credit will be affected for a significant period of time
- You cannot obtain credit over £500 without approval by the lender
- You are allowed to open a bank account but there will be restrictions on this
Obviously this can have a major impact on your lifestyle both in the short and longer term and as such your other options should be fully explored before you consider your final decision to go bankrupt. These include: -
Individual Voluntary Arrangement
An IVA is a legally binding agreement between you and your creditors which must be undertaken with the help of an insolvency practitioner or a firm of insolvency practitioners such as Varden Nuttall. On your behalf we will put forward a proposal to your creditors offering to repay an agreed amount of the debt over a specified period of time, usually five years.
Once agreed and approved you will be debt free (on conclusion) as long as you adhere to the terms of the agreement.
Debt Management Plans
Normally considered as a shorter term solution, a debt management plan is usually arranged by a debt management company who will undertake a full audit of your financial situation. Following this contact, will be made with your creditors to structure repayment of your debts at an amount you can afford. The main benefit of this is that you will make one payment to the debt management company each month who will then distribute the agreed amounts to your creditors.
Unlike an IVA, a debt management plan is not usually legally binding on your creditors and repayment will be expected in full.
This is often a starting point for most people as the majority of debts can sometimes be overcome by restructuring or consolidating existing debts into a single manageable amount. This is often achieved by consolidating debt into one secured or unsecured loan (depending on the amount), in order to make the monthly outgoing more manageable. Whilst this is often seen to be the easiest way it is advisable to take advice before doing this as it is often not the low risk option it is perceived to be. If you take out a secured loan, you may also be putting your property at risk if you do not keep up the repayments.