Personal Insolvency & Bankruptcy Lawyers

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Personal insolvency is a time-sensitive matter where the longer the period of non-repayment is, the more severe the restrictions imposed by the court become. This is why our personal insolvency solicitors act quickly to analyse the situation and offer actionable advice to resolve the problem as quickly as possible. This can include taking legal action, such as Individual Voluntary Arrangements (IVA), Debt Relief Orders (DBO) and debt management advice.

Our team’s expertise, spanning more than a century, allows us to deliver effective legal support to all parties involved in the personal insolvency matter. We approach each case with the sensitivity it deserves and we empower our clients to obtain the optimal results in their circumstances by providing clear, jargon-free advice.

If you are struggling with debt and you may be facing bankruptcy, get help by contacting our personal insolvency solicitors in London, Birmingham and Northampton today. Speak to our team on 0300 303 2071 or write to us at info@witansolicitors.co.uk to book your initial consultation, free of charge. 

Our Clients

We work with all parties involved in a personal insolvency matter, including creditors (landlords, lenders, financial institutions), debtors (borrowers and tenants), family members of debtors and insolvency practitioners to obtain a satisfactory resolution in a practical and efficient manner. Our personal insolvency solicitors can help you if:

• You are facing financial difficulties and you are in danger of insolvency
• Insolvency action has been taken against you by your creditors
• You are struggling to recover a debt from an insolvent business or individual
• A family member has become insolvent
• You are a liquidator, administrator or trustee in bankruptcy

If you own a business that is going insolvent, we can also help – see our corporate insolvency services for more information.

Our Services

Our personal insolvency solicitors are here to support and guide you at every stage of personal insolvency. We regularly advise clients on a diverse range of matters, including:

• Bankruptcy advice for insolvent individuals 
• Statutory Demands – A formal notice that if the debt is not repaid, the creditor will start personal insolvency proceedings through the legal system
• Bankruptcy Restriction Orders and Undertakings – A BRO or BRU can extend the bankruptcy period to up to 15 years 
• Debt Relief Orders (DBOs) – If granted a DBO, you can stop repaying your debts for up to 12 months  
• Individual Voluntary Arrangements (IVAs) – We can negotiate a mutually agreed debt repayment arrangement between debtors and creditors 
• Income Payments Agreements (IPA) and Income Payments Orders (IPO) – When the court has decided what part of your income will be used to cover your debts in case of bankruptcy
• Debt Management Advice – We work with individuals and businesses to construct a debt repayment plan that works for them and allows them to avoid bankruptcy where possible 
• Equity of Exoneration (The Spouse’s Claim) – We offer advice to individuals whose spouses have incurred debts that they may also be liable for 

Funding Options

When you are facing personal insolvency, paying legal fees can be a challenge, which is why we offer a choice of funding options, such as competitive hourly rates, fixed-start services and No Win No Fee arrangements. We can also assist you in obtaining litigation funding from third parties to support your case. Speak to our team of personal insolvency solicitors on 0300 303 2071 to find out more. 

Why Choose Witan Solicitors?

• 100+ Years of Combined Experience: With over a century of experience between us, we are trusted insolvency experts
• Established in 2014: We have been building our client portfolio since 2014, delivering best-in-class legal services to individuals across the UK
• Legal 500 Recognised: Our Solicitors have been recognised in the Legal 500
• Industry Experts: We actively invest in developing our expertise to ensure we support our clients in the most effective way
• Multilingual Support: We speak more than 10 languages fluently, offering multilingual legal support to all our UK and international clients
• Personal insolvency experts near you: Our personal insolvency solicitors are conveniently located in our offices in London, Birmingham and Northampton

Our no-obligation consultation offering is designed to allow you to decide whether you want to work with us or not without any added pressure. You can call us and speak to a personal insolvency solicitor about your case to see how we can help without paying anything. If you choose to hire Witan Solicitors after that initial meeting, we can discuss the most suitable payment options. Book your initial consultation on 0300 303 2071 today.

FAQ

What is insolvency?

When a business or a person can’t pay their debts, they become insolvent. Then, their creditors can take legal insolvency action to force them to repay their debts by taking possession of their assets and redistributing them to repay existing debts. 

Both individual and corporate insolvency, once issued by the court, lead to the subject’s assets being liquidated to repay creditors in a set order of priority. 

How can you ensure confidentiality?

We understand the importance of confidentiality when dealing with personal insolvency and we take all necessary action to protect your reputation. We always negotiate a confidentiality agreement as part of any settlement agreement with your creditors.

What is bankruptcy?

Bankruptcy is a form of insolvency where an individual declares that they are unable to pay their debts. You can apply for bankruptcy yourself or be imposed bankruptcy by creditors via the court. 

If you become bankrupt, all your assets, including any businesses you own, will be seized and used to repay any outstanding debts. You may also need to make monthly payments towards the debt repayment from your monthly income. Bankruptcy usually lasts a year, after which period you are no longer viable for any debts incurred before the bankruptcy. 

Bankruptcy will be reflected in your credit record for six years, limiting your borrowing opportunities in the future. However, in some cases, bankruptcy is a recommended solution for people who are struggling with debt. 

What is an Individual Voluntary Agreement (IVA)?

To avoid insolvency being enforced by the court, you can opt to negotiate an individual voluntary agreement (IVA) with your creditors to arrange a mutually satisfactory way of repaying your debts. 

To do that, you need to work with an insolvency practitioner and have an IVA drafted (usually, by a solicitor). If the creditors who own 75% of your debt agree to the IVA, the repayment will begin as agreed. However, if you fail to keep the IVA, you are subject to legal action against you, including a bankruptcy order.  

Individual vs Corporate Insolvency: What is the difference?

Individual insolvency, also called bankruptcy, occurs when an individual can’t repay their debts. An insolvent individual can choose to take different actions, such as:

• Applying for bankruptcy
• Individual Voluntary Arrangement (IVA)
• Debt Relief Order (DRO)

Creditors can force individuals into insolvency by applying to the court for a Bankruptcy Order.

Corporate insolvency relates to businesses that are unable to pay their debts. Negotiating voluntary arrangements is also a viable resolution to avoid legal proceedings that can force the business into administration or liquidation, such as winding up petitions and statutory demands.