Recovery – Sole Trader, Partners And Individuals

Introduction Partnership Voluntary Arrangements Individual Voluntary Arrangements Deeds of Arrangement Informal Arrangements Print option

Detailed information on formal recovery solutions available to partnerships and individuals, which require the appointment of a Licensed Insolvency Practitioner, can be found by clicking on the appropriate page links to the right.

In an ideal world it would be possible to secure the survival of all businesses whether sole trader or partnerships without recourse to formal recovery proceedings. Although at BRA this will always remain our principal objective, it is inevitable that it is not always likely to be possible. In particular, there may be underlying problems with the business, which result in it requiring the protection afforded to the individual or partners through the instigation of certain of the procedures such as individual voluntary arrangements, partnership voluntary arrangements and deeds of arrangement included in this section of the website.

Therefore, if you are under serious pressure from your suppliers, receiving writs and summonses or subject to County Court Judgements, which following our free business review cannot be rectified by informal refinancing or restructuring, despite what you may think, personal bankruptcy more often than not does not have to be the only solution to your problems.

Additionally any agreement reached with your creditors through BRA will be binding on them. Beware of unregulated debt management companies currently advertising on television and radio claiming to reduce your monthly payments. Any agreement reached on your behalf by these companies is likely not to be binding on your creditors allowing them to change their mind at a later date often resulting in you being back to square one.