Sole Trader Voluntary Arrangement

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Sole Trader Voluntary Arrangement

Thinking of a Sole Trader Voluntary Arrangement? What Are The Options?

 

A sole trader voluntary arrangement refers to one of a number of measures to rescue or revive your business.

A sole trader voluntary arrangement is not a term generally used, but may be referred to as the process by which a sole trader or business owner seeks a rationalisation of his or her personal debts in able to prevent these debts from hampering the successful running of a business.

The nearest legal instrument to a sole trader voluntary arrangement is the Individual Voluntary Arrangement, or IVA, which has become very popular choice since its introduction in 1986 as part of the terms of the Insolvency Act, and which was designed to effect an immediately relief of personal debt without the stigma and the various stresses of bankruptcy, yet which provides a guaranteed payment to creditors, albeit over an extended period of time.

IVAs were introduced in 1986 following the Cork Review in 1982 where it was recognised that a flexible alternative to bankruptcy was needed for company directors, members of professions and traders to address their complex financial affairs.

A sole trader voluntary arrangement may simply take the form of an IVA or it may involve looking at the overall business a little more closely and seeing if there can be structural changes to bring about change to a more successful trading entity. Similarly, partnerships may enter into PVAs and limited companies may enter into CVAS.

Refinancing may also be available to the ailing business where deemed appropriate.

If you would like to talk about a sole trader voluntary arrangement to a specialist with 17 years corporate insolvency experience then enter your details into the web form below for a no-obligation chat.

However, if you need help with personal debt (rather than business related debt) go to our free debt management plan application form.

 

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We specialise in the following:

business debt factoring invoice discounting business bankruptcy business finance company bankruptcy voluntary arrangement pre pack administration

voluntary liquidation business liquidation wrongful trading business insolvency business rescue business turnaround pre pack liquidation

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