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Finance Issues & Insolvency

Shaun Fisher is a specialist in advising individuals and businesses that are facing financial difficulties in terms of the payment of creditors, the repayment of bank facilities or the enforcement by lenders of personal guarantees. He has secured exceptional outcomes for clients where bank liabilities are settled at a fraction of their par values and in many cases the loan security recovered on behalf of clients.

Shaun’s expertise is enhanced through his close professional relationships with:

  • GDP Partnership (www.gdpni.com) which offers first class mediation and debt advisory services together with re-financing solutions. In particular GDP specialises in re-financing where loans have been sold by banks to private equity companies, and in obtaining redress for those who have had mortgages or loans mis-sold to them.
  • Licensed insolvency practitioners (IPs) who are appointed when companies, limited liability partnerships or individuals enter formal insolvency procedures such as liquidation, administration or bankruptcy. IPs can also be appointed as supervisor of a company or individual voluntary arrangement (CVA/IVA) which are explained below.

Insolvency Solicitors Ballymena

Voluntary Arrangements

It may be possible for a company to avoid liquidation or an individual bankruptcy if 75% in value of creditors vote in favour of a proposal for a voluntary arrangement proposed by an IP.

It is a contractual arrangement which binds all creditors and is not advertised or publicised to the same extent as a formal insolvency process. It is seen as a reasonably discrete means of completely discharging all unsecured debt by paying a reduced amount (x pence in the £) or over an extended period, or both.

Bankruptcy / Liquidation / Administration

Where a voluntary arrangement is not appropriate or its proposal is rejected by creditors, formal insolvency may be inevitable. An IP will be appointed as liquidator, administrator or trustee in bankruptcy. Such an appointment is made in the best interest of creditors but it can also come as an enormous relief to the individual or business over which the appointment is made. It is an unfortunate fact of life that very many have been adversely affected by the property crash through no fault of their own, and that for several years they have been earnestly trying in vain to juggle finances with the huge stresses that entails.

For individuals, bankruptcy has become less reputationally damaging, and it may be the obvious option, particularly as a discharge is usually secured after one year. Many individuals who have been declared bankrupt have themselves declared that it has had little impact on their working lives.

You can consult confidentially with Fisher Law on any financial issues with which you are faced. The first consultation is free. There is no point in trying to tackle alone a downward spiral, created by circumstances which may well have been beyond your control.

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