Transcript
"Hi I'm Dorothy Brown I'm a licensed Insolvency Practitioner and I've been in the business over 30 years. I have dealt with thousands of individuals and companies and helped them through the maze of insolvency and hopefully helping them at the end of it to come out debt free.
I'd like to talk to you today about personal debt of perhaps your clients directors and self-employed traders.
As you're probably aware, concentrating on the debt situation will mean that they're not going to be concentrating on their business and driving that forward. That can end up in a self-perpetuating situation, whereby the debt really takes over their life and the stress of that debt can mean that it will affect family situation as well.
So what can I do?
I can help out by finding out what the best way forward is and it might well be what we call an individual voluntary arrangement or an IVA. That can be financed in a couple of ways.
You might sell an asset which becomes what is known as a lump sum voluntary arrangement. Or it might be through monthly contributions.
But an IVA is not necessarily best for everybody. Again we need to know what their personal situation is.
If they don't own a property and they're not a director, it’s not necessarily the best way forward for them. If they are a director, they can still be a director of a company and be in an individual voluntary arrangement.
As an accountant, in order to help your clients, maybe you would like to get them to contact me to discuss this further... usual the earlier the better and then the pain is less for them."
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