Issues giving rise to insolvency and bankruptcy can make it a traumatic and trying time for both creditors and debtors. McVeagh Fleming can help ease you through the process as quickly and painlessly as possible while also ensuring you get the best outcome from a difficult situation.
Specialising in acting for both creditors and debtors, McVeagh Fleming can help:
- Are you an individual pursuing a debt?
- Are you a secured creditor looking to enforce your securities?
- Are you being pursued for payment?
In addition to voluntary application for bankruptcy and creditor application for bankruptcy, there are alternative options available to all parties, including Summary Instalment Orders, No Asset Procedures, Compositions and Proposals.
Compositions – having a bankruptcy annulled – require the agreement of the majority of creditors, and the approval of the court. The offer to creditors should exceed what they would be able to get through formal bankruptcy. Proposals are similar to compositions but require prior adjudication and enable the debtor to escape bankruptcy altogether.