It provides an opportunity for a business to continue trading, while giving the company breathing space and address outstanding debt in a more orderly manner, he said. VAs can be an excellent business rescue solution. It takes the pressure off the directors and gives the business the best chance of survival.
Additionally, Howell highlighted an alternative to bankruptcy for personal insolvency: the Part X Agreement.
The word bankruptcy brings with it numerous negative connotations and unfortunately, people often think declaring bankruptcy is the only way out of their financial woes, he said. However, a Part X Agreement is an alternative. Its designed for individuals who are financially insolvent and allows you to appoint a controlling tru…
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