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What are IVA's?
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What is an Individual Voluntary Arrangement (IVA)

An individual voluntary arrangement begins with a proposal based on your financial circumstances and how much you are realistically able to afford to contribute towards an IVA, either on a monthly basis or from other assets you may own. The proposal is presented to the court and then to Creditors.

How does it work?

We tell the court the details of your proposal. A meeting of creditors is held, the date of the meeting and details of the proposals being sent to your creditors. Only those creditors who had notice of the meeting are bound by the arrangement, so it is important that you have accurate records of all your creditors’ names and addresses. Otherwise, the arrangement might fail because we cannot contact all the creditors and, therefore, bind them to it.

At the meeting, the creditors vote on whether to accept your proposals. If enough creditors (over 75% in value of the creditors present in person or by proxy, and voting on the resolution) vote in favour, the proposals are accepted. They are then binding on all creditors who had notice of, and were entitled to vote at, the meeting.

We supervise the arrangement and pay the creditors in accordance with the accepted proposal.

What will an individual voluntary arrangement cost?

We cannot give estimates of the cost of the arrangement which is paid for out of the Arrangement.

When can you make an individual voluntary arrangement?

It is better and cheaper for you to set up an individual voluntary arrangement before you become bankrupt, but you can propose one afterwards.

Are there any restrictions?

There is no maximum or minimum level of debt and no maximum or minimum level of repayments, except what is acceptable to your creditors. An arrangement might particularly suit you if:

• you have friends or relatives prepared to help pay or contribute towards paying your debts;

• your income enables you to pay regular sums to creditors.

What are the advantages of an individual voluntary arrangement compared to going bankrupt?

• It gives you more say in how your assets are dealt with and how payments are made to creditors. You may be able to persuade your creditors to allow you to retain certain assets (such as your home). You will obviously have to act responsibly and flexibly in order to reach agreement with your creditors.

• You avoid the restrictions which apply to a bankrupt

• Because you will not have to pay some of the fees and expenses which are charged in a bankruptcy, the overall costs are likely to be less.

Can an individual voluntary arrangement be proposed by a member of a partnership?

Yes. You can propose an individual voluntary arrangement on your own which must take into account the claims that the creditors of the partnership have against you personally. It will not affect the rights of the partnership creditors to take action against the partnership itself or against any other partner.

Alternatively, you and your partner(s) may wish to propose an arrangement involving the partnership creditors and the personal creditors of the partners. This can be done in two ways:

• the partners may propose interlocking voluntary arrangements, with each partner making proposals for their own debts and the debts of the partnership; or

• the partnership may propose a partnership voluntary arrangement (usually accompanied by voluntary arrangements for each partner).

We can help you to make proposals to creditors.

Warning: If you enter a voluntary arrangement but fail to give full details of your assets and debts or fail to do what you have agreed under the arrangement, then the insolvency practitioner, or any creditor bound by it, may still petition for your bankruptcy.

| CRG Insolvency & Financial Recovery |
Bankruptcy
Do you need to know more information on this subject then read on, for more information on related articles visit our home page
What is bankruptcy?
Bankruptcy is one way of dealing with debts you cannot pay. The bankruptcy proceedings will free you from overwhelming debts so you can make a fresh start, subject to some restrictions; and make sure your assets are shared out fairly among your creditors. Anyone can go bankrupt, including individual members of a partnership.
How are you made bankrupt?
A court makes a bankruptcy order only after a bankruptcy petition has been presented. It is usually presented either by yourself (debtor’s petition); or by one or more creditors who are owed at least £750 by you and that amount is unsecured (creditor’s petition).
Bankruptcy petitions are usually presented at a county court near to where you trade or live or at the High Court in London.
What happens to my assets?
You will no longer control your assets.

You can keep the following items unless their individual value is more than the cost of a reasonable replacement: tools, books, vehicles and other items of equipment which you need to use personally in your employment, business or vocation; clothing, bedding, furniture, household equipment and other basic items you and your family need in the home. The Official Receiver or any insolvency practitioner who is appointed as trustee will take control of all your other assets on the making of the bankruptcy order. He will dispose of them and use the money to pay the fees, costs and expenses of the bankruptcy and then your creditors.
What happens to my home?
If you own your home, whether freehold or leasehold, solely or jointly, mortgaged or otherwise, your interest in the home will form part of your estate which will be dealt with by your trustee. The home may have to be sold to go towards paying your debts.
If your husband, wife or children are living with you, it may be possible for the sale in the bankruptcy to be put off until after the end of the first year of your bankruptcy. This gives time for other housing arrangements to be made. Your husband, wife, partner, a relative or friend may be able to buy your interest in your home from the trustee. Such a purchase would prevent a sale of the property by the trustee at a future date. Your spouse or any other interested party should be encouraged to take legal advice about the home as soon as possible.

| CRG Insolvency & Financial Recovery |
Finance Matters ( What you need to know )
Do you need to know more information on these subject then read on, for more information on related articles visit our home page
What are charge cards

A charge card is similar to a credit card except it must be paid off monthly rather than having option to carry balances forward.
Administration Order

Administration - this is a court procedure that gives a company some breathing space from any action by creditors. A court can grant an administration order to enable the company to survive, in whole or in part, as an ongoing business; organise a voluntary arrangement or compromise with its creditors or get a better realisation of assets than would be possible if the company went into liquidation.
Liquidation

There are three forms of liquidation

Compulsory Liquidation

This occurs when a company is wound up by an order of the court

Creditors Voluntary Liquidation

This is an arrangement where the directors ask the creditors to approve the winding up of the company because they have decided that the company cannot continue to trade and cannot pay its debts in full.

Members Voluntary Liquidation

This form of liquidation is used where the company is able to pay it's debts in full, but the members wish to realise their investment.
Dissolving a private limited company:

This is a simple task, requiring completion of a form 652A, available from Companies House. The form is returned to Companies House together with a small processing fee and the Company is then dissolved three months later. Please note that only Companies with no debts can be dissolved.
What are mortgage arrears

Mortgage arrears arise when you fail to pay your mortgage on time. It is important if this has happened, or is likely to happen, that you contact your mortgage provider as soon as possible.

Redundancy:

If you are made redundant by your employer then you still have legal rights as an employee in the UK. You have the right to alternative employment if there are any other jobs in the Company and you are suitable for this work, the right to trial periods for new jobs and the right to time off to look for another job.If you believe you have been unfairly dismissed you may be able to make a tribunal claim against the company.
All about bailiffs

A bailiff works on behalf of the court to collect monies due to creditors. Bailiffs work to a strict set of rules, but are empowered by the Court to remove goods from premises they visit. These goods will then be sold to pay the Bailiff’s fees and the debts concerned.
What are guarantors

A guarantor is a person who promises to repay a loan if the original borrower fails to do so. You should be very careful when considering being a guarantor for someone.
Joint & Several Liability

If you have taken out a credit agreement jointly with another person or have joint bank accounts, then both of you are liable for the full amount of the debt that has been accumulated. If the loan is not repaid, even though you have paid your share, the loan company can still come to you for the other person’s share.
Pawn Brokers

A Pawn Broker will lend you money against your goods, such as jewellery. You can redeem your goods by paying off the original debt plus interest. If you fail to repay the loan the Pawn Broker may sell your goods.
When to seek advice:

We would suggest you seek advice if you feel uncomfortable about the level of your debts or are receiving letters from your creditors. You should seek help as soon as possible as creditors prefer to know what is happening.

County Court Judgements (CCJ')

A County Court Judgement (CCJ) is a judgement for debt. If a judgement is settled within 30 days of the date of the judgement it will not appear on the credit register. If this is not the case then you will have a CCJ on your credit record which can make it difficult to obtain large amounts of credit.
Company Voluntary Arrangements

If a Company gets into financial trouble it may be able to avoid winding up by entering into an arrangement with its creditors. This arrangement is similar to an Individual Voluntary Arrangement
Illness:

If you become seriously ill you may not be able to make payments to anyone you owe money to. Always contact the lenders as soon as possible and explain the situation to them. You may be able to stop payments for a period, or they may reduce the charges for interest. It is vital that you contact them at an early stage so they can explain the options open to you.

Loan Companies:

When looking for a loan you should always check on the lender. You should ensure the lender is licensed by the Office of Fair Trading and that they are a reputable firm.

Ask yourself these questions:

Have you shopped around to get the best deal for you?

Will this borrowing still seem like a good decision in a year or two?

Do you understand the terms and conditions of the deal?

If you don't have money to spare now, how will you find the money to make the repayments?

Have you looked at how much money you have coming in and how much you are spending? Use our financial calculator to work out your finances.

Have you thought hard about the effects of the extra financial commitment?

Could you manage if you lost your job or had your overtime cut?

What if you have a pay cut or can't work?

What if prices or interest rates go up?
Property Repossession

If you fail to make repayments on your mortgage or do not contact your mortgage provider, they may apply for an order to repossess and sell your home. We may be able to help in discussions you have with the mortgage provider, or there may be other options we can consider.
Statutory Demand

A statutory demand is a written demand for payment of a sum due, served by a creditor on a company or individual. In order that the company or individual has every opportunity to respond, information must be given in the statutory demand as to its purpose, usually winding-up in the case of a company, or bankruptcy in the case of an individual and the name, address and telephone number of a person with whom contact can be made.
Debt Factoring

This involves selling your invoices to a third party company. In return they will process the invoices and allow you to draw funds against money owed to your business. This is commonly used to improve cash flow but can also sometimes reduce overheads.
Informal Arrangement

If you know that you cannot pay all your debts, you could consider writing to your individual creditors to see if you can reach some compromise. Include a timetable of when you will repay them. The disadvantage with an informal arrangement is that it is not legally binding so your creditors could ignore it later and ask you to pay in full. Your local Citizens Advice Bureau can advise and help you make this kind of arrangement
Lost or Stolen Credit Cards

If you believe you have lost your credit card or have had it stolen then you should telephone your card provider immediately.
Receivership

When a company borrows money, the lender is usually given some security over the company in order to guarantee payment. If the company fails to keep to the terms or if they get into financial difficulties the lender may be entitled to appoint an administrative receiver. An administrative receiver is an insolvency practitioner who has control of the whole, or a substantial part, of the company’s property and wide powers over the business. The administrative receiver is mainly concerned with getting back the money owed to the secured creditor. The administrative receiver may sell the assets piecemeal, or sell the whole business as a going concern to pay off the secured creditor, and the costs of receivership.

Student Debt:

This can be a problem for graduates and those still studying. The Student Loans most students have are not repayable until you are earning over £15,000.00 per year, and your employer will then deduct the repayments from your wages. It is very tempting to use credit cards for daily purchases, but remember that these debts will need to be repaid. If you make only the minimum payment each month, the length of time it will take to pay of the whole balance will significantly increase.

| CRG Insolvency & Financial Recovery |
World Debt Facts
For more information on finance related matters visit our homepage and you will be able to contact us to further discuss your financial matters visit our home page
Rank
Country
Debt - external
1
World
$ 38,540,000,000,000
2
United States
$ 8,837,000,000,000
3
United Kingdom
$ 7,107,000,000,000
4
Germany
$ 3,626,000,000,000
5
France
$ 2,826,000,000,000
6
Italy
$ 1,682,000,000,000
7
Netherlands
$ 1,645,000,000,000
8
Japan
$ 1,545,000,000,000
9
Spain
$ 1,249,000,000,000
10
Ireland
$ 1,049,000,000,000
11
Belgium
$ 980,100,000,000
12
Switzerland
$ 856,000,000,000
13
Sweden
$ 516,100,000,000
14
Austria
$ 510,600,000,000
15
Australia
$ 509,600,000,000
16
Canada
$ 439,800,000,000
17
Hong Kong
$ 416,500,000,000
18
Denmark
$ 352,900,000,000
19
Portugal
$ 298,700,000,000
20
Norway
$ 281,000,000,000
21
China
$ 242,000,000,000
22
Russia
$ 230,300,000,000
23
Finland
$ 211,700,000,000
24
Brazil
$ 211,400,000,000
25
Korea, South
$ 188,400,000,000
26
Mexico
$ 174,300,000,000
27
Turkey
$ 161,800,000,000
28
Indonesia
$ 131,000,000,000
29
Poland
$ 123,400,000,000
30
India
$ 119,700,000,000
31
Argentina
$ 119,000,000,000
32
Iraq
$ 82,100,000,000
33
Taiwan
$ 81,640,000,000
34
Hungary
$ 76,230,000,000
35
Greece
$ 75,100,000,000
36
Israel
$ 73,870,000,000
37
Philippines
$ 67,620,000,000
38
New Zealand
$ 57,670,000,000
39
Malaysia
$ 56,720,000,000
40
Thailand
$ 50,630,000,000
41
Chile
$ 44,800,000,000
42
South Africa
$ 44,330,000,000
43
Czech Republic
$ 43,200,000,000
44
Pakistan
$ 39,940,000,000
45
Venezuela
$ 39,790,000,000
46
Nigeria
$ 37,490,000,000
47
Colombia
$ 37,060,000,000
48
Saudi Arabia
$ 34,550,000,000
49
Ukraine
$ 33,930,000,000
50
Kazakhstan
$ 32,700,000,000
51
United Arab Emirates
$ 30,210,000,000
52
Peru
$ 30,180,000,000
53
Romania
$ 29,470,000,000
54
Croatia
$ 29,280,000,000
55
Egypt
$ 28,950,000,000
56
Slovakia
$ 26,540,000,000
57
Lebanon
$ 25,920,000,000
58
Singapore
$ 24,670,000,000
59
Slovenia
$ 22,910,000,000
60
Algeria
$ 21,540,000,000
61
Bangladesh
$ 21,250,000,000
62
Qatar
$ 20,630,000,000
63
Vietnam
$ 19,170,000,000
64
Tunisia
$ 18,910,000,000
65
Ecuador
$ 18,290,000,000
66
Sudan
$ 18,150,000,000
67
Monaco
$ 18,000,000,000
68
Iran
$ 16,940,000,000
69
Morocco
$ 15,600,000,000
70
Bulgaria
$ 15,460,000,000
71
Serbia
$ 15,430,000,000
72
Kuwait
$ 14,930,000,000
73
Cote d'Ivoire
$ 13,260,000,000
74
Latvia
$ 13,200,000,000
75
Cuba
$ 13,100,000,000
76
Korea, North
$ 12,000,000,000
77
Sri Lanka
$ 11,590,000,000
78
Uruguay
$ 11,220,000,000
79
Congo, Democratic Republic of the
$ 10,600,000,000
80
Lithuania
$ 10,470,000,000
81
Estonia
$ 10,090,000,000
82
Angola
$ 9,879,000,000
83
Panama
$ 9,859,000,000
84
Cameroon
$ 9,223,000,000
85
Syria
$ 8,590,000,000
86
El Salvador
$ 8,273,000,000
87
Jordan
$ 8,273,000,000
88
Afghanistan
$ 8,000,000,000
89
Tanzania
$ 7,950,000,000
90
Dominican Republic
$ 7,907,000,000
91
Cyprus
$ 7,803,000,000
92
Kenya
$ 7,349,000,000
93
Ghana
$ 7,084,000,000
94
Burma
$ 6,967,000,000
95
Bahrain
$ 6,831,000,000
96
Jamaica
$ 6,792,000,000
97
Bolivia
$ 6,430,000,000
98
Zambia
$ 5,866,000,000
99
Yemen
$ 5,689,000,000
100
Guatemala
$ 5,503,000,000
101
Uzbekistan
$ 5,184,000,000
102
Zimbabwe
$ 5,170,000,000
103
Nicaragua
$ 5,144,000,000
104
Congo, Republic of the
$ 5,000,000,000
105
Uganda
$ 4,949,000,000
106
Honduras
$ 4,675,000,000
107
Belarus
$ 4,662,000,000
108
Madagascar
$ 4,600,000,000
109
Oman
$ 4,586,000,000
110
Libya
$ 4,267,000,000
111
Gabon
$ 3,857,000,000
112
Costa Rica
$ 3,633,000,000
113
Senegal
$ 3,610,000,000
114
Paraguay
$ 3,535,000,000
115
Guinea
$ 3,460,000,000
116
Nepal
$ 3,340,000,000
117
Malawi
$ 3,284,000,000
118
Liberia
$ 3,200,000,000
119
Bosnia and Herzegovina
$ 3,100,000,000
120
Macau
$ 3,100,000,000
121
Iceland
$ 3,073,000,000
122
Somalia
$ 3,000,000,000
123
Trinidad and Tobago
$ 2,986,000,000
124
Mauritius
$ 2,958,000,000
125
Ethiopia
$ 2,900,000,000
126
Mali
$ 2,800,000,000
127
Netherlands Antilles
$ 2,680,000,000
128
Mauritania
$ 2,500,000,000
129
Laos
$ 2,490,000,000
130
Kyrgyzstan
$ 2,428,000,000
131
Turkmenistan
$ 2,400,000,000
132
Azerbaijan
$ 2,253,000,000
133
Niger
$ 2,100,000,000
134
Georgia
$ 2,040,000,000
135
Togo
$ 2,000,000,000
136
Papua New Guinea
$ 1,978,000,000
137
Macedonia
$ 1,939,000,000
138
Moldova
$ 1,926,000,000
139
Burkina Faso
$ 1,850,000,000
140
Armenia
$ 1,819,000,000
141
Sierra Leone
$ 1,610,000,000
142
Benin
$ 1,600,000,000
143
Albania
$ 1,550,000,000
144
Chad
$ 1,500,000,000
145
Rwanda
$ 1,400,000,000
146
Belize
$ 1,362,000,000
147
Mongolia
$ 1,360,000,000
148
Haiti
$ 1,300,000,000
149
Burundi
$ 1,200,000,000
150
Guyana
$ 1,200,000,000
151
Namibia
$ 1,164,000,000
152
Central African Republic
$ 1,060,000,000
153
Mozambique
$ 966,000,000
154
Guinea-Bissau
$ 941,500,000
155
Tajikistan
$ 888,000,000
156
French Guiana
$ 800,300,000
157
Cambodia
$ 800,000,000
158
Lesotho
$ 735,000,000
159
Barbados
$ 668,000,000
160
Gambia, The
$ 628,800,000
161
Botswana
$ 556,000,000
162
Suriname
$ 504,300,000
163
Aruba
$ 453,000,000
164
Djibouti
$ 366,000,000
165
Swaziland
$ 357,000,000
166
Bahamas, The
$ 342,600,000
167
Cape Verde
$ 325,000,000
168
Sao Tome and Principe
$ 318,000,000
169
Maldives
$ 316,000,000
170
Eritrea
$ 311,000,000
171
Seychelles
$ 276,800,000
172
Equatorial Guinea
$ 248,000,000
173
Bhutan
$ 245,000,000
174
Comoros
$ 232,000,000
175
Antigua and Barbuda
$ 231,000,000
176
Saint Lucia
$ 214,000,000
177
Samoa
$ 197,000,000
178
Grenada
$ 196,000,000
179
Malta
$ 188,800,000
180
Fiji
$ 188,100,000
181
Solomon Islands
$ 180,400,000
182
Martinique
$ 180,000,000
183
Saint Kitts and Nevis
$ 171,000,000
184
Saint Vincent and the Grenadines
$ 167,200,000
185
Dominica
$ 161,500,000
186
Bermuda
$ 160,000,000
187
Cook Islands
$ 141,000,000
188
Marshall Islands
$ 86,500,000
189
Vanuatu
$ 83,700,000
190
New Caledonia
$ 79,000,000
191
Cayman Islands
$ 70,000,000
192
Faroe Islands
$ 64,000,000
193
Tonga
$ 63,400,000
194
Micronesia, Federated States of
$ 53,100,000
195
British Virgin Islands
$ 36,100,000
196
Nauru
$ 33,300,000
197
Greenland
$ 25,000,000
198
Kiribati
$ 10,000,000
199
Montserrat
$ 8,900,000
200
Anguilla
$ 8,800,000
201
Niue
$ 418,000
202
Gaza Strip
$ 0
203
West Bank
$ 0
204
East Timor
$ 0
205
Liechtenstein
$ 0
206
Palau
$ 0

Finance Worries:
Become Debt Free
In today's world there is a great need to keep up with the trends within the public market, this can be a very pricey situation to get yourself into, you may be using any of the following to be able to pay for new items:
Credit Cards
Charge Cards
Buy Now Pay Later
Catalogues
Monthly Payments
In all these cases it is possible for you to get into financial difficulties, this is where we come in, if you feel you are unable to keep up with your monthly payments or you are in debt we may be able to help, we offer professional tailor made services, we understand that not all peoples situations will not be the same so we change and adapt to the situations of your the client so that we can best meet your requirements in a demanding financial world.
If you would like to know more information please visit our website at http://www.crginsolvency.co.uk and fill in our details form to see how we can help.

Debt Calculator:
Become Debt Free
Can you not work out how much money is going in and how much is going out, then why not visit us at CRG Insolvency and you can use our free income and expenditure calculator in order to start to understand how much you could be saving each month. if once you have worked out how much you are spending, you may contact us via either of the methods provided in order to discuss further your situation and how we can help you, this initial assessment on your financial situation is completely free.
For more information visit http://www.crginsolvency.co.uk/

Worried About Bailiffs?:
Become Debt Free
Bailiffs:
Many people throughout the united kingdom are worried about visits from bailiffs, they do not understand there rights when they are confronted with bailiffs, here we will give a brief overlay of your rights and the rights of the bailiffs.
You may think that a bailiff can just come in your house forcefully in order to take goods to sell on in an auction but this is not true, a true bailiff is a person that has been hired by a solicitor in order to receive goods from you in a none aggressive manner, in order to even enter the house they must go to court in order to get permission, once they have got this they still cannot forcefully enter your house, they may enter the house if the doors or widows are open and entering will not damage any of the items within the house, they may also force there way past you if the door is open and you are in the way.
Once inside they may take none essential goods in order to pay off debts on behalf our the creditors, if they cannot gain none forceful entry to your house they may go back to court in order to be granted access through forceful means, if this is granted they will have police officers with them, they are not to help in the process of the receiving of items they are there to protect the safety of the bailiffs and yourself.
Some bailiffs may offer the chance for you to still have the item but not own the item until you have repaid the money owed to the creditors, if you feel that you have been done wrongfully by the bailiff company you may complain.
For more information on finance and help regarding finance please visit http://www.crginsolvency.co.uk/ and we will be happy to assist.

Student Debt:
Become Debt Free
Now days students are gaining more and more debt through the increase in costs for more intense courses, because of this there is a great need for ways in order to keep your debts in a manageable level so you can study and live comfortably at the same time, you may be able to receive financial help from many different places, but you may also be able to cope with your financial problems by getting an IVA (Individual Voluntary Arrangement) in order to come to an agreement with the creditors on how much you can afford over a set period of time. If you would like more information on financial matters please visit http://www.crginsolvency.co.uk/ and we will be happy to assist you in your financial matters.
Top reasons for business failure:
Become Debt Free
Bad Marketing - In order to been seen in a huge market of competitors you will need to be able to market your company correctly, look at larger companies that are in the same area as yourself and see how they have marketed themselves and implement this on a smaller scale to start your company growth.
Poor Management - A company with poor management skills will not be able to run efficiently as if the management is running wrong then this will eventually go down to the staff members and production will be lost, if you wish to have a strong team, it must start with the management, rewarding those who are doing well and telling other where they are going wrong and helping them to better themselves. If employees appreciate you as a good boss then they will work harder. Try implemented reward scheme such as employee of the month in order to further help the team produce the most they possibly can.
Rise in costs - you will more than likely have different supplier for items to help your company work, if the prices will rise you need to be ready to cope with this without huge increases in costs to your clients, try to evaluate your situation and see what could be improved to help both you and the company.
If you have come into financial difficulty and believe that you will be unable to conduct business in a reasonable financial state then come visit us at http://www.crginsolvency.co.uk/ and we will be happy to assist you in your financial matters.

CRG Insolvency Company Information:
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Company Information
CRG Insolvency and Financial Recovery currently operates from two offices in Grimsby and Lincoln, giving access not only to Lincolnshire, Nottinghamshire, Leicestershire and Yorkshire but also other counties in England. We have specialist knowledge of haulage, construction, agriculture, the food industry, retail, manufacturing, service industries, together with considerable experience in many other areas of business. In addition we have considerable experience in helping personal clients with their financial difficulties. We aim to offer a superior and personalised service to individuals and companies. We are flexible and respond specifically to your needs, meeting you at your workplace, at home or in our offices. All initial consultations are on an informal, fee-free basis. We aim to create a bespoke solution to your particular problems. Charles Ranby-Gorwood is an Insolvency Practitioner licensed by The Insolvency Practitioners Association, which ensures a professional service at all times.

Charles Ranby-Gorwood is an Insolvency Practitioner licensed by The Insolvency Practitioners Association, which ensures a professional service at all times.

CVA's (Company Voluntary Arrangements):
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CVA's
This is a deal between the company and the creditors who are owed the money to come to mutual agreement, giving any future profits to the creditors in order to pay off the debts that are owed, also you may offer to sell some of your goods in order to pay off all or some of the debt that is owed by your company.
The directors of the company may issue a CVA to the creditors, you must have a company that has a good future with profits in order for them to consider you for this, if you require any further information on financial matters visit us at http://www.crginsolvency.co.uk/ .

What do we offer:
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o
We offer financial solutions to individuals, partnerships and limited companies in debt or worried about their financial situation.
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We offer detailed answers to your debt problems with solutions designed for your individual needs.
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We can assist with Individual Voluntary Arrangement (IVA) or bankruptcy or, in the case of Companies, Liquidations, Administrations or Company Voluntary Arrangements.

If you would like help in any of the above matters then please visit our site and contact us
http://www.crginsolvency.co.uk/
All about loan companies:
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Loan Companies:

When looking for a loan you should always check on the lender. You should ensure the lender is licensed by the Office of Fair Trading and that they are a reputable firm.

Ask yourself these questions:

Have you shopped around to get the best deal for you?

Will this borrowing still seem like a good decision in a year or two?

Do you understand the terms and conditions of the deal?

If you don't have money to spare now, how will you find the money to make the repayments?

Have you looked at how much money you have coming in and how much you are spending? Use our financial calculator to work out your finances.

Have you thought hard about the effects of the extra financial commitment?

Could you manage if you lost your job or had your overtime cut?

What if you have a pay cut or can't work?

What if prices or interest rates go up?
If you require any further assistance please visit our website at http://www.crginsolvency.co.uk/

Receivership:
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Receivership

If you require any further information on financial matters visit the CRG Insolvency & Financial Recovery website at http://www.crginsolvency.co.uk/ and we will be happy to assist you in your financial problems.
Avoiding Bankruptcy:
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If you believe that you may be heading towards financial bankruptcy, you must act now in order to save your companies or your personal finances. in order to avoid this you must take the following steps.
Assess your situation in order to see how bad your situation is
Come to a agreement on the amount of money that you can pay off monthly
Arrange a meeting with your creditors and tell them your proposal of your monthly payments
If everything goes smoothly and they agree, try to not take any more loans out as this can just add up and cause bankruptcy
Remember to market your company in order to receive new custom and to help your company grow.
If you are in financial difficulties please visit us at http://www.crginsolvency.co.uk/ and we will be happy to help.
County Court Judgements (CCJ')
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A County Court Judgement (CCJ) is a judgement for debt. If a judgement is settled within 30 days of the date of the judgement it will not appear on the credit register. If this is not the case then you will have a CCJ on your credit record which can make it difficult to obtain large amounts of credit. while you have your 30 day period try to pay off as much of the debts as you can or come to an agreement with the creditors to avoid having ccj's being put on your financial record.
If you would like assistance in your financial matters please visit http://www.crginsolvency.co.uk/ and we will be happy to help.
Debt Factoring
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This involves selling your invoices to a third party company , this can help improve the cash flow of the company by unlocking money tied up in your company.
You can use debt factoring to do the following:
You can use factoring to:
Gain Money Quickly
Avoid the hassle of receiving bad debt
Keep a smooth cash flow
Borrow money, secured by your debt
If you would like further information on financial matters please visit http://www.crginsolvency.co.uk/ and we will be happy to help.
Health Issues With Debt
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With debt there is allot of stress that comes along with it, we understand that this can create health problems for you and your family, we help you get rid of some of that stress through our professional financial services, we will give you piece of mind so that you know exactly what is happening and what you need to do because most of worry is about not knowing what is going on so we always keep you informed of what is going on.
If you would like to have the worry taken off your shoulders then why not give us a call and we will help you, for more information please visit our site
http://www.crginsolvency.co.uk/

Dissolving a Private Limited Company
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This is a simple task, requiring completion of a form 652A, available from Companies House. The form is returned to Companies House together with a small processing fee and the Company is then dissolved three months later. Please note that only Companies with no debts can be dissolved. If you have any employees you will need to also do proceeding for redundancy of these.
If you would like further assistance in financial matters please do not hesitate to call us, to find out more information please visit:
http://www.crginsolvency.co.uk/

Pawn Brokers
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If you want to raise a quick bit of cash then you can use these, you take in your items to sell such as expensive electrical goods, and you swap them for their cash value, you may also use them as temporary funds of money and they will keep the item until you have repaid the amount owed, if you fail to meet the deadline for paying back the money they are entitled to sell the item to the general public, they may also give you the chance to make a new contract in order for you to claim your item back.
Pawn brokers also offer loans, this is done by leaving something that is priced near to the value of the loan and once all the repayments have been made you will get your item back from the pawn brokers.
If you would like further assistance in financial matters please do not hesitate to call us, to find out more information please visit:
http://www.crginsolvency.co.uk/

Guarantors
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When someone takes out a loan you can give the creditor extra security by being their guarantor, these means that in case that the person is unable to make the payments or stops making payments then you will pay on their behalf. If you refuse to pay back the money then the creditor are able to take you to court to settle the matter. It is best that you go into a separate agreement that if you start paying back the loan on their behalf that they pay you back as well and this is legally binding. Always ensure that you are actually capable of paying back the loan if they fail to do so or you may end up in financial difficulties.
If you would like further assistance in financial matters please do not hesitate to call us, to find out more information please visit:
http://www.crginsolvency.co.uk/

Credit Repair
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How many times have you seen an advert on the Internet or on TV saying we can repair your credit rating, have you been drawn into these thinking you may be able to get a good credit rating back, well many people are like you but you should not be fooled into thinking this as truth. Many companies who use methods to repair your credit are often operating in a illegal fashion, this can do allot more harm then good on your credit rating so avoid these types of companies. The best way to get back to a good credit rating is time and patience, making sure you have a good amount of money in your bank account is a good idea and never going overdrawn on your account.
If you would like further assistance in financial matters please do not hesitate to call us, to find out more information please visit:
http://www.crginsolvency.co.uk/

Bad Advice
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Many companies are out there to scam you out of your money saying that you need to do one thing in order to get more money off you, here at CRG Insolvency we do not give that type of advice, we give truthful down to earth advice with low costs. We have helped many people to avoid bankruptcy and when needed helped them through the steps of bankruptcy, why not have our free initial assessment to see if we will be able to help you.
If you would like further assistance in financial matters please do not hesitate to call us, to find out more information please visit:
http://www.crginsolvency.co.uk/

When to seek advice
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There are many points at which you could seek advice, but it is always best that you get advice as soon as you feel that you are financial insecure and that you have allot of outgoings but not much income, if you are not getting much income from clients over a long period of time and you are struggling to pay your employees, then this would be a good time to seek some advice from an insolvency company such as ourselves.
If you would like further assistance in financial matters please do not hesitate to call us, to find out more information please visit:
http://www.crginsolvency.co.uk/

Creditors
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These are the persons that lend you money, they either set an agreement with you or you discuss the best way for the repayment, if you are unable to pay off the loan, they are able to try and sell some of your assets or make you bankrupt. They may try discussing further a better option if you cannot keep up with the payments, possible reducing the amount you pay back monthly to ensure that they get their money back plus interest.
If you would like further assistance in financial matters please do not hesitate to call us, to find out more information please visit:
http://www.crginsolvency.co.uk/

Lost or Stolen Credit Cards
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If you loose any of your credit, debt or charge cards you must always ensure that you report that your card is stolen, you will find the contact details of the person you need to contact on your credit card agreement. Once the credit card company has been informed you will not be liable for any further misuse of the credit card, also these will cancel all transactions on this card in order to prevent fraudulent behaviour. If you are getting a new credit card or have stopped using the card always ensure that you cut up your old card, preferably with a shredder capable of shredding credit cards to ensure that they cannot be used again.
If you would like further assistance in financial matters please do not hesitate to call us, to find out more information please visit:
http://www.crginsolvency.co.uk/

Divorce
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Sometimes marriage does not work out, then there comes the legal financial side to things, this is more difficult if there are children involved in the divorce, it would be best to settle an agreement outside of the court but in many cases this is not feasible for both party's. When getting divorced the partner with the highest earnings will have money taken off them dependant on the amount the other partner has got and also if there are any children involved. If you believe that the partner is to blame because she has cheated on you, you will have to bring to the court solid proof, if this is shown the partner will not get a share of the finances and equity.
Be vary of your partner as they may have debts that you may not know about and disappear leaving you to pick up the debt from them.
If you would like further assistance in financial matters please do not hesitate to call us, to find out more information please visit:
http://www.crginsolvency.co.uk/

Joint & Several Liability
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When someone takes out a loan most of the time it is just signed by them, only they will have to repay the debt that is owed to the creditor, in some cases you may enter in a Join & Several Liability contract in order to pay off the debt in case of the person not being able to do so, always ensure that you actually owe money before paying back any money. If you did not sign any joint contract you will not need to pay back any debts owed. If you have been forced to sign an agreement or the other person has signed on your behalf you are not liable to pay off the debts and legal action can be taken against the person.
If you would like further assistance in financial matters please do not hesitate to call us, to find out more information please visit:
http://www.crginsolvency.co.uk/

Charge Cards
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A charge card is similar to a credit card except it must be paid off monthly rather than having option to carry balances forward. these can be better for persons whom have problems with spending money as it will help to deter them from spending large amounts of money in the month as you will need to pay the whole amount back in full.
If you would like further assistance in financial matters please do not hesitate to call us, to find out more information please visit:
http://www.crginsolvency.co.uk/

Administration order
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Administration - this is a court procedure that gives a company some breathing space from any action by creditors. A court can grant an administration order to enable the company to survive, in whole or in part, as an ongoing business; organise a voluntary arrangement or compromise with its creditors or get a better realisation of assets than would be possible if the company went into liquidation. In order to receive an administration order your debts must be small in the eyes of the court , £5000 or less of that amount with a minimum of £750.
If you would like further assistance in financial matters please do not hesitate to call us, to find out more information please visit:
http://www.crginsolvency.co.uk/
Employment
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If you are made redundant by your employer then you still have legal rights as an employee in the UK. You have the right to alternative employment if there are any other jobs in the Company and you are suitable for this work, the right to trial periods for new jobs and the right to time off to look for another job.If you believe you have been unfairly dismissed you may be able to make a tribunal claim against the company.
If you would like further assistance in financial matters please do not hesitate to call us, to find out more information please visit:
http://www.crginsolvency.co.uk/

Statutory Demand
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A statutory demand requires that the debtor:
Pays off the debt owed
Secures the debt against their property
Offer to repay the debt in a way that the creditors agree with
If after 21 days you have not satisfied the creditor they can petition for your bankruptcy.
If you would like further assistance in financial matters please do not hesitate to call us, to find out more information please visit:
http://www.crginsolvency.co.uk/

Liquidation
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This involves the liquidator selling off all the assets of the company in order to raise some finance from the company, once the items have been sold the debt will be paid off and any remaining finance will go to the share holders of the company if applicable. When the process of liquidation has been completed the company ceases to exist and will be struck off the company register.
There are three forms of liquidation

Compulsory Liquidation

This occurs when a company is wound up by an order of the court

Creditors Voluntary Liquidation

Members Voluntary Liquidation

This form of liquidation is used where the company is able to pay it's debts in full, but the members wish to realise their investment.
If you would like further assistance in financial matters please do not hesitate to call us, to find out more information please visit:
http://www.crginsolvency.co.uk/

Mortgage Arrears
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You must ensure that this type of debt is taken care of quickly as this can end up with you and your family being thrown out of your home, contact your lender in order to establish your situation with them, they may offer your a new lower monthly payment option in order for your to be able to pay off the debt without struggling. If it goes to court and the order is passed the lender will have the right to evict your from your property.
If you would like further assistance in financial matters please do not hesitate to call us, to find out more information please visit:
http://www.crginsolvency.co.uk/

Redundancy
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If you are made redundant by your employer then you still have legal rights as an employee in the UK. You have the right to alternative employment if there are any other jobs in the Company and you are suitable for this work, the right to trial periods for new jobs and the right to time off to look for another job.If you believe you have been unfairly dismissed you may be able to make a tribunal claim against the company.
If you would like further assistance in financial matters please do not hesitate to call us, to find out more information please visit:
http://www.crginsolvency.co.uk/

Informal Arrangement
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An informal arrangement is an agreement with the creditors you owe to pay back the loan at a reduced rate in order that you are not struggling to make the repayments, these arrangements are not taken to court but are still a legally binding type of agreement. An informal arrangement is best suited to people with little money coming into the household from a single person or joint income, People in temporary difficulties and those who can only afford a certain amount.
If you would like further assistance in financial matters please do not hesitate to call us, to find out more information please visit:
http://www.crginsolvency.co.uk/

Property Repossession
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This is a extreme measure and will only be undertook if there is no way in which the client can be helped. There are several things the court can decide to go, They can adjourn the hearing until a later date until all data has been gathered on the case, they can also suspend the possession, which means that the order has been granted but the court feels you have a good chance of paying off the amount owed within a reasonable time period, if you do keep up with the repayments they can evict you without going to court. Finally they can also postpone the hearing if they believe that you will be able to repay the debt, if you do not do so they will give you a notice of eviction, if after this you do not move steps will be made to evict you.
If you would like further assistance in financial matters please do not hesitate to call us, to find out more information please visit:
http://www.crginsolvency.co.uk/

Dissolution
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This is the process of taking a company off the company register, the company can only enter dissolution if it meets the following:
The company has not traded for three months; this must be a genuine cessation of trade!

The company has no assets or property or cash at bank.

The creditors must be circulated requesting their permission for the company to be dissolved under this process.

Creditors are given three months to consider the request to dissolve the company and can reject such request.

The company cannot have changed its name in this period.

The company may not have disposed of any property or assets (this may include land and buildings, plant and equipment, debtors and other assets).

If you would like further assistance in financial matters please do not hesitate to call us, to find out more information please visit:
http://www.crginsolvency.co.uk/

Winding up
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Winding up is a way of enforcing a claim after the company has ceased to exist in order to get the moneys owed to them.
If you would like further assistance in financial matters please do not hesitate to call us, to find out more information please visit:
http://www.crginsolvency.co.uk/

Tax Debt
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Many people each year cannot pay there tax, some become very worried that they will be taken to prison but this is unlikely, only a small amount of persons actually are taken to prison over not being able to pay your tax. If you are taken to caught you will need to explain to the court why you have not been paying your taxes. If you fail to turn up you may be taken to prison. Remember not to just ignore these threats it is best to quickly cooperative with the persons appropriate in order to resolve this matter without taking it to court.
If you would like further assistance in financial matters please do not hesitate to call us, to find out more information please visit:
http://www.crginsolvency.co.uk/

Tenant Rights
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You are about to be evicted, what do you do? , well there is no need to panic you are legally entitled to 2 months prior notice of eviction and then a court order must be obtained in order to evict you from the premises after this, so this gives you enough time to look for other premises. In some cases the landlord can take back the property, if for example your lied about yourself to gain residence or you do not keep up with the payments over a long period of time. If you believe that your landlord is evicting you illegally you must report it to your local Citizen Advice Bureau and they could face prosecution.
If you would like further assistance in financial matters please do not hesitate to call us, to find out more information please visit:
http://www.crginsolvency.co.uk/

Land Lord Rights
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The landlord has the right to evict the tenant in several different cases these include:
Rent payments are not kept up with over a long period
Damage to the house
Dishonouring the agreement
House Demolition
In order to evict the tenant you must give them 2 months prior notice and then gain a court order.
If you would like further assistance in financial matters please do not hesitate to call us, to find out more information please visit:
http://www.crginsolvency.co.uk/

Mortgages
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Re-mortgaging your house can be a good way to release the equity in your house and being able to pay off your debts, but remember when doing this you will be repaying the value of your house, so you will still have a mortgage to pay off, try to find a reputable mortgage company with low interest rates, as with when you took out your first mortgage you will have to pay interest on the loan.
If you would like further assistance in financial matters please do not hesitate to call us, to find out more information please visit:
http://www.crginsolvency.co.uk/

Insolvency Act
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Insolvency Act 1994

1994 Chapter c. 7

An Act to amend the Insolvency Act 1986 in relation to contracts of employment adopted by administrators, administrative receivers and certain other receivers; and to make corresponding provision for Northern Ireland.

[24th March 1994]

Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

Administrators: priority of liabilities under adopted contracts of employment.

1.—(1) Section 19 of the [1986 c. 45.] Insolvency Act 1986 (vacation of office) shall be amended as provided by subsections (2) to (6) below.

(2) In subsection (3) (which provides for the next two subsections to apply where a person ceases to be administrator) for "next two" there shall be substituted "following".

(3) In subsection (5) (which provides for certain debts and liabilities incurred during administration, including those incurred under contracts of employment adopted by the administrator, to be charged on the company's property in priority to his remuneration and expenses) the words "or contracts of employment adopted" shall be omitted.

(4) After the first paragraph of that subsection there shall be inserted—
"(6) Any sums payable in respect of liabilities incurred, while he was administrator, under contracts of employment adopted by him or a predecessor of his in the carrying out of his or the predecessor's functions shall, to the extent that the liabilities are qualifying liabilities, be charged on and paid out of any such property as is mentioned in subsection (4) and enjoy the same priority as any sums to which subsection (5) applies."

(5) The second paragraph of that subsection (which provides that an administrator is not to be taken to have adopted a contract of employment by reason of any acts or omissions within 14 days after his appointment) shall become the second paragraph of the subsection inserted by subsection (4) above.

(6) At the end of the section there shall be inserted—
(7) For the purposes of subsection (6), a liability under a contract of employment is a qualifying liability if—
(a) it is a liability to pay a sum by way of wages or salary or contribution to an occupational pension scheme, and
(b) it is in respect of services rendered wholly or partly after the adoption of the contract.
(8) There shall be disregarded for the purposes of subsection (6) so much of any qualifying liability as represents payment in respect of services rendered before the adoption of the contract.
(9) For the purposes of subsections (7) and (8)—
(a) wages or salary payable in respect of a period of holiday or absence from work through sickness or other good cause are deemed to be wages or (as the case may be) salary in respect of services rendered in that period, and
(b) a sum payable in lieu of holiday is deemed to be wages or (as the case may be) salary in respect of services rendered in the period by reference to which the holiday entitlement arose.
(10) In subsection (9)(a), the reference to wages or salary payable in respect of a period of holiday includes any sums which, if they had been paid, would have been treated for the purposes of the enactments relating to social security as earnings in respect of that period."

(7) This section shall have effect in relation to contracts of employment adopted on or after 15th March 1994.

Administrative receivers: extent of personal liability on adopted contracts of employment.

2.—(1) Section 44 of the [1986 c. 45.] Insolvency Act 1986 (personal liability of administrative receiver for certain contracts) shall be amended as provided by subsections (2) and (3) below.

(2) In subsection (1)(b) (liability for contracts of employment adopted in carrying out his functions) after "provides) and" there shall be inserted ", to the extent of any qualifying liability,".

(3) After subsection (2) there shall be inserted—
"(2A) For the purposes of subsection (1)(b), a liability under a contract of employment is a qualifying liability if—
(a) it is a liability to pay a sum by way of wages or salary or contribution to an occupational pension scheme,
(b) it is incurred while the administrative receiver is in office, and
(c) it is in respect of services rendered wholly or partly after the adoption of the contract.
(2 Where a sum payable in respect of a liability which is a qualifying liability for the purposes of subsection (1)(b) is payable in respect of services rendered partly before and partly after the adoption of the contract, liability under subsection (1)(b) shall only extend to so much of the sum as is payable in respect of services rendered after the adoption of the contract.
(2C) For the purposes of subsections (2A) and (2—
(a) wages or salary payable in respect of a period of holiday or absence from work through sickness or other good cause are deemed to be wages or (as the case may be) salary in respect of services rendered in that period, and
(b) a sum payable in lieu of holiday is deemed to be wages or (as the case may be) salary in respect of services rendered in the period by reference to which the holiday entitlement arose.
(2D) In subsection (2C)(a), the reference to wages or salary payable in respect of a period of holiday includes any sums which, if they had been paid, would have been treated for the purposes of the enactments relating to social security as earnings in respect of that period."

(4) This section shall have effect in relation to contracts of employment adopted on or after 15th March 1994.

Receivers (Scotland): extent of personal liability on, and agency in relation to, adopted contracts of employment.

3.—(1) Section 57 of the [1986 c. 45.] Insolvency Act 1986 (agency and personal liability of receiver for certain contracts) shall be amended as provided by subsections (2) to (4) below.

(2) After subsection (1) there shall be inserted—
"(1A) Without prejudice to subsection (1), a receiver is deemed to be the agent of the company in relation to any contract of employment adopted by him in the carrying out of his functions."

(3) In subsection (2) (liability for certain contracts entered into or adopted in carrying out receiver's functions), after "provides, and" there shall be inserted ", to the extent of any qualifying liability,".

(4) After subsection (2) there shall be inserted—
"(2A) For the purposes of subsection (2), a liability under a contract of employment is a qualifying liability if—
(a) it is a liability to pay a sum by way of wages or salary or contribution to an occupational pension scheme,
(b) it is incurred while the receiver is in office, and
(c) it is in respect of services rendered wholly or partly after the adoption of the contract.
(2 Where a sum payable in respect of a liability which is a qualifying liability for the purposes of subsection (2) is payable in respect of services rendered partly before and partly after the adoption of the contract, liability under that subsection shall only extend to so much of the sum as is payable in respect of services rendered after the adoption of the contract.
(2C) For the purposes of subsections (2A) and (2—
(a) wages or salary payable in respect of a period of holiday or absence from work through sickness or other good cause are deemed to be wages or (as the case may be) salary in respect of services rendered in that period, and
(b) a sum payable in lieu of holiday is deemed to be wages or (as the case may be) salary in respect of services rendered in the period by reference to which the holiday entitlement arose.
(2D) In subsection (2C)(a), the reference to wages or salary payable in respect of a period of holiday includes any sums which, if they had been paid, would have been treated for the purposes of the enactments relating to social security as earnings in respect of that period."

(5) This section shall have effect in relation to contracts of employment adopted on or after 15th March 1994.

Corresponding provision for Northern Ireland.

4. Schedule 1 to this Act (which makes provision for Northern Ireland corresponding to that made by sections 1 and 2 above) shall have effect.

Short title, repeals and extent.

5.—(1) This Act may be cited as the Insolvency Act 1994.

(2) The enactments mentioned in Schedule 2 to this Act are hereby repealed to the extent specified in the third column of that Schedule.

(3) The extent of any amendment or repeal of an enactment made by this Act is the same as that of the enactment amended or repealed.
SCHEDULES

SCHEDULE 1
Section 4.

CORRESPONDING PROVISION FOR NORTHERN IRELAND

1.—(1) Article 31 of the [S.I. 1989/2405 (N.I. 19).] Insolvency (Northern Ireland) Order 1989 (vacation of office) shall be amended as follows.

(2) In paragraph (3) (which provides for paragraphs (4) and (5) to apply where a person ceases to be administrator) for "paragraphs (4) and (5)" there shall be substituted "the following paragraphs".

(3) In paragraph (5) (which provides for certain debts and liabilities incurred during administration, including those incurred under contracts of employment adopted by the administrator, to be charged on the company's property in priority to his remuneration and expenses) the words "or contracts of employment adopted" and the words from "and for the purpose" to the end shall be omitted.

(4) At the end there shall be inserted—
"(6) Any sums payable in respect of liabilities incurred, while he was administrator, under contracts of employment adopted by him or a predecessor of his in the carrying out of his or the predecessor's functions shall, to the extent that the liabilities are qualifying liabilities, be charged on and paid out of any such

CRG

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