Sole Proprietor Voluntary Bankruptcy

Thinking of a Sole Proprietor Voluntary Bankruptcy? What Are The Options?

A sole proprietor voluntary bankruptcy may describe a case where an individual who declares bankruptcy is also the owner of a small business which is failing, or has failed, for one reason or another.

Sole proprietor voluntary bankruptcy involves the procedure by which the business-owning debtor begins proceedings to declare themselves bankrupt (as opposed to a creditor’s bankruptcy, where a creditor applies to make a debtor bankrupt).

Actually there are a number of options for businesses which are not limited companies to take action in the face of cash crises. One of these is an Individual Voluntary Arrangement (or IVA) which allows the owner of the business to write off the bulk of his or her debts and then to repay the remainder over a number of years. The IVA is favoured also by creditors as this provides a legal instrument for repaying debt which would otherwise not be possible because of the burden of the debt upon the debtor.

IVAs are also popular with people owing money because they provide for an immediate (and sometimes proportionally very large) reduction in the debt, followed by a repayment plan which is both manageable and non-invasive to the business’s operations and cash flow.

A sole proprietor voluntary bankruptcy, it can be seen, is not the only alternative that may be taken by business owners in this situation, but bankruptcy itself may well be the best solution if no other option is possible.

The important thing is to act early; the options which are available now may not be available later on.

If you would like to talk about sole proprietor voluntary bankruptcy to a specialist with 17 years corporate insolvency experience then enter your details into the web form below for a no-obligation chat.

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