Important announcement regarding Varden Nuttall
Varden Nuttall Limited (‘the Company’) was placed into Administration on 24 March 2016.
The Joint Administrators, Paul Boyle of Harrisons Business Recovery and Insolvency Limited and Phil Pierce of FRP Advisory LLP, act as agents of the Company and without personal liability. Paul Boyle and Phil Pierce are licensed by the Institute of Chartered Accountants of England and Wales, all Joint Administrators are bound by the Insolvency Code of Ethics.
Debt Solutions | Bankruptcy
Bankruptcy vs IVA
There are a number of significant differences between an IVA and bankruptcy which should be carefully considered. With personal insolvencies on the rise – many more people are finding themselves in financial difficulty.
|Duration||Discharge from bankruptcy is normally after 12 months. However the Official Receiver can impose restrictions which may last as long as 15 years. Additionally, an income payments order/agreement can be imposed for up to 3 years.||Normally 5 years|
|Loss of assets||Can force the sale of your home, although often the option of equity release is preferred||Equity Release may be required, though loss of home is extremely unlikely|
|Publicity||Appears in the Insolvency Register and London Gazette. May be displayed in local press at the discretion of the Official Receiver||Appears in the Insolvency Register.|
|Effect on career||Individuals are barred from taking certain positions such as Directorships, MP or certain financial positions.||Certain organisations may not employ an individual with an IVA, although in reality these would be very few.|
Both IVA’s and Bankruptcies will be in your credit file for 6 years, so both options will impact significantly on future opportunities to obtain credit. Further to that, should you default on your IVA , there may be a requirement to file for bankruptcy, again this is less frequent than in previous years.