For over half of his life Ashok has been enmeshed in insolvency practice, primarily dealing with successful people who suddenly found themselves at the wrong end of success. When that happens - you don't need an IP preaching the rules and regulations of Insolvency - but you need a skilled practitioner to get you on your feet again.
After qualifying, Ashok commenced his business career in 1979 when he accidently took an appointment as Liquidator of a large transport company snared by every problem a liquidator could face. That case helped to shape a successful insolvency practice that has thrived for 40 years and a practice that has taken Ashok to every corner of the country advising clients on the best way forward.
After qualifying, Ashok commenced his business career in 1979 when he accidently took an appointment as Liquidator of a large transport company snared by every problem a liquidator could face. That case helped to shape a successful insolvency practice that has thrived for 40 years and a practice that has taken Ashok to every corner of the country advising clients on the best way forward.
Services
A Members Voluntary Liquidation (MVL) procedure is used when the Company is solvent. A company is solvent if by definition it has sufficient assets enough to settle all liabilities in full plus any statutory interest to be paid within a given period of less than 12 months. Although the process relates to solvent companies, it must be managed by a licensed insolvency practitioner.
If the Company has ceased to trade and has no assets or liabilities, then you may apply to Companies House for the Company to be struck off the register. This procedure should be used as an alternative to formal insolvency procedure when this is appropriate. You should be aware that for six years after dissolution, a creditor could restore your company if they have a valid reason.
An Individual Voluntary Arrangement (IVA) is a formal, legally-binding debt solution plan. It is an alternative to bankruptcy for individuals who are struggling to repay their debts. An IVA is an arrangement made between you and your creditors that most commonly, allows you to pay one affordable monthly sum, which will then be distributed to your unsecured creditors on a pro-rata basis.
As well as self-application for bankruptcy, someone to whom you owe money (a creditor) can apply to make you bankrupt, even if you don't want them to. For a creditor to make you bankrupt, you must owe at least 5,000. However, bankruptcy may not be your only option and it may not be the best one for you.
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