Live Recoveries was approached by an individual who traded in the financial services sector.
He had a number of outstanding liabilities resulting from the liquidation of a separate company, for which a number of personal guarantees had been provided. The individual received a bankruptcy petition from one of his creditors and was concerned that given his sector of work that he would no longer be able to trade under the rules of his professional body.
The individual wished to propose an Individual Voluntary Arrangement to his creditors and approached Live Recoveries with a view to appointing a Nominee.
Live Recoveries assisted in providing advice based upon the individual’s creditors and his assets and liabilities and future income. The individual’s Voluntary Arrangement was approved, personal bankruptcy was thus avoided, the individual was able to continue trading on his own account and the arrangement was completed to the satisfaction of his creditors.