Large liabilities can crystallise and fall on the shoulders of directors of insolvent companies, where personal guarantees have been given to banks, finance companies or key suppliers. Where such liabilities exist we can help the exposed individual to navigate the dangerous waters of personal insolvency and to deal with their liabilities to the (relative) satisfaction of their creditors and at the least threat to their ability to continue in commercial life.

cheap viagra buyThe system in ROI tends to favour the Informal Scheme of Arrangement as a means to avoid Bankruptcy and to reach an acceptable solution with one’s creditors that will enable the debtor to pick up the pieces of commercial life and move on. Not all of The Formal Options available are user-friendly.

Informal Scheme of Arrangement

While there are no rules to dictate what would constitute an acceptable arrangement for creditors, these would tend to fall within the broad parameters that govern the ranking of debts in the formal regimes of both Corporate Liquidation and Personal Bankruptcy:can you buy viagra in dubai

  1. Creditors will generally not accept less as a recovery than they would obtain in Formal Bankruptcy. The better the return and the quicker it comes then the more likely it is that they will support the Arrangement.
  2. The priorities of Secured Creditors and Preferential Creditors are largely the same in Liquidation and in Bankruptcy, so the negotiation of an acceptable scheme will need the expertise of a firm of Accountants with the specialised knowledge of these insolvency regimes.
  3. The number of significant creditors should not be large, so that the process does not become unwieldy.
  4. The success of the Arrangement relies upon full and frank disclosure of the individual’s assets and liabilities.

How Can We Help You?

Edward Walsh & Co. specialises in Insolvency work – we understand the parameters that govern whether a scheme can be made acceptable to creditors and we can explain it clearly to creditors. We can:cheapest generic viagra cialis

  1. Meet with you, without obligation, to assess the range of alternatives available to you.
  2. Advise on the enforceability of personal guarantees in all of the circumstances under which they were set up ore now being called in.
  3. Advise on the interaction of personal guarantees and cross guarantees in group insolvencies.
  4. Draft a Scheme of Arrangement.
  5. Write to your creditors to explain the Scheme of Arrangement and to obtain their agreement.

Formal Options

The path of formal Bankruptcy in Ireland (ROI) is largely out of date and out of step with the current thrust of bankruptcy legislation in countries with similar legal systems – for instance, Great Britain and Northern Ireland (GB/NI). The effects of bankruptcy in ROI, whether voluntarily or involuntarily invoked, can mar the ability of the individual to function effectively in commerce for many years – typically up to twelve years or indefinitely if funds are not available. By contrast, under certain circumstances, a bankrupt can achieve an automatic discharge from bankruptcy in twelve months in GB/NI.

cheap viagra indiaFor this and other reasons, bankruptcy in ROI is sometimes seen as the absolute last resort both for the debtor and his creditors and this is reflected in the historically low numbers of bankruptcies annually – a handful. By contrast they number up to 100,000 annually in GB/NI, where the emphasis is more on drawing a line under a debtor’s financial problems and allowing him to start afresh, rather than what appears to be a more punitive regime in ROI.  One would be advised to try to avoid formal Bankruptcy in its present form at almost all costs, as the regime is very harsh.

cialis pillsThe other formal alternatives – Court Arrangements - Vesting or Non-vesting schemes or the appointment of a Private Trustee to take charge of the assets under a Deed of Arrangement pursuant to the provisions of the Deed of Arrangement Act 1887 – are not as user-friendly as the Voluntary arrangement regimes in GB/NI, but act as, at least, much less traumatic alternatives to formal Bankruptcy.

Deed of Arrangement

This regime was set up under the pre-Independence Deeds of Arrangement Act 1887 and is still available in both ROI and GB/NI, although its functions have been largely superceded in GBNI by the Individual Voluntary Arrangement.  Its Advantages over Bankruptcy are that it requires only a simple majority in number and value of creditors to be effective, it avoids the need to go to Court, it avoids the Court costs of Bankruptcy, and it avoids the restrictions of bankruptcy on one's personal and business dealings.  Its main Disadvantage is that any creditor that is not participating in the scheme can use it as a basis to petition for bankruptcy, so it is advisable that all creditors join in the agreementwhere to buy cialis online in uk.

Court Arrangements

The regime is quite court led, with various meetings and hearings needed to achieve a binding arrangement, and with consequent legal costs.  However, where the alternative may be the far harsher environment of Bankruptcy, the effort would be worth it in order to bind all of one's creditors into the Arrangementcialis canada cheap.

where can i buy viagra online yahooThe Advantages of the Arrangement are that a binding arrangement can be achieved where 60% in number and value of creditors vote to accept the proposal, the court proceedings and costs of Bankruptcy are avoided, the Bankruptcy restrictions are avoided, and the debtor may be enabled to keep his family home.  The Disadvantages are that an unsuccessful proposal may form the basis for a declaration of formal Bankruptcy, also the costs are higher than in an Informal Scheme of Arrangement.

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