Your options explained.

You have more options than you think

When money trouble turns serious, it’s easy to feel there’s only one road ahead. In reality there are several, and which one is right depends entirely on the detail of your situation — how far things have gone, whether it’s you personally or a company, and what you’re trying to protect. This guide sets out, in plain English, the kinds of options that exist. It is general information, not advice on your own case.

Before anything formal

The earlier you act, the more choices you keep. Long before any formal process, there is often room to buy breathing space, agree realistic arrangements with creditors, and get a clear plan in place. Many situations never need to become formal at all if they’re handled calmly and early.

If you’re an individual

For individuals, the formal routes include bankruptcy and various arrangements with creditors. Each has very different consequences for your assets, your home and your future, and some involve a licensed insolvency practitioner. The right choice is rarely obvious from the outside, which is why understanding them properly — before you commit to anything — matters so much.

If it’s a company

For companies, the options range from informal arrangements and restructuring through to formal procedures such as administration, a company voluntary arrangement, or liquidation. Again, each has different implications for the business, its directors and its creditors, and the formal procedures are carried out by a licensed insolvency practitioner.

Where Consult Hamill fits

We are not an insolvency practitioner and we don’t administer these procedures. What we do is help you understand where you stand and what your realistic options are, calmly and without jargon — and then work alongside the insolvency practitioner and your own accountant so the process runs smoothly and your position is protected.

Sensible first steps

Don’t panic, and don’t ignore the letters. Get the whole picture reviewed before you commit to anything, and take advice early while you still have choices. A single calm conversation is often all it takes to see the way forward.

General guidance only, not legal or financial advice, and not a substitute for advice on your own situation. Outcomes cannot be guaranteed. Consult Hamill is not an insolvency practitioner or a solicitor. Strictly private and confidential.