Q: What are the things required for making Individual Voluntary Arrangements work?
A: It might be important for making different changings to business but if the case is like that the idea of the business that is underlying is considered to be sound and the person has a determination for making it to work as well as succeed then an IVA (Individual Voluntary Arrangement) becomes able to work. Howbeit, if the case is like the business is not supposed to be viable without any concern with the way of its reconstruction, then the option of bankruptcy and other such options are to be considered.
Q: What are the reasons for not just closing the business?
A: If the determination of a person is supposed to be in question or the person is not able to see the way of business to be viable then in such a case the closure of business is very important. There is one thing to be remembered, i.e. if the debts of the business are not able to be paid, the creditors are allowed for pressing for action or for the bankruptcy of the person. The options page should definitely be considered for deciding about the suitable action course. It might be something better for having considered the person’s objectives before the time of making any sort of decision.
Q: Is bankruptcy a better option or not?
A: If the case is like such that the business is not supposed to be viable then there is a possibility for bankruptcy to be a better option. There are some other factors that are also to be considered like refinancing, consolidation of debt, etc. However, the key test is about the viability of the business and the determination of the person. If both these things are going in negative then there is a probability for bankruptcy to be a better as well as sensible option. Before any such decision is made, the objectives and the option of a person are to be considered preferably. Another can be like the person is having some doubts to his/her position currently and about what is needed to be done; in such a case the team must be contacted without any sort of hesitation.
Q: What are Holding Individual Voluntary Arrangements?
A: A holding Individual Voluntary Arrangement has a possibility to be used in the case where the factors like predictability as well as the forecasting are not supposed to be strong enough in the business. It might be the situation for the business to just have a arrived such a point on which the sales are not considered to be at a level that is sensible and it might be taking some of the time before the firm or organization can become profitable. Holding Individual Voluntary Arrangements can also be used in a way for freezing the recent debts till the time when such forecasts which are more realistic, can be made of the ability of the business for repaying those debts. Such an area is considered to be very specialist and the relevant person must take an experienced person’s advice who is considered to be an expert in the field.