Insolvency Flashcards
1
Q
What is insolvency?
A
Insolvency occurs when a person or business is unable to pay their debts.
2
Q
What are the options for individuals facing insolvency?
A
Individuals can negotiate with creditors, enter into an Individual Voluntary Arrangement (IVA), or declare bankruptcy.
3
Q
What are the options for companies or LLPs facing insolvency?
A
Companies or LLPs can enter receivership, implement a restructuring plan, undergo administration, enter into a Company Voluntary Arrangement (CVA), seek a moratorium, or proceed with liquidation.
