Personal Insolvency
FGS offers a specialist service to individuals and company directors who may be experiencing personal financial problems that need professional intervention.
Examples include individuals who have overstretched themselves in their personal property investments, or who are dealing with the financial fallout from a marital breakdown.
At FGS we have a well established reputation for liaising between our clients and the banks and other financial institutions in resolving these sensitive and problematic cases.
As with our work in corporate restructuring, the key to resolving personal financial difficulties is to get advice in time. If you are under severe personal financial difficulties the situation may seem desperate, but FGS's experts can usually find a negotiable solution. This is based on a pragmatic approach that involves an assessment of:
- All existing assets and debts
- The potential for debt restructuring
- The willingness of creditors to negotiate settlements
- Avoidable personal spending
- Other lifestyle issues that need to be considered
Bankruptcies and voluntary arrangements
In situations where no other solution is viable, FGS can assist clients to negotiate the process of declaring themselves bankrupt.
In Northern Ireland we act as "Trustee in Bankruptcy", where we realise personal assets and use proceeds of sales to pay dividends to the bankrupt individual's creditors.
We also act in "Individual Voluntary Arrangements", which is akin to an individual version of limited company liquidation.
Related links
For details on related services see: