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Individual Procedures

Individual Procedures

In this situation, an individual enters into an agreement with their creditors to repay some or all of their outstanding debts. These amounts will be paid to the Supervisor of the IVA who carries out the terms of the arrangement.


An order for bankruptcy is made against an individual who is unable to pay his/her debts. A creditor, or the individual can instigate the bankruptcy order. The Official Receiver is initially appointed Trustee of the estate and the assets of the bankrupt vest with the Trustee. The Trustee realises the assets and takes responsibility for distributing funds to creditors.

Sole Trader

Sole trader businesses have the options of Individual Voluntary Arrangement, Bankruptcy, or sometimes Liquidation.

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The Timothy James Partnership

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Insolvency Practitioners Association
About Us

We are an independent firm of specialist Licensed Insolvency Practitioners located in Bromsgrove, Worcestershire.

At The Timothy James Partnership, we work very closely with local businesses and professionals, providing guidance on formal insolvency procedures and advice on restructuring businesses.

We recognise that at times, companies find themselves in difficult financial circumstances and our aim is to provide practical solutions in these situations.