Personal Insolvency
When things don’t go to plan, we can advise on all Personal Insolvency matters.
Our Services
For some individuals facing debt problems, bankruptcy is the only option for them and offers a clean break to restart their lives.
The process is initiated by either a creditor or the individual themselves, presenting a bankruptcy petition. All of your assets, excluding everyday household goods and any tools of trade, are then placed in the hands of your trustee. The trustee will be the Official Receiver or an Insolvency Practitioner.
Insolvency Practitioners at Oury Clark are often instructed to act as Trustees in Bankruptcy by creditors who are looking to recover assets they consider have not been disclosed or may have been sold at an under-value. Our dedicated investigations team work to trace these assets and recover them for the benefit of creditors.
This is often the preferred alternative to bankruptcy for individuals in financial difficulty. An IVA is a formal and legally binding contract an individual enters into with their creditors and details how your debts are going to be dealt with. You will need to instruct an insolvency practitioner to oversee the whole process for you.
We initially work with you to prepare a proposal for your creditors to consider. Subject to your means, you will agree to repay your liabilities either in part or in full, over a period of time (typically 3-5 years).
We will assist you in the drafting of your proposal to ensure it has the best chance of being approved by your creditors and that it is fair and reasonable.
The formal part of the process involves arranging a decision process for your creditors vote on accepting the proposal. You require 75% of your creditors (by value of their debt) to support the proposal.
On the assumption that the proposal is approved, we normally take the role of Supervisor of the Arrangement to ensure that the terms are adhered to and distributions are paid to creditors.
We can provide advice to any individual facing financial difficulties, this can be in relation to negotiating with creditors, working on cash flow forecasts or a dispute resolution.
Lending to the SME market is generally supported by personal guarantees provided by the company directors or shareholders. When a business does fall into an insolvency process the lenders will often look to pursue the directors/shareholders under the terms of the guarantee provided.
If you are concerned about the terms of the guarantee you have entered into or would like advice on negotiating with a lender regarding the repayment of debt under a guarantee, please get in contact with our insolvency professionals who have the relevant knowledge and experience to assist you.
For some individuals facing debt problems, bankruptcy is the only option for them and offers a clean break to restart their lives.
The process is initiated by either a creditor or the individual themselves, presenting a bankruptcy petition. All of your assets, excluding everyday household goods and any tools of trade, are then placed in the hands of your trustee. The trustee will be the Official Receiver or an Insolvency Practitioner.
Insolvency Practitioners at Oury Clark are often instructed to act as Trustees in Bankruptcy by creditors who are looking to recover assets they consider have not been disclosed or may have been sold at an under-value. Our dedicated investigations team work to trace these assets and recover them for the benefit of creditors.
This is often the preferred alternative to bankruptcy for individuals in financial difficulty. An IVA is a formal and legally binding contract an individual enters into with their creditors and details how your debts are going to be dealt with. You will need to instruct an insolvency practitioner to oversee the whole process for you.
We initially work with you to prepare a proposal for your creditors to consider. Subject to your means, you will agree to repay your liabilities either in part or in full, over a period of time (typically 3-5 years).
We will assist you in the drafting of your proposal to ensure it has the best chance of being approved by your creditors and that it is fair and reasonable.
The formal part of the process involves arranging a decision process for your creditors vote on accepting the proposal. You require 75% of your creditors (by value of their debt) to support the proposal.
On the assumption that the proposal is approved, we normally take the role of Supervisor of the Arrangement to ensure that the terms are adhered to and distributions are paid to creditors.
We can provide advice to any individual facing financial difficulties, this can be in relation to negotiating with creditors, working on cash flow forecasts or a dispute resolution.
Lending to the SME market is generally supported by personal guarantees provided by the company directors or shareholders. When a business does fall into an insolvency process the lenders will often look to pursue the directors/shareholders under the terms of the guarantee provided.
If you are concerned about the terms of the guarantee you have entered into or would like advice on negotiating with a lender regarding the repayment of debt under a guarantee, please get in contact with our insolvency professionals who have the relevant knowledge and experience to assist you.
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Oury Clark has provided all of the advice we’ve needed to set up our UK operation from New Zealand without disruption or delay. They’re not only competent, they’re highly responsive which has made the exercise infinitely easier than we imagined. We would not hesitate to recommend them for any international business wanting to establish a presence in the UK.
We engaged with Oury Clark to expand our business into the UK. I have no hesitations in recommending OC to any company looking for professional services. They have been a key strategic driver in our expansion, with quality communication, timely service, and world-class support. I recommend any business looking for professional services they can have confidence in, to partner with Oury Clark.
I have been working with Nick Parsk and his team at Oury Clark on a company liquidation, they have been so professional throughout. They provide clear and concise advice, they are always reactive to questions and have made everything feel straightforward. I can’t recommend them enough if you need highly experienced advice, guidance and exceptional service. Oury Clark is outstanding in every way.
We have been consistently impressed with the speed and quality of Oury Clark’s help and advice since we switched from a different firm of accountants in 2022. We know we can rely on Oury Clark as our business grows and expands into new markets.
We are very lucky to have the Oury Clark team as a major service partner using multiple services to support our company. Their advice and legal counsel has always been our first port of call, with confidence we are able to navigate complex issues and find resolution knowing we have the backing of a strong partner.
The team are very approachable and make sure all team members are firstly heard as well as understand issues and consequences. No problem has ever been too big or small for the team. I would highly recommend the entire service suite of Oury Clark especially if you are looking for a partner who cares about your company and your team.
I wanted to express my view of Oury Clark and particularly Nick Parsk.
Throughout my dealings, Oury Clark has been a pleasure to work with from the very first contact we made with the team. All staff members are friendly, quick to respond and provide sound advice. The team showed great care and professionalism towards our business. I highly recommend Nick Parsk and his team at Oury Clark. Nick has provided a combination of excellent service, accurate and timely advice, plus the trust of knowing that they “have our back”, leads me to recommend Nick and his team without hesitation.
As the SVP of People for a fast-growing tech company with employees in the U.S., Canada, as we launched our new office in the UK, I needed a partner in the UK who is nimble, savvy, and knowledgeable. My team did their research and spoke to a number of companies in the global employment space and Oury Clark came out on top. As promised during our initial meetings, in the 18 months since we signed, the partnership has been incredibly successful. Our payroll is flawless, our benefits are competitive and easy to onboard, and all of our employment matters have been addressed with a pragmatic and skilled approach. They’re highly responsive – I never have to wait more than a business day for a response and I’m a full day behind in time zones. I recommend them without reservations!
The collaboration with Oury Clark is going perfectly for us. Especially if you are not familiar with the labour law of a country, you need a reliable and competent partner, which we have found in Oury Clark. In addition to the competent and comprehensive guidance as well as the holistic service, our contact persons are always very friendly and helpful at all times.
The team at Oury Clark has been instrumental with our business set up and expansion into the UK from our base in Australia. The experience, knowledge and peace of mind the team brings allow us to focus on our core business while still gaining insight from a trusted source on how to operate in a new market.
We just finished a lengthy tax situation that Oury handled for us. They were amazing, as it took three months, covered a lot of financial ground but Oury was there every step of the way advising us. Our email questions/Zoom calls were helpful and timely. We were so impressed with their service we are continuing our relationship with tax reporting in the future. Thank you Emma and a special thanks to Matthew also!
Despite continually shifting sands, the OC (Philippa?) team helped us navigate with their clear steer and perspective, enabling us to land the investment within a very tight deadline.
Approachable, pragmatic, dedicated, and responsive. What more could you ask for?!
Oury Clark provided a really fantastic service on my MVL. Everything went very smoothly and I really appreciated their attention to detail and most importantly their flexibility to cope with the unique challenges of my business. I would strongly recommend them!
Being a small business it’s important to us that our partners are equally nimble and able to advise on the twists and turns of running a startup. That’s exactly what we get from Oury Clark – the team are efficient, creative and always professional to work with”
I have had a pleasure of working with Nick Parsk from Oury Clark on a number of transactions, and have always found them to be very professional, but most of all their deep and broad understanding of all issues not just from a technical point of view, but also commercial, is what sets them apart in my view. I can not recommend them enough,
Oury Clark have been supporting the First AML business operations since we entered the UK market in early 2022. Their guidance and assistance throughout our launch was thorough, and they continue to support our business across a variety of functions, always providing high-quality advice. Oury Clark are reliable, and we would highly recommend their team.
Oury Clark has been a pleasure to work with from the very first contact we made with the team. All staff members are friendly, quick to respond and provide sound advice. The team shows care towards our business and no question is too small or big. I highly recommend the team at Oury Clark.
Oury Clark has been a pleasure to work with from the very first contact we made with the team. All staff members are friendly, quick to respond and provide sound advice. The team shows care towards our business and no question is too small or big. I highly recommend the team at Oury Clark.
Oury Clark has a unique setup of having both lawyers and accountants. They are commercially savvy and have done fantastic work for us as a growing start-up.
OC keeps things simple, explain complicated legal concepts without using jargon and make it easy for founders to understand. This has saved us copious amount of time.
We’ve chosen Oury Clark because they take the time to make sure we totally understand everything we are faced with and we sign. Legal negotiations and documents can be often really daunting and overwhelming, especially if one has no previous experience with legal jargon. Philippa/Oury Clark help us understand everything, offer invaluable advice on how to navigate negotiations and ultimately, aid us to efficiently achieve results.
We were introduced to OuryClark in 2015 while contemplating establishing a presence in the UK. They subsequently helped us with all aspects of setting up, which led to a successful market entry and our listing on the LSE AIM market in 2018. It is no exaggeration to say that OuryClark have been invaluable to our international journey. A combination of excellent service, accurate and timely advice, plus the trust in knowing that they “have our back”, leads me to recommend them without hesitation.
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To find your nearest office or get in touch with one of our specialist advisors to see how we can help your business, please go to our contact page.