Business Survival Guides

Free Business Survival Guides

Helping your business in difficult times

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Help for Directors

All businesses face the occasional financial crisis but when they become a critical problem you need to know exactly where you stand. In our help for directors section, you will find specific information for answering your questions around if you are insolvent, what you need to do if you are and how it will affect you.

Creditors Voluntary Liquidation

What is known as Creditors Voluntary Liquidation is the process that most businesses must go through if they are insolvent. It can be a difficult time for everyone involved, so we have created this special section of our site to give you the important facts about CVLs in a clear and down to earth way so you can see where you stand.

Members Voluntary Liquidation

This is when your company is still solvent, but you (and your fellow directors) decide it is time to call it a day and retire or move on to the next stage of your lives.  With an MVL, you will release the assets and use these funds to pay off the creditors before returning the remaining funds to the shareholders.

Personal Bankruptcy

Personal Bankruptcy

Making the best of a difficult situation
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Personal Bankruptcy

What is bankruptcy?

You’re declared bankrupt if you’re unable to pay off your debts.

How does this happen?

There are three distinct ways in which you might find yourself declared bankrupt.

  1. Having decided that you can’t pay off your debts, you can apply for your own bankruptcy.
  2. A creditor to whom you owe at least £5,000 can petition for you to be declared bankrupt.
  3. More rarely - if you’re in an Individual Voluntary Arrangement and find yourself unable to pay what’s due, then the IVA’s supervisor might petition for bankruptcy.

How we help

What does personal bankruptcy mean for me?


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Individual Voluntary Arrangements | Smart Business Recovery

What is an Individual Voluntary Arrangement (IVA) This happens when you agree with your creditors a payment plan.  This legally binding proposal is ... more

Personal Insolvency Advice Links

Dealing with personal debt issues can be very difficult and therefore we strongly recommend that individuals look at taking advice from a number of ... more

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Find out more about how we can support you through the difficult and stressful process of personal bankruptcy. We’re here to help with clear, straightforward, empathetic support.

Call us on 0116 2325117 (Leicester), 01926 671891 (Warwick), 02476 017639 (Coventry), 01604 263179 (Northampton) or email us on