Insolvency and bankruptcy are something that can happen to anyone which is something that many celebrities in the UK have witnessed first hand. An individual voluntary arrangement is the best way to avoid bankruptcy.
With a massive rise in insolvencies predicted in 2008, it is interesting to note that it is not only low income individuals who are at risk of bankruptcy. Many celebrities both in the UK and USA have gone insolvent in their time. For members of the public in the UK, the best way to tackle unruly debt is in the form of an individual voluntary arrangement.
Individual Voluntary Arrangement – Star Quality
From TV hosts to Hollywood stars, debt is debt and it often has the consequence of bankruptcy. Individual voluntary arrangements are a good means by which to stave off this threat. A step the following celebrities didn't take heed of and who ended up in bankruptcy:
Individual Voluntary Arrangement – Bankrupt #1 – Michael Barrymore
The TV host didn't strike it so lucky when he had to file for bankruptcy in 1977 when a shop he owned went under. In this circumstance, an individual voluntary arrangement could have helped the TV star as they negate the need for bankruptcy and offer a more manageable payment plan.
Individual Voluntary Arrangement – Bankrupt #2 – Kim Basinger
The Hollywood siren, Kim Basinger, is no stranger to bankruptcy when she filed for it in 1993. The reason for her insolvency was as a result of being sued by a Hollywood studio for pulling out of a movie. Anyone who wishes to avoid bankruptcy is increasingly being advised to opt for an individual voluntary arrangement. Unlike debt management plans, they are formal contracts and bound by the Insolvency Act of 1986.
Individual Voluntary Arrangement – Bankrupt #3 – MC Hammer
Unfortunately, for Mr Hammer, his ‘can't touch this' catchphrase didn't apply to his wealth. After amassing a fortune, he squandered his wealth on frivolous purchases and declared himself bankrupt in 1996. An individual voluntary arrangement is a beneficial alternative to filing for bankruptcy as once an IVA has been successfully completed, an individual's credit rating is no longer affected and they will no longer be blacklisted amongst creditors.
Talk To Varden Nuttall About Individual Voluntary Arrangements
Varden Nuttall has been established for over 15 years and is dedicated to helping people in financial difficulty find a debt management solution through an Individual Voluntary Arrangement (IVA). Employing 90 people, including trained and skilled IVA administrators, we are one of the largest IVA companies in the UK and handle over 3% of all IVA applications. To find out more about the company, or to make an appointment to talk about putting an IVA in place, call us today on 0800 031 9802 or fill in our online enquiry form.