Insolvency has the capacity to impact upon people from all walks of life. It may have been a safe bet then that gambling expert, Statto, was declared bankrupt when his finances careered out of control.
Statto, AKA Angus Loughran, who made his name on the Baddiel and Skinner Fantasy Football programme in the mid-90's was one of the early casualties of the credit crisis in 2008 when he was declared bankrupt earlier this month. The threat of bankruptcy is something that will loom over record numbers of financially vulnerable individuals in 2008 and those threatened with insolvency, such as Statto, could have avoided bankruptcy by opting for an individual voluntary arrangement.
Insolvency – The Pitfalls of Bankruptcy
Bankruptcy obviously has many financial implications and these can mean making a new financial start is difficult. As such, many who find themselves in a whirlpool of debt will opt for an individual voluntary arrangement as this doesn't have the same ramifications associated with bankruptcy and is a legally binding and structured plan to get your finances back on track and avoid insolvency. As Statto will have found to his detriment, the fact that he has been declared bankrupt means that he will have had the following restrictions placed upon him:
• Can no longer control his assets
• Cannot act as a company director
• Cannot open a new bank account
• Cannot obtain more than £250 credit without disclosing bankruptcy
The above reasons are just a snapshot of the effects of bankruptcy but they are certainly compelling enough for many to opt for an individual voluntary arrangement to restructure their finances and regain a firmer financial footing. Insolvency will affect record numbers in 2008 and this is why an IVA will alleviate the worry of bankruptcy for scores of people in financial strife. This all goes to show that Statto shouldn't have gambled with his finances and opted for an individual voluntary arrangement before bankruptcy became unavoidable.
Talk To Varden Nuttall About Insolvency
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 0870 977 8100 or fill in our online enquiry form.