Practical Insolvency.  Icebreaker  Half of that? (www.riddles.com)www.riddles.com  You are 8 metres away from the door. With each move, you advance.

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Presentation transcript:

Practical Insolvency

 Icebreaker  Half of that? (  You are 8 metres away from the door. With each move, you advance half the distance to the door. How many moves will it take to reach the door? Click for answer  You will never reach the door – no matter how many moves, you only ever move half the distance towards it.

 To look at insolvency procedures – NAP, SIOs & bankruptcy  To look at a Statement of Affairs  To look at an insolvency case study

 Who are the ITS?  What services to do they provide? (1 point per answer up to 5 answers)  What is a budget adviser’s role in insolvency? (1 point per answer up to 5 answers)  What are the main insolvency procedures?

◦ If I have debts of $38,000, a car worth $2500 (not on contract) and no means of repayment, which insolvency procedure am I eligible for? ◦ If I have debts of $38,000 (some secured and some unsecured but no mortgage); a salary of $60,000 with $200 per week surplus (assuming I’m not paying any of my debts) – what would you advise?

 Consider Bob’s application. Examine it closely.  What procedure has Bob applied for?  What are the problems, if any with his application?  What advice would you give Bob?  What else does he need to consider?  Has anything been omitted?