Before we can consider the various solutions available for an individual, it is important to first understand what the term insolvent means.
An individual is insolvent when they have insufficient assets to cover their liabilities/debts or are unable to pay debts when they fall due.
Conversely, when there are sufficient assets to cover liabilities or to pay debts as and when they fall due, an individual is solvent.
We can administer different solutions in relation to insolvent individuals in financial difficulty. The following information provides a short summary of the options available: