When financial pressure becomes personal, we are here to help.
If you are facing growing debts, creditor pressure, or uncertainty about your next steps, our experienced Business Recovery and Restructuring team can help you assess your situation and find the best way forward.
Whether your difficulties relate to personal finances or your sole trade business, we’ll provide practical advice, protect your position, and help you make informed decisions – all in complete confidence.
Book a confidential consultation Call us todayPersonal financial solutions
We offer independent advice across all areas of personal and sole trader debt - from formal insolvency appointments to informal arrangements. Every situation is different; we will help you understand which route best fits your circumstances.
Individual Voluntary Arrangement (IVA)
An IVA is a legally binding agreement between you and your creditors that allows you to make affordable monthly payments, usually over five years, or propose a lump-sum arrangement, protecting you from further creditor action.
A successful IVA can help you avoid bankruptcy, and for sole traders it may allow continued trading while resolving historic debts.
Eligibility depends on your financial circumstances. Our licensed insolvency practitioners will assess whether an IVA is suitable for you, explain the implications, and guide you through every step of the process.
Bankruptcy
When a fresh start is the best way forward.
If your debts have become unmanageable, bankruptcy may be the most appropriate option. Bankruptcy can write off most unsecured debts and provide legal protection from creditor pressure.
We will guide you through the process, explain the implications for your personal and business circumstances, and help you prepare for what comes next — with clarity, compassion, and professionalism.
Business closure for sole traders
Bringing your business to a close – the right way.
If you have decided to stop trading, we will help you close your sole trade business properly, settle outstanding debts or assets, manage creditor communication, and meet all legal and tax requirements.
We will provide clear, practical guidance at every step to ensure the process is handled smoothly and compliantly.
Advice and financial review
Clarity before commitment.
If you a’re unsure where to start, we can carry out a confidential financial review – explaining your financial position, your obligations, the options available, and what each means for you.
There is no pressure and no obligation – just clear, supportive guidance.
Debt Relief Order (DRO)
A low-cost route for those with smaller debts and limited assets.
If you owe less than £30,000, have minimal assets, and little spare income, a Debt Relief Order may help you write off qualifying debts after a set period.
Although PKF Smith Cooper does not administer DROs, we can help you understand eligibility and whether it may be suitable for your situation.
Informal options
Taking early action to manage debt before it becomes critical.
If your debts are starting to build but remain manageable, informal solutions may give you breathing space without entering a formal insolvency process.
Options include:
- Informal creditor repayment plans
- Negotiated settlements
- Debt Management Plans via third-party providers
- Budget and cashflow reviews to stabilise finances
While PKF Smith Cooper does not administer DMPs, we can explain how they work, what to watch for, and when a more formal route may be required.
Not sure which option is right for you?
Most people who contact us do not know where to start. You are not expected to. We will explain everything clearly, help you understand your rights and responsibilities, and guide you through each step.
Call us today Book a confidential consultation
Why choose PKF Smith Cooper?
- Large-firm capability with a personal, supportive approach
- Clear, jargon-free advice tailored to your circumstances
- Personalised guidance and expert advice from licensed insolvency practitioners
- Confidential, compassionate guidance throughout
- Support for both personal and business-related financial issues
- Backed by the wider PKF Smith Cooper network for tax and advisory insight
“PKF Smith Cooper supported me through one of the most difficult periods of my life. They explained everything clearly and helped me choose the right route. I finally felt like someone understood what I was going through.”
- Individual client, Nottingham
