Personal Insolvency can take many forms and there are several options if you are suffering from extreme personal cash flow problems and cannot pay your debts.
Bankruptcy is a form of insolvency, that is, a declaration that you are insolvent.
Individual Voluntary Arrangement (IVA)
An IVA is a formal alternative for individuals wishing to avoid bankruptcy.
Partnership Voluntary Arrangement (PVA)
Partnership Voluntary Arrangement is an agreement with unsecured creditors to repay a proportion of business debts.