• TELEPHONE: +44 1628 665432
  • EMAIL: services@eacotts.com


Eric Brightwell, one of our former partners, has been an insolvency practitioner for over 30 years and can deal with all aspects of recovery and insolvency for individuals in financial difficulties. Drawing on his extensive knowledge and experience, he can provide a range of solutions for those with debt problems.

In all cases we recommend an early consultation in order to improve the outcome and keep the widest range of options available. Involvement at an early stage is necessary to enable any advisor to take a proactive approach.

Services for individuals with debt problems

Personal insolvency is on the increase and this has attracted many punters offering a quick solution. However, be warned that only a licensed insolvency practitioner can offer independent advice on all of the aspects involved and provide a complete solution to your financial problems. As well as assisting with non-statutory procedures, Eric can assist with either of the following formal procedures

  • Individual Voluntary Arrangement ( IVA ):¬†initiated by the individual in order to propose a settlement of all their unsecured debts by part payment out of future surplus income, usually over a 5-year period, or by funds introduced by a third party, or by the sale or remortgaging of an asset such as the home. In order to succeed, the proposal requires the acceptance of 75% of those creditors voting on the proposal.
  • Bankruptcy:¬†a Court procedure which is usually instigated by an aggrieved creditor serving a statutory demand and then a bankruptcy petition on the individual in respect of an overdue debt. Once the petition is served there are legal restrictions on those transactions which are allowed to take place. The Official Receiver acts as the initial Trustee and will interview the Debtor. With the support of the creditors, a professional insolvency practitioner can be appointed as Trustee to take over dealing with the assets and agreeing creditors’ claims.