COUNSEL ADVISES HIGH NET WORTH CLIENT ON PERSONAL & CORPORATE INSOLVENCY

Counsel: Samuel Okoronkwo Jr

Facts

A High-Net-Worth Individual instructed Samuel Okoronkwo Jr. to advise on issues relating to both personal and corporate insolvency.

Issues

The client, an independent contractor operating via a limited company, was considering a move to permanent employment with a proposed salary of £100,000 per annum. At the time, the client faced substantial liabilities, including a self-assessment tax bill of £50,000 and corporation tax obligations of £40,000. Advice was sought on whether voluntary liquidation of the company could be a viable route to manage these debts.

Advice and Solution

Samuel Jr. provided comprehensive guidance on personal and corporate insolvency options, including the implications of a Company Voluntary Arrangement (CVA) and Individual Voluntary Arrangement (IVA). The client subsequently secured funding to settle the outstanding liabilities prior to commencing permanent employment.

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