Exodus Insolvency are experts in insolvency with years of experience, allowing us to provide expert assistance for a wide range of insolvency issues across various industries. We are here to help you navigate the process with compassion and professionalism, regardless of the position you are in.
At Exodus Insolvency, every client we help means a great deal to our company. Our team is committed to providing professional guidance and handling all insolvency matters with the utmost care and attention.
Our specialist team deal with a wide range of personal and commercial insolvency issues with friendly, straight forward advice.
Exodus Insolvency is a UK-based company that provides debt advice, debt management plans, and other debt solutions to individuals and businesses struggling with financial difficulties. They can help anyone who is experiencing financial problems, such as:
Individuals who are struggling with personal debt, including credit card debt, loan repayments, and other unsecured debts.
Business owners who are facing financial difficulties, including cash flow problems, creditor pressure, and insolvency issues.
Individuals and business owners who need assistance with negotiating with creditors, such as requesting payment holidays, interest freezes, or reduced payment plans.
It's normal for our clients to have questions & concerns when they first come to us and it's essential that we put their mind at ease. Here we've pulled together some of those frequently asked questions so you have the answers at your fingertips.
Insolvency refers to a financial state where an individual or company is unable to pay their debts as they fall due or when their liabilities exceed their assets.
Insolvency can happen due to various reasons such as poor financial management, economic downturn, high levels of debt, unexpected events, or a combination of factors. Insolvency is a legal concept, and in the UK, there are laws that govern insolvency proceedings to protect the rights of creditors and debtors.
There are a number of options available to a company or individual facing insolvency and therefore it is important to speak to a professional and skilled such as Exodus as soon as you start to experience financial difficulties.
Insolvency can have a significant impact on an individual’s credit rating. A credit rating is a measure of an individual’s creditworthiness, and it is used by lenders to assess the risk of lending money to them. The impact of insolvency on an individual’s credit rating can vary depending on the specific circumstances of the case, but generally, it can affect both your credit score and your credit history.
Insolvency is likely to have a negative impact on an individual’s credit score, which A lower credit score can make it more difficult to obtain credit in the future or may result in higher interest rates and fees.
It’s important to note that while insolvency can have a significant impact on an individual’s credit rating, it is not necessarily permanent. With time and responsible financial behaviour, an individual can improve their credit rating and demonstrate their creditworthiness to lenders.
If you are facing insolvency, there are several options available to you depending on your specific situation.
You may be able to negotiate with your creditors to restructure your debt, lower interest rates, or reduce payments. Be honest and transparent with your creditors about your financial situation, and see if they are willing to work with you to find a solution.
You can consider debt consolidation to combine multiple debts into a single, more manageable payment. This can make it easier to keep track of your debt and may lower your interest rates.
Or you can file for formal insolvency proceedings, such as bankruptcy or liquidation.
Each option has its own advantages and disadvantages, and what works best for you will depend on your specific situation. It’s important to carefully consider your options and seek professional advice before making any decisions.
Liquidation and voluntary administration are both formal insolvency processes that can be used when a company is facing financial difficulties, but they each serve a different purpose.
Liquidation is a legal process that involves winding up a company’s affairs, selling its assets, and distributing the proceeds to its creditors. This process can be initiated by the company itself or by a court order when the company is unable to pay its debts as they become due. Liquidation is often used as a last resort when a company is insolvent and has no hope of returning to profitability.
Voluntary administration, on the other hand, is a process that allows a company to restructure its affairs and avoid liquidation. It involves appointing an external administrator to take control of the company and develop a plan to deal with its debts and financial difficulties. The company’s creditors must vote to approve the plan, and if it is accepted, the company can continue to operate and pay off its debts over time.
The main difference between liquidation and voluntary administration is that liquidation involves winding up the company and distributing its assets to creditors, while voluntary administration allows the company to continue operating and restructure its affairs to avoid liquidation.
Exodus Insolvency provided me with exceptional service during a very difficult time in my life. Their team of professionals were knowledgeable, compassionate, and understanding throughout the entire process. They helped me navigate the complex world of insolvency and made it much less daunting. I would highly recommend Exodus Insolvency to anyone who is struggling with debt and needs help getting back on track.
I cannot thank Exodus Insolvency enough for the support they provided me and my business. When I realized I was no longer able to keep up with my debts, I was afraid that my business would go bankrupt and that I would lose everything. However, Exodus Insolvency provided me with expert advice and helped me create a realistic plan to manage my debts. With their help, my business was able to survive, and I am now back on the path to financial stability.
Exodus Insolvency is a lifesaver! After struggling for years to pay off my debts, I decided to seek professional help. I am so glad that I found Exodus Insolvency. They were able to negotiate with my creditors and come up with a payment plan that worked for me. Their team was professional, friendly, and always available to answer my questions. Thanks to Exodus Insolvency, I am now debt-free and able to enjoy my life without the constant worry of financial stress.