Phoenix Business Services

Who are Phoenix Business Services?
Established over 15 years ago, our team have over 140 years combined banking, commercial accounting and insolvency/business restructuring experience, dealing with banks, financial institutions, business angels, and specialise in assisting businesses experiencing cash-flow problems and difficult trading conditions. Members of our team have been in the position of running businesses suffering financial difficulties, and therefore fully appreciate the particular stresses and anxiety such a situation create.
Is bankruptcy the only solution?
There are alternatives such as debt management proposals or an IVA, but these are generally only appropriate if you have substantial assets or special trading circumstances. The new bankruptcy legislation was introduced to help individuals recover from overwhelming debt situations i.e. to give those with genuine cases of financial hardship the opportunity to be free of their debts. It is our experience that, in the vast majority of cases, bankruptcy is the best solution.
Will my debts really be written-off?
Yes. All your unsecured debts e.g. loans, credit/store cards, tax arrears etc., will be written-off. You will be under no obligation to make any payments, which in our experience will save many hundreds of pounds every month that most people are currently paying to their old creditors. Any debts secured, such as a mortgage, will continue, although any shortfall can be written-off. In an IVA, you would be obliged to continue to make regular monthly payments every month for 5 years...
What are the cons of bankruptcy?
There are certain restrictions placed on a bankrupt for 12 months. A bankrupt cannot be a director of a limited company without leave of the court, nor can a bankrupt trade in any name other than his own. A bankrupt is also not allowed to obtain credit over £500 without first disclosing that he is a bankrupt. If you are in employment, or indeed unemployed and receiving benefits, then there is no affect whatsoever. There are many myths about bankruptcy, most of them false! You'll keep your job, or continue to trade, you can have a bank account and a credit card, and you will not automatically lose your home.
Will I lose my home?
Normally not, If you live in rented accommodation, or have negative equity (i.e. your home is worth less than you owe to mortgagees), you will be unaffected. If you do have equity, then we will help you to swiftly transfer your share of the equity to your spouse or family member for as low a price as possible, meaning that your family home will be safe. We have access to finance to enable your spouse or family to buy your share within 24 hours.
What's the cost?
£250 plus court costs. Our fee is fixed at £250, with no hidden charges or extras. The court fees are £510. If you want us to attend court with you, our total fee will be £400.