Personal Insolvency

Personal financial difficulties are stressful and difficult to manage for both individuals and their creditors. They impact all aspects of life and can quickly escalate if not dealt with effectively and appropriately.

Our dedicated team of insolvency professionals provides advice, guidance, and support to all stakeholders to maximize recoveries.

We can assist throughout the following personal insolvency processes:


Bankruptcy is often the last resort in relation to debt recovery, but in many situations, it can be an effective procedure to repay creditors.

We leverage the extensive powers afforded to a trustee in bankruptcy to investigate the debtor’s complete financial circumstances, recover assets and maximise returns to creditors.

Where the debtor has transferred assets, sought to mask their true financial position, or placed assets beyond the reach of creditors, our cross-border and contentious insolvency capabilities allow us to navigate such complex situations, which often span multiple jurisdictions to deliver results.

With the support of our forensic investigations and intelligence colleagues, Kroll is uniquely positioned to provide a comprehensive set of solutions with regard to tracing, protecting and recovering assets for the benefit of the estate, both in the UK and overseas.

All bankruptcy cases are trustee-led and overseen by a senior team member. We endeavor to provide prompt, inciteful reporting to creditors, which explains the prospects of recovery in clear concise terms.

We also provide:

  • In-house training and support
  • Pre-action asset recovery reports in the UK and overseas
  • Reviews and recommendations in relation to voluntary arrangement proposals
  • Recovery advice and support in relation to debt ledgers/personal guarantee portfolios

Voluntary Arrangements

A voluntary arrangement is a legally binding repayment agreement between a debtor and creditors and is often used as a procedure to avoid bankruptcy and provide creditors with an optimized return.

The basis of a repayment proposal can take many forms such as monthly contributions over a set time frame, sale of property or third-party lumpsum payments, and durations can vary. It depends on what assets are available and whether the general body of creditors would be inclined to support the offer.

For a voluntary arrangement to be successful, both debtor and creditors need to be incentivized. Our specialists are available to explain the process, discuss the alternatives and advise what is likely to be acceptable to creditors.

A voluntary arrangement can be proposed by an individual (IVA), a partnership (PVA) or a company (CVA).

As your trusted advisor, we will offer bespoke recommendations to you based on your unique set of circumstances.

Insolvent Deceased Estates

When a person dies and there is a concern that their estate is or may be insolvent, the executor may not want to deal with the estate for the fear of personal liability. While this can often leave an estate in a limbo, a creditor is still entitled to payment if the estate has assets.

An Insolvency Administration Order can be obtained from the court, which means that the administration of the estate is dealt with by a trustee who can realise assets and distribute them to creditors.

A trustee can also look to recover assets that may have passed to a surviving spouse in accordance with the survivorship principles, meaning enhanced recoveries for the benefit of creditors. If there is a surplus, then this is passed to the executors to distribute to the beneficiaries in accordance with the will.

If you are an executor or a creditor of an estate, then contact us to understand the options and implications available.

Stay Ahead with Kroll

Corporate Insolvency

Find out how the insolvency process can be used as a tool to restructure a business and its liabilities to provide a stronger financial footing.

Cross Border and Contentious Insolvency

Debt Solutions

Debt Solutions include Individual Voluntary Arrangement, Debt Management Plan, Debt Relief Order and Bankruptcy.

Cash Flow Management

Kroll can help you identify cash pressure and maximize the options available to your business. Read more.

Lender and Creditor Management

Kroll can help you and your business manage the relationship between your creditors and lenders.

Customer and Supplier Disputes Management

Kroll helps companies resolve disputes with their customers and suppliers.

Business Transformation