Personal Insolvency specialises in working with individuals in financial distress to structure a sustainable financial solution. This is achieved through various means including debt restructuring, individual voluntary arrangements (IVA) and in extreme circumstances filing for bankruptcy. Causes of financial distress can be failure to manage personal debt, or where an individual has a legal financial responsibility for a business that is failing, e.g. unlimited liability companies.

Personal insolvency careers exist in IVA factories (which tend to focus more on personal loan driven debt solutions), insolvency businesses and public practice firms that have an insolvency division.

Is it for you?
Personal insolvency is financially rewarding and also very personally rewarding by helping individuals get back on their financial feet. Skills needed are excellent communication, diplomacy, attention to detail the ability to multi task as you will have to handle a high volume of cases.

Career Prospects
Entry point roles can be quite administrative, but quickly grow to get more involved in drafting agreements before finalising them for the insolvency practitioners sign off. You can progress through supervisory ranks to management and/or obtain the relevant qualifications to become a fully licensed insolvency practitioner.