Both individuals and companies can make use of other means of restructuring their debt within the insolvency regime. This includes individual voluntary arrangements, company voluntary arrangements, administration and receivership.
When an individual is no longer able to pay their debts when they fall due they may be made “bankrupt”. This can take place voluntarily at the instigation of the individual or by an application to the court by a frustrated creditor. When a company is no longer able to pay it falls due it may be placed into insolvent liquidation. This can take place voluntarily initially via the directors or by a winding up petition from a creditor.