7/25/2019 Consequences of Insolvency

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Consequences Of Insolvency

Insolvency is a common problem faced by any businessman, and it can

be overcome by very systematic planning and following a disciplined

procedure. It is important to remain patient during this time due to the

heavy consequences it poses to you, legally. You could contact a debt

manager who provides you a detailed account on the procedure you might

have to follow and the consequences you may face during insolvency.

The consequence may be severe or mild depending on the intensity of

insolvency you face. You may have to let go of all your properties and

your company, if you fail to make a deal in accordance with the

insolvency act. You may also have to pay up additional money or

mortgage more of your properties in cases where the value of your debts

increase the value of the properties you had put up for collateral security.