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How Long Does Insolvency Last?

The quick answer

It depends on what type of insolvency procedure you are in but usually, the insolvency lasts about one year.

In more detail

Insolvency is split into company insolvency (sometimes called corporate insolvency) and personal insolvency.

Company

A company insolvency can be a liquidation, Administration or a Company Voluntary Arrangement (“CVA”).

A liquidation and Administration typically last for one year but can go on for longer if assets still need to be realised or creditor claims agreed.

A Company Voluntary Arrangement can last from one year to five years.

Personal

A bankruptcy usually lasts for one year maximum but can be extended.

The Trustee may be appointed for longer than the bankruptcy period to allow time to realise assets such as a former family home.

An Individual Voluntary Arrangement (“IVA”) last from usually one year to a maximum of five but can be extended further to realise assets.

tip

If you need insolvency advice the earlier you talk to someone like us the better as you will have more options. We can help, contact us today.

More questions in this section

David Kirk

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David Kirk ACA FABRP

We have just worked with Kirks to complete the closure of our company. Everything went smoothly and professionally. I would recommend this firm and the staff who were very very helpful and quickly finalised everything. Thank you Kirks.
Carol Hill

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David Kirk

Licensed Insolvency Practitioner