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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.

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Author: David Kirk - ACA FABRP
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Just a quick email to say a heartfelt thank you for your very calm, considered, expert advice regarding my circumstances on Tuesday. Things looked bleak before you explained my options much more clearly, in simple layman’s terms.
Rob Elliott (14th December 2021)

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David Kirk

Licensed Insolvency Practitioner