Insolvency Practice

Insolvency practice refers to the process of managing the financial situation of individuals or businesses that cannot pay their debts. It involves assessing their financial status, negotiating with creditors, and finding solutions, such as restructuring debts or liquidating assets to settle obligations. Professionals in this field, like insolvency practitioners, help navigate legal frameworks to ensure fair treatment of all parties involved. The goal is either to help the debtor recover financially or to ensure creditors receive as much of their money back as possible in an orderly manner.