Administration is a procedure available to a company that is insolvent, or is likely to become so, which places the company under the control of an insolvency practitioner and the protection of the court.
A company voluntary arrangement is a procedure which enables a company to put a proposal to its creditors for a compromise in satisfaction of its debts.
Creditors Voluntary Liquidation
Creditors voluntary liquidation (or CVL) occurs where the shareholders, usually at the directors request, decide to put a company into liquidation because it is insolvent.
A solvent liquidation is known as a members voluntary liquidation (or MVL), in which a liquidator is appointed by the shareholders and the company's assets are sufficient to settle all its debts within 12 months.
An individual voluntary arrangement (IVA) is a legal process that gives an individual struggling with their debts protection from creditors.
Bankruptcy is the administration of the affairs of an insolvent individual by a trustee in the interests of his creditors.