Help for Lloyd's names

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The Independent Online
THE CITY accountants Smith & Williamson have published a guide for distressed Lloyd's names. Lloyd's of London: A Guide for Members with Financial Difficulties points out that loss-making names may be eligible to claw back substantial amounts of tax.

For those wishing to avoid bankruptcy, advice is offered on setting up an Individual Voluntary Arrangement that establishes a compromise with creditors and lets the debtor carry on in his or her profession. It is cheaper than bankruptcy and debtors can retain a larger proportion of assets.

Information is also provided about the Members' Hardship Committee, along with guidelines on how to file for bankruptcy if necessary.

The guide is available free from Smith & Williamson, 1 Riding House, London W1A 3AS. Tel: 071-637 5377.

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