Question

Alice approaches you for advice. she informs you that she owes many people a lot of money and wishes to apply for Her own voluntary surrender. she asks if you could perhaps, as her best friend, help her to write a formal letter to give to her brother, stating that she can no longer pay her debts to him. discuss what this action above is called and refer to a relevant legislation. also advise alice as to whether she will succeed in her action to apply for voluntary surrender.​

Answer 1

This process which Alice wants to take is known as insolvency,

What is Voluntary Surrender?

This refers to the repossession which involves the return of items that were conditions for a loan.

Hence, we can note that this involves telling your lenders that you are unable to make payments on a loan and because Alice is in insolvency, then it would be worth noting that collateral would have to be repossessed as she cannot pay her brother.

Read more about insolvency here:
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