Bankruptcy advice
Expert bankruptcy advice
Although never a decision to be taken lightly, bankruptcy is sometimes the best or indeed only option for individuals who find themselves with serious financial problems. We’ll talk to you practically and sensitively about your own situation, looking at solutions available for you now and for the future, ensuring you have access to accurate information on all your options, which don’t just amount to bankruptcy.
Our expertise in bankruptcy advice
We act in the interests of many varied clients, individuals, partnerships and directors as well as insolvency practitioners who act as trustees in bankruptcy and supervisors of Individual Voluntary Arrangements. This affords us a detailed understanding of all perspectives and the ability to handle your case with insight and expertise. We have a particular strength in dealing with complex court actions.
About your debts
- The pre-litigation collection of debts Wherever possible, we suggest clients speak to us as soon as they are notified of a debt. It’s at this stage you have the most options, and we have every chance of addressing your problems before they escalate.
- Individual Voluntary Agreements (IVAs) An IVA is preferable to bankruptcy in many cases as it often satisfies your creditors and enables you to preserve your business and/or assets.
- Insolvency and winding up/bankruptcy petitions If you are unable to pay your debts and your creditors won’t agree to an IVA, you may need to become bankrupt. You can apply yourself for a bankruptcy order from the Court, or any of your creditors owed more than £750.00 can petition for your bankruptcy.
- The Official Receiver An Official Receiver is initially assigned by the court to handle your affairs while you are bankrupt – at this stage you are known as an undischarged bankrupt. Your assets are in the control of the Official Receiver and will be used to pay off your debts. This can include your home and the Court can order that this should be sold if you cannot agree a better way with your trustee in bankruptcy.
At the end of the bankruptcy you will be discharged by the Court and will regain control of your own finances.
Bankruptcy advice for business owners
If you are a company director, or partner, any business debts which incur whilst your business is trading in an insolvent manner could make you liable to contribute towards those debts personally. It may be that your business has a way of resolving the position by using one of the options available under the Insolvency Act, such as a Company or Partnership Voluntary Arrangement or Administration. Alternatively, the only solution may be for your company to go into liquidation.
After bankruptcy
Once you have been discharged, you may find you are still refused credit. Obtaining a certificate of discharge will help, but your bankruptcy order will remain on credit reference agency records for up to six years. We can assist you with this and any other ongoing financial issues you have and will endeavour to advise you of your options as you begin to rebuild your finances after bankruptcy.
For more information call 0870 1500 100, or use the links above to drop us a line.