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FAQs About Bankruptcy

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Bankruptcy is one way of dealing with debts you cannot pay. The bankruptcy proceedings:-
free you from overwhelming debts so you can make a fresh start, subject to some restrictions
make sure your assets are shared out fairly among your creditors.
Anyone can go bankrupt, including individual members of a partnership. There are different insolvency procedures for dealing with companies and for partnerships themselves.

How are you made bankrupt?
An individual can be made bankrupt either in one of three ways.
Voluntarily - By the debtor themselves.
Involuntarily - By the creditor owed money (£750 Minimum).
The supervisor or anyone bound by an IVA

A bankruptcy order can still be made even if you refuse to acknowledge the proceedings or refuse to agree to them. You should therefore co-operate fully once the bankruptcy proceedings have begun. If you dispute the creditor’s claim, you should try and reach a settlement before the bankruptcy petition is due to be heard. Trying to do so after the bankruptcy order is made is both difficult and expensive.


What are the implications of bankruptcy?
You lose control of your assets.
You cannot obtain credit for over £250 without the permission from the lender.
You cannot act as a company director.
You cannot take any part in the promotion, formation or management of a limited company (LTD) without the permission of the court.
You cannot trade in any business under any other name unless you inform all persons concerned of the bankruptcy.
You may not practice as a Charted Accountant / Lawyer
You may not act as a Justice of the peace (JP)
You may not become an member of parliament
You may not become a member of the local authority.
Your credit is affected for many years after the annulment.
You may be publicly examined in court.


What are the advantages of bankruptcy?

For the person involved, bankruptcy provides relative peace of mind and possible automatic discharge after two or three years.
For the creditors, bankruptcy allows a full investigation of the debtor's affairs to be carried out.

 

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