If an individual has a substantial amount of debt that they are unable to repay, typically more than £5,000. One of their creditors may petition the court to make that individual bankrupt.

Bankruptcy is a process, typically lasting 12 months, in which a debtor’s assets are distributed pro rata to their creditors by an Insolvency Practitioner or the Official Receiver. The Bankruptcy releases the debtor of the responsibility for the payment of the respective debts.

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If you would like to discuss whether you would be eligible for an Individual Voluntary Arrangement, or any other debt restructuring options, call Simmonds & Company today on 0161 476 5445 or leave a message on our contact page to arrange a free, confidential, no obligation appointment.