Bankruptcy
Bankruptcy
Bankruptcy
If you're insolvent, bankruptcy is a court procedure designed to help you with your creditor claims. You could be a partnership, a self-employed tradesperson or an individual in debt.
The bankruptcy starts with:
- A creditor's petition to the court
- A debtor's petition to the court , or
- The supervisor of an IVA petitioning the court.
Once you're declared bankrupt, it's advertised in the local newspaper and London Gazette, and it goes on a public register. The administration is handled by the Official Receiver or a licensed Insolvency Practitioner. Control of your assets passes to the Trustee, who'll get the best value and distribute the proceeds to your creditors.
Please see Bankrupty R3 Leaflet here.
Please see Bankruptcy Guide to Fees here.
