Bankruptcy
Bankruptcy in Stockport
Bankruptcy
If you're insolvent, bankruptcy is a court procedure designed to help you with your creditor claims. You could be an limited company, a partnerships, 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.
