Bankruptcy Proceedings

Bankruptcy is just one way of dealing with bad debts. The bankruptcy proceedings:
- free you from large debts so you can make a new start, subject to restrictions ; and
- make sure all your assets are shared out among all your creditors.

Anyone can go bankrupt, including an individual member of a partnership.
Different insolvency procedures apply when dealing with companies and for partnerships.

A court initially makes a bankruptcy order after a bankruptcy petition has been presented. Bankruptcy proceedings are presented either:

- by yourself (known as the debtor’s petition); or
- by 1 or more of the creditors who are owed an unsecured amount, by you, of at least £750 (known as the creditor’s petition).

CLICK HERE TO APPLY FOR DEBT HELP

Even if you should refuse to formally acknowledge the proceedings or even agree to them a bankruptcy order can still be made. It's in your interest to co-operate fully once proceedings have begun. If you should dispute the creditor’s claim, you should then try and reach a formal settlement before the bankruptcy petition is due for hearing. If you try to do this after the bankruptcy order has been put in place you will find it expensive and difficult.

The Bankruptcy petition is normally presented at the High Court in London or at a county court in the area where you live or are a trader. Even if you are not present in England or Wales a petition can still be registered against you. This can normally happen when:
you live in, or within the previous 3 years have had business or
residential connections with, England or Wales.

Sometimes departments from the government start bankruptcy proceedings in London High Courts or in one of the local District Registries. If you did not live or trade in the London area, your case is likely to be transferred to the a local county court. And if a bankruptcy order is made, a local Official Receiver it will deal with it. Once the order is made, it is advertised in “The London Gazette” and also in a national or local newspaper. In
addition the Official Receiver will notify a number of orgainisations.

CLICK HERE TO APPLY FOR DEBT HELP

Note: You can also try guaranteed unsecured loans where there is no need for security on the loan. Unsecured loans normally range from £5,000 - £50,000 and you can have a decision in principle in minutes.