Bankruptcy

With extensive experience handling all aspects of bankruptcy proceedings, we are adept at both presenting and defending bankruptcy petitions, ensuring our clients receive strategic and practical advice every step of the way.

Whether you are a creditor seeking to recover debts from an individual through bankruptcy, or a debtor facing the prospect of a bankruptcy petition, our solicitors are equipped to guide you through the complexities of the insolvency process. We pride ourselves on our responsive and tailored approach, offering clear explanations and effective solutions to help you make informed decisions regarding your financial situation.

From the initial consultation through to court proceedings and the resolution of bankruptcy matters, we provide comprehensive support designed to protect your interests and achieve the best possible outcome.

 

Services we offer in this area include:

 

  • Acting for creditors presenting bankruptcy petitions and all aspects of debt recovery assistance.
  • Dealing with the formalities necessary to obtain a bankruptcy order at the hearing of a bankruptcy petition.
  • Acting for debtors defending bankruptcy petitions on the grounds that the debt is disputed and any other grounds that may be relevant.
  • Advising on all other personal insolvency options such as Statutory Demands and/or IVAs.
  • Should you require any assistance in either presenting or defending a bankruptcy petition or to discuss any alternative options to manage personal debt or recover sums owing from an individual, call our team today for an informal and no obligation discussion.

Bankruptcy is an insolvency process aimed at individuals who are unable to pay their debts or if they have a failed Individual Voluntary Arrangement (“IVA”). The main aims of bankruptcy are to grant an individual relief from their debts and to facilitate a fair realisation and distribution of their unsecured assets to those that they owe money.

 

To be made bankrupt you must owe a company or individual at least £5,000. This is called the bankruptcy threshold. Once a bankruptcy order has been made against an individual by the court a Trustee in Bankruptcy (“TiB”) will be appointed. A TiB has various duties which are set out in the Insolvency Act 1986 and the Insolvency (England and Wales) Rules 2016. These enable them to collect in an individual’s assets and make distributions to their creditors.

 

An individual is automatically discharged from bankruptcy on the first anniversary of the commencement of bankruptcy (unless their discharge is suspended). An individual’s discharge from bankruptcy does not end the process of asset realisation and distribution. The TiB will remain in office for the purpose of finalising the realisation of the assets within the bankruptcy estate.

Contact our team