For people in financial difficulty
The threat and consequences of bankruptcy are serious and the situation can be very worrying.
- When bankruptcy can be avoided
- What happens to you during bankruptcy
- How bankruptcy comes to an end
- What happens after bankruptcy
- Other legal issues that arise in connection with bankruptcy
Bankruptcy places serious restrictions on the property and activities on a bankrupt and failure to comply with the rules can lead to action being taken against you. Information relating to the rules and procedures of the law of bankruptcy as it affects people in financial difficulty are contained throughout the site.
Companies that are facing insolvency owing to financial difficulties should consider the serious ramifications of the same, on both the company, its directors, and creditors of the company
- What steps you can take to try and recover a debt owed to you by a company, including how to serve a statutory demand or present a winding up petition;
- What happens when a company is served with a statutory demand and how to challenge this;
- What happens if a winding up petition is presented, how it might be challenged and its consequences;
- What to do if a bank freezes the company’s account, what a Validation Order is and how to apply for one;
- How we can help directors who are facing, or being threatened with, director disqualification proceedings;
- How we can help directors facing claims by the Insolvency Service and/or Liquidators, including claims for misfeasance, wrongful trading and preferential treatment of creditors.
The purpose of insolvency action is for an appointed insolvency practitioner to collect in the company’s assets (including taking any necessary action against directors or other potential parties to increase the company’s assets), to sell these assets in order to create a pool of money available to distribute amongst the creditors in accordance with a statutory hierarchy.
The failure of someone to pay their debts to you can be of great concern.
- What steps you can take in recovery of a debt
- How to make someone bankrupt
- What happens to the money owed to you
- What steps a trustee in bankruptcy may be able to take
The purpose of bankruptcy is to recover money and other assets available to pay off the debts of the bankrupt, and the law provides a framework for this process. Information relating to the rules and procedures of the law of bankruptcy as it affects people owed money by people in financial difficulty are contained throughout the site.
This website is provided by Grant Saw Solicitors LLP and gives information about the legal processes and issues involved in bankruptcy and personal insolvency both from the point of view of individuals in financial difficulty and creditors seeking to recover money due to them. Our experienced solicitors can offer you a clear approach to your case to help you understand all the relevant considerations and set your objectives. We can tailor our services to meet the needs of each individual case and provide accessible and affordable high quality legal advice to all our clients.
Advice for Debtors: I have been served with a Statutory Demand, what should I do?
Article written by Adina-Leigh Collins, Litigation Solicitor In this article, we look at statutory demands and what you can do if you are served one. What is a statutory demand? A statutory demand, to put it simply, is a written demand for payment of a debt. It is...read more
Advice for Creditors: I am owed money from an individual; can I serve a Statutory Demand?
Article written by Adina-Leigh Collins, Litigation Solicitor In this update, we look at statutory demands, what a statutory demand is, how to serve a statutory demand and what to do if a debtor fails to pay. What is a statutory demand? A statutory demand is a written...read more
The cost of concealing assets following bankruptcy: Boris Becker
Article written by Bimal Kotecha, Solicitor On 29 April 2022, tennis great Boris Becker was sentenced to two and a half years in prison for offences relating to his bankruptcy. This article highlights the potential severe consequences of a bankrupt individual...read more