Bankruptcy & Debt

The subject of bankruptcy and whether it is the right decision for you is not something to be taken lightly. Our experienced team will spend time helping you understand the implications and exploring whether bankruptcy is the right option for you.

Among the areas our team specialises in are:

  • The pre-litigation collection of debts: Wherever possible, we suggest clients speak to us as soon as they are notified of a debt.  It is at this stage you have the most options and we have every chance of addressing your problems before they escalate;
  • Individual Voluntary Agreements (IVAs): An IVA is preferable to bankruptcy in many cases as it often satisfies your creditors and enables you to preserve your business and/or assets;
  • Insolvency and winding up/bankruptcy petitions: If you are unable to pay your debts and your creditors will not agree to an IVA, you may need to become bankrupt.  You can apply yourself for a bankruptcy order from the Court, or any of your creditors owed more than £750 can petition for your bankruptcy;
  • The Official Receiver: An Official Receiver is initially assigned by the Court to handle your affairs while you are bankrupt – at this stage you are known as an undischarged bankrupt.  Your assets are in the control of the Official Receiver and will be used to pay off your debts. This can include your home and the Court can order that this should be sold if you cannot agree a better way with your trustee in bankruptcy.

Whatever your legal issue, contact us for a free initial consultation.