Bankruptcy
Bankruptcy is one way of dealing with debts that you cannot pay. Bankruptcy proceedings eventually free you from overwhelming debts, however any assets that you have may be sold and the proceeds shared amongst your creditors. Bankruptcy normally last twelve months, after which time you can make a fresh start.
What are the effects of Bankruptcy?
- You will have to report to the Official Receiver and provide him with details of your financial affairs
- Your Trustee in Bankruptcy will effectively own all your assets and look to realise their value for the benefit of creditors
- You will usually have to close your bank account
- You are unable to obtain credit exceeding £500 without disclosing your Bankruptcy
- The Bankruptcy Order is registered with credit reference agencies for at least six years
- Your employment may be affected depending upon what job you do
- You cannot be a company director or hold public office
For information on Bankruptcy please contact us on
01792 459 600 or apply online.
Statutory Demand
What is a Statutory Demand?
A statutory demand must be formally served, it is a legal notice to the debtor from the creditor giving them 21 days to settle the debt or else the bankruptcy petition may be issued.
This can be seen as a warning. Often in consumer cases rather than commercial debt, the creditor won't pursue the bankruptcy route. However if the demand is served to you personally, as in by process server as opposed to by post - it must be taken very seriously. This applies if the demand was intended to be personally served but wasn't carried out.
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