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BANKRUPTCY


HOW CAN I BE MADE BANKRUPT
There are three way in which you can become bankrupt:

* An individual can petition for his or her own bankruptcy (Debtor's Petition).
* By a creditor who is owed more than L750 (Creditor's Petition)
* By the supervisor of an IVA where a debtor has defaulted (IVA Supervisor's Petition).

Debtors Petition

~ In order for a debtor to make themselves bankrupt they must first petition the court, on the grounds that     they are unable to pay their debts.
~ This requires the individual to complete the following court forms, a "debtor's bankruptcy petition" and a     "statement of affairs". A court fee and a deposit will also be required.
~ Once completed, the court forms are taken to court to be sworn and filed along with the fee and deposit.     Following this a hearing will be appointed.
~ Providing that no other alternative methods of resolving the debt issues are to be explored, or     adjournment's for advice are set by the court, then the bankruptcy order is made.
~ The Official Receiver is then notified, he will investigate the debtors conduct and financial affairs and     obtain control of the debtors property and /or documents.
~ A trustee is then appointed.

Creditor's Petition

~ A creditor has to satisfy the court of a debtors inability to pay either by serving a statutory demand which     the debtor has failed to comply with, or by unsuccessfully enforcing a court judgment.
~ The creditor then presents a bankruptcy petition to court along with an affidavit, court fee and deposit. ~     The petition also has to be served personally on the debtor.
~ A hearing will then be set before a district judge. If an agreement between the debtor and the creditor is not     reached at the hearing, the judge can make a bankruptcy order against the debtor.
~ The Official Receiver is then notified.
~ A trustee is then appointed.

IVA Supervisors Petition

~ The supervisor of a debtor in an IVA can petition for a bankruptcy order against the debtor.
~ Where incorrect, false or misleading information was supplied to the supervisor to make the agreement     between the debtor and his or her creditors.
~ Where a debtor has failed to maintain the conditions of the agreement.


You can contact us in complete confidence to see how we can help you, on our national debt advice line:

0800 085 5613