An individual is made bankrupt when he is unable to meets his liabilities. A Trustee is appointed whose role is to realise the Bankrupt’s assets, agree creditors’ claims and distribute any dividends and investigate issues concerning the debtors affairs.
It is normal that a creditor would petition for bankruptcy but the timing of such bankruptcy is controlled by the creditor and legal and court fee is involved for filing a petition. However a bankruptcy can be initiated by the debtor as a debtor’s petition and the advantage is that the timing is controlled by the debtor. The court fee is approximately £600.
We would be pleased to meet, discuss and assist in preparing the petitions. Please call for further information.