Bankruptcy
If you are unable to pay your debts bankruptcy may be something you would want to consider. Before doing so it might be an idea to discuss alternatives with your creditors and agreeing an instalment plan or a voluntary arrangement (IVA). If bankrupcy is the best or only alternative you or one of our creditors can make an application to the court.
If you are made bankrupt:
- an official trustee is appointed
- the trustee will manage your financial affairs
- the trustee will pay your creditors
- you will remain bankrupt for a certain period of time
- you will be restricted from undertaking certain business activities
- the amount of credit you can obtain is limited
- you might be subject to a Bankruptcy Restriction Order (BRO)
- you may have to give a Bankruptcy Restriction Undertaking (BRU)
Being unable to pay your debts and being chased for payment is worrying for most people. At Hart Brown our specialists will advise you on whether bankruptcy is the best option or whether an IVA is a better alternative. We will help you through the process.
To speak to someone who can advise on bankruptcy or any other legal matters relating to your business call, email or request a call back from one of our specialist lawyers.