Have you been served with a statutory demand or a bankruptcy petition? Or has a bankruptcy order already been made against you?
If so, is your Trustee or the Official Receiver seeking a sale of your house or other property? We can help you. We are solicitors specialising in these complex and potentially devastating situations.
Ignoring your creditors and debts will only make the situation worse and it is crucial to seek specialist professional advice at an early stage.
We are specialist insolvency solicitors and will assess your situation and work with you discussing the potential effects and implications of bankruptcy. You may have grounds to challenge the statutory demand or bankruptcy petition. We may also be able to suggest alternative measures – bankruptcy is not the only option!
Our expertise includes advising on the following:
An annulment on the ground that the Bankruptcy Order ought not to have been made is not quite as simple as it sounds. It is not open to a bankrupt simply to argue that it is unfair, or unreasonable, to make a bankruptcy Order. Usually for applications on this ground to have some success they should be based upon either a technical defect with the legal process, such as that the debt had already been paid, or was less than £750. The other circumstance in which this application may be successful is if the Order was made on the basis of evidence which turned out to be untrue. This may be because the creditor has agreed to give the debtor some time to pay and therefore agreed an adjournment but that that instruction has not been passed on to the creditor’s representative attending the Court and as a result a Bankruptcy Order has been made. The application may also succeed if the Petition or notice of adjournment was not served and the debtor was unaware of the hearing. This ground is a discretionary remedy on the part of the Court and the circumstances in which it can be used are relatively limited.
An individual Voluntary Arrangement allows a debtor to enter into an arrangement which is binding on all of the creditors, provided sufficient vote for the arrangement and it does not contain the same restrictions as would follow from the making of a bankruptcy Order. Consequently this has become a very popular way of dealing with debts.
In order for someone to enter into a Voluntary Arrangement, they will need the assistance of a licensed insolvency practitioner who will help them to draw up their proposal and will become the Nominee and arrange the necessary creditors’ meeting. If the creditors approve the Voluntary Arrangement, then the Nominee will usually become the Supervisor of the Arrangement and maintain control of the Arrangement during its lifetime.
Have a high-quality legal team and use a results-driven and practical approach to your legal issues.