The idea behind bankruptcy law in the UK is to give "honest" debtors a lawyer for you. The process gets rid of most of its debts and allows you to pay creditors as much as possible through the sale of existing assets. Some assets are excluded, such as tools of trade and capital of a solvent spouse at home. As a process, bankruptcy is available only to individuals and societies. Companies and other companies not in liquidation or administration in place.
A more detailed description of the bankruptcy process is given elsewhere on this site. Many people have an outdated idea of what they say the bankruptcy laws, however, because he had not made significant changes to bankruptcy in 2008, as set out in the Companies Act 2010. This page highlights two important changes.
Remember that if you need advice on your particular circumstances and how the bankruptcy law applies to you, ClearStart is able to help because there are some debt solutions available as an IVA (individual voluntary arrangement), which could be better alternative to bankruptcy.
Where I can get advice on bankruptcy
Before taking any action to apply for their own bankruptcy, you should obtain your own legal or financial advice about bankruptcy and other options available to you. The Insolvency Service and the courts can advise you on specific insolvency problems, for example, if you should go bankrupt or your company should enter into liquidation, or whether alternatives. You should obtain independent advice. You can consult with an attorney, a qualified accountant, a licensed insolvency practitioner or a trusted financial advisor. Or you may see one or more of the organizations listed in Annex A. But please do not leave it too late or professional counselors may I can not help because things have gone too far.
Why use a commercial firm specializing in insolvency?
Contact Law has a network of specialized bankruptcy lawyers located throughout the UK who can advise on any matter of personal or corporate insolvency. These include the lawsuits, petitions and winding-up orders related to bankruptcy IVA, liquidation, administration and custody.
By using Contact Law you save time searching for a bankruptcy attorney and you know you will get high quality legal advice and good value.
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