UK Bankruptcy Information Portal

This section covers all aspects of bankruptcy and exists to inform you of up-to-date and factual information and dispel the myths and stigma that surround entering into the protection of a bankruptcy order. This section of the site is updated regularly and if you have any questions regarding bankruptcy you can contact us free on 0800 5 977 977.

Knowledge is power, and the more you understand about your situation the easier it is to deal with. Please select from any of the categories below to learn more::

• Guide to the Misconceptions of Insolvency
• Benefits of Bankruptcy
• Is Bankruptcy Right for You?
• What is Bankruptcy?
• How do UK Bankruptcy work?
• IVA Mis-selling

Guide to the Misconceptions of Insolvency

All too often people who would benefit greatly from the protection of bankruptcy dismiss the idea out of hand due to nothing more than misplaced fear caused by simple lack of knowledge of the facts.

It is a generally held misconception that bankruptcy is punitive and that bailiffs will seize your goods and chattels leaving you a chair, knife and fork and a change of clothes. This is completely and utterly false. You enter the protection of a bankruptcy order to do exactly that. To protect yourself from creditors, to allow you to wipe the slate clean and to get a fresh start...

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Benefits of Bankruptcy

Those who benefit from entering the protection of a bankruptcy order:

• People with no assets,
• People living in either rented accommodation or with friends and family,
• Those whose livelihoods would not be lost or affected by being protected by Bankruptcy

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Is Bankruptcy right for me?

Bankruptcy is no longer a punitive action and is there to allow discharged bankrupts the opportunity to rebuild their lives. In many cases, unless there is due reason to not to, many bankrupts can be discharged from their bankruptcy in as little as 3 months. At the Official Receivers discretion then an early discharge is possible provided no creditors object. For those granted an early discharge, the average discharge period is around 7 months...

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What is bankruptcy?

Bankruptcy is a legally declared inability or impairment of ability of an individual or organisation to pay their creditors. A declared state of bankruptcy can be requested by creditors in an effort to recoup a portion of what they are owed; however, in the overwhelming majority of cases, the bankruptcy is initiated by the bankrupt individual or organisation.

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See also:
Bankruptcy Articles

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How UK Bankruptcy Work

Remember that we are detached from your situation so we can review your position objectively. We intend to provide you with insight and a new direction to steer your way out of the financial situation you may find yourself in presently. All our staff are experienced, helpful, discrete and friendly, we pride ourselves in analysing difficult and complicated problems quickly and efficiently.

UK Bankruptcy Ltd is geared to provide motivation and the will to recognise that change needs to occur if you are to achieve financial security.

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IVA Mis-selling

In recent months the number of IVA mis-selling cases coming to light has risen to staggering amounts. Conservative estimates from ethical members of the insolvency profession run to as high as 2 in 10 IVAs having been mis-sold.

In the last 5 years the majority of IVAs sold have at least had elements of mis-selling or poor advice. IVAs were conceived initially to allow insolvent small businessmen to continue trading and were never intended to be sold wholesale to anyone in debt regardless of their circumstances. Around 5 years ago, clever marketers linked up with unscrupulous Insolvency Practitioners and began mass marketing IVAs as an alternative to bankruptcy. They played on the general public’s fear of the word ‘bankruptcy’ and the general ignorance of the actual facts surrounding bankruptcy. This despite the fact that in the overwhelming majority of cases, their ‘clients’ would have been far better served under the protection of a bankruptcy order. It is quite clear that in the vast majority of IVA mis-selling cases, the only true beneficiaries are the IVA ‘factories’ that mis-sold the IVA and the Insolvency Practitioners that they pay to sign off on them...

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