One way you can deal with debts is by getting a Time Order. You can ask the court for a Time Order if you have a regulated credit agreement and the creditor has sent you a default notice -a formal warning that you have missed payments.
A Time Order means the court can reduce or even stop the interest that is adding up on the money you owe, and reduce the payments to a level you can afford. But you have to show the court that you have real difficulty making the original payments. You may also have to show that you would be able to pay the full instalments again later.
If you get a Time Order, the missed payments will still be listed on your credit reference file, so you may have trouble getting credit in the future.
If you want to apply for a Time Order, you must first write to the creditor explaining how much you think you can afford to pay and over what period. If the creditor refuses your offer, you can apply to the county court for the time order, and it will decide whether your offer is reasonable.
Alternatively, you can simply go ahead and pay the creditor what you’ve offered. If they don’t think that you’re paying enough, they have the option of making a claim through the courts. You can apply for a Time Order at this point. An advantage of this route is that you don’t have to pay the court fee.
An Administration Order is a Court Order placing a company that is, or is likely to become, insolvent under the control of an Administrator following a petition by the company, its directors or a creditor. The purpose of the order is to preserve the company’s business, allow a reorganisation or ensure the most advantageous realisation of its assets, whilst protecting it from action by its creditors.
The administration of the insolvent estate of a deceased debtor.
A County Court process permitting an individual with modest debts to pay off by instalments. No licensed Insolvency Practitioner is involved.
A licensed Insolvency Practitioner appointed by the holder of a floating charge covering the whole, or substantially the whole, of a company’s property. He can carry on the company’s business and sell the business and other assets comprised in the charge to repay the secured and preferential creditors. This is sometimes abbreviated to Receiver.
Administrative Receivership is applied when a person is appointed as an Administrative Receiver. Commonly abbreviated to receivership.
A licensed insolvency practitioner appointed by the Court under an administration order to achieve the proposal set out in the order.
The administrator will need to produce a plan, known as his proposals, for approval by the creditors to achieve this. As a business owner the administrators only usually get called in when there is trouble and the bank or lender is concerned about their investment. Or it may be in their best interest and often more profitable to strike hard against the directors of businesses. Some operators are completely cornered with no where to go. But there are others that are capable of steering a business through difficult terrain.
Often Business owners lives are torn apart when the administrators arrive because its no longer about making future profits. Its about preserving what you have got because you are suffering losses because of the business interruption that the presence of the administrators often has.
A specialist remedy available to a secured creditor to take control of the assets of a farmer under the Agricultural Credits Act 1928.
If you are looking for Bankruptcy Law – Commercial Law Bankruptcy Specialist to assess a case then feel free to call us today and discuss the subject.
Some people love litigation and some people want to avoid it at all costs for all the right reasons Bankruptcy law like all legal aspects is a specialist subject.
We provide a no obligation consultation. We will personally discuss the case with you in confidence. If you are comfortable then review the file and come back to you with the points of the argument, which in turn allow you to focus and identify whether or not feel we can construct a good arguable case for a defence and or an attack. We will then discuss a strategy to move forward, with a time frame and estimate on costs.
We are ultimately seeking to obtain a ‘just and fair’ conclusion.
You may be an established business person but the majority are novices when it comes to paying 6 figure sums in legal fees where the outcomes are almost certainly uncertain.
In our experience it is prudent to know that you are understood by your legal team or advisor. You must also feel as though your advocate is reliable and trustworthy when it comes to keeping you informed and updated. Not in just a ‘lip service’ way but in a way that the communication is clear and explained, and costs are transparent. Unfortunately most bankruptcy law firms are purely focussed on billing and if that means writing letters and communicating non communicative manner.
You may already be committed to a Solicitor or Barrister but don’t feel as though the points you want to make are being made.
We can provide a review of the case file to date and shadow you by communicating the information and points that you feel need to be made clear to the court or your barrister or solicitor.
I have won cases against the odds against top barristers and have changed the law in Scotland for the benefit of the people. I am the founder of www.bankruptcy.co.uk in 1998 and work towards helping individuals and business owners when they are in difficulty and need restructuring or problems solved.
I am not a solicitor or barrister and have a good legal mind and a balance of fairness and reasonableness which is applied to all of my work.
I am available directly on 07479739139 until 10pm
Sean M Kiani
When facing or taking commercial litigation against someone or you are receiving oppressive litigation then you really do need to pick the legal team to with you and not against you.
Insurance cover, to protect the uncharged assets of an estate needed by a person who acts as a licensed Insolvency Practitioner.
Dismantling of a business. Trading ceases and the assets are sold off piecemeal.
A Charge is a right given to a creditor to have a designated asset of a debtor appropriated to the discharge of the debt, but not involving any transfer either of possession or ownership.