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Accountant Bankruptcy | I am an accountant how will bankruptcy affect me?

I am an accountant how will bankruptcy affect me?

I am an accountant thinking of entering bankruptcy - how will it affect me? I have personal guarantees that I cannot meet. I am a partner of a licensed practice and looking for help with this debt. What should I do?

You have to think very carefully about these decisions. The answers are variable depending on circumstances. For example are you at the end of your career? because if you are in the middle of your career then bankruptcy would be the last thing you would want to do.
If you have unmanageable debt and need a fresh start, bankruptcy could be the answer buy as we say..Circumstances, and if this is going to wreck your future then avoid it if you can.

If you think that bankruptcy is the option and you are a director of a company you will need to step down from directorship by resigning and informing companies house that you have ceased trading.  Likewise, there may be restrictions on practicing as a Chartered Accountant during the same period, though lesser roles might not be a problem.


You also need to establish what assets you have and whether these might be under threat. For example, if you owned a property with negligible equity it wouldn't be under any immediate threat. You could argue, however, that even if there was, say, £30,000 equity and the personal guarantees totalled £150,000, it might still be in your best interests to proceed. Until we have a complete picture we can't say for certain and we therefore ask you to call in when you have time.

Bankruptcy UK has been helping people with insolvency since 1998 and has the experience to get you the right result every time. We will avoid jargon and confirm all discussions by email within 30 minutes. Call us for a chat about your circumstances on 01425 600129.


How Can I leave My IVA | Call Today To Discuss Options

How can I leave my IVA

I’ve been given the runaround by my IVA company once too often and I want out. When I started they told me the payments would be £140 per month, but now they want to increase the payments to £220 pm and it’s just too much. I’ve still got four years to go and I can’t see any end in sight.

If you have taken the decision to leave your IVA and enter into bankruptcy, there is a sequence of events that needs to take place and we can help you through the process. Having taken almost 4,000 people through the process, there is not much that we don’t know and we are confident of the outcome.

One of the biggest advantages of leaving an IVA in favour of bankruptcy is that your income and expenditure is reassessed under the more lenient bankruptcy criteria and there is rarely a monthly payment. The other big advantage, of course, is that bankruptcy only lasts for 12 months and your credit rating rapidly repairs itself once discharged. You can now get a mortgage just 36 months after discharge.

The thing that concerns people most about leaving and entering bankruptcy is the cost ‘how will I be able to afford it?’ It’s simple,  the payments that you were making will be used to fund the cost over a number of months. You need to remember that it will take at least 5-6 months before you receive a letter of termination from the IVA company (required for bankruptcy) and it will be possible to cover all of the costs in this time.

The first thing you need to do is to stop making the IVA payments immediately. If you don’t have the confidence to do this, we will write to the company and advise that you will be exiting the IVA. There are no repercussions for stopping payments; you have the right to leave just as you had the right to enter into it in the first place. It will not result in any Bailiff or Debt Collector activity.

Once you have missed three payments you will receive a letter of default and if this is ignored, the IVA company will approach the creditors with a view to terminating the agreement 6-8 weeks later. Ironically, despite going through the process of leaving the IVA, it will continue to protect you from your creditors until such time as the IVA is terminated.

However, this will not be the case once the IVA is terminated and unless an alternate course of action is taken – such as bankruptcy – you will be contacted again by creditors and debt collectors. Bankruptcy is applied for online these days; you no longer have to attend court and feel embarrassed, so take the plunge and give us a call.

Bankruptcy UK has been helping people with insolvency since 1998 and has the experience to get you the right result every time. We will avoid jargon and confirm all discussions by email within 30 minutes. Call us for a chat about your circumstances on 01425 600129.

Online Bankruptcy Service

Online Bankruptcy Service

At Bankruptcy UK we will quickly provide a solution for your particular circumstances. Although we do not offer direct advice, we will provide you with more than enough information to make an informed decision.

It is our view that people often make better decisions when presented with impartial information, rather than being told what to do. After all, many of us would hardly have taken financial products had we been given all the information we required upfront. The truth is many of these financial services were sold by advisers based solely on what was most profitable for the company and not what was in the best interests of the client.

Bankruptcy.co.uk will assist all parties, from private individuals to self employed sole traders and business owners. Unlike other debt solution providers, we provide assistance across the board and are not restricted to any particular part of the market.

Due to regulation changes that took place on 6th April 2016 you no longer have to attend court for bankruptcy. The bankruptcy process is now conducted online. If you are looking for help and assistance or simply want some information, call our helpline.

If you cannot afford the bankruptcy fees, we can provide you with access to 48 charities and businesses that could provide you with financial assistance.

Our online bankruptcy service will relieve you of the pressure of having to tackle the online application, which in many cases is designed to trick the applicant. Remember, one of the objectives of the Official Receiver is to place you in an Income Payments Agreement and mistakes made on the application – and particularly the income and expenditure – could cost you dearly.

Bankruptcy UK offers bankruptcy help across the board and will submit your application online. Court appearances for bankruptcy are no longer required. Feel free to call us on 01425 600129 for a chat about your circumstances.

Help with Bankruptcy Fees

At Bankruptcy UK we do our best to help those people who are looking for a solution to their debt problems. We can provide you with links to 48 debt help charities which in many cases will help with these costs.

Many people delay calling us for help as they can’t find the £680 bankruptcy fee. We have found that most individuals have been conditioned to being in some kind of debt solution. It may be that the first step was a debt management plan, followed by an IVA, but at bankruptcy.co.uk we see through it all.

The Insolvency Industry has seen many regulation changes over the last 10-15 years following the Insolvency Act 1986 when the industry first became regulated. But the bottom line is that there has been an abuse of process that has been applied by many companies engaged in dealing with peoples debts. Knowing who you can trust in this sector can be hit and miss.

Only you, the client, can make a decision based on whether you feel an adviser has been ‘upfront’ with you and provided enough impartial information to make an informed decision.


Our services consist of:

1. Pre Bankruptcy Consultation. This is a series of questions and answers designed to help us understand your circumstances and whether bankruptcy or some other debt solution is the way forward.
2. Fully detailed Income Expenditure and history and background, which provides us with a detailed account of who you are and how you have ended up in your present position.
3. You will be provided with access to all the private organisations that provide the fees to enable a person to enter bankruptcy but who simply can’t afford the fees.

If you are looking for help with bankruptcy fees then call our information helpline 7 days a week to speak with a specialist debt consultant.

Bank Workers Charity – www.bwcharity.org.uk.
British Boxing Board of Control charitable Trust – www.bbbofc.com.
Ben – www.ben.org.uk.
British Gas – https://bget.app.charisgrants.com.
Boots Benevolent Fund – opencharities.org/charities/1046559.
Bordan Charity – www.blhcharity.co.uk.
Charis – www.charisgrants.com.
Charity for Civil Servants – www.foryoubyyou.org.uk.
Chesham Sick Poor Fund – www.charitychoice.co.uk/chesham-sick-poor-fund-
Dibs charitable trust – Fax: 0148 471 8647.
Eaton fund – www.eaton-fund.co.uk.
East Surrey Domestic Abuse Services – www.esdas.org.uk.
EDF Energy Trust Fund – www.edfenergytrust.org.uk.
Electrical Industries Charity – www.electricalcharity.org.
Elizabeth Finn – www.turn2us.org.uk/default.aspx.
Griffin Club – www.charitychoice.co.uk/the-griffin-club-55607.
Grocery Aid – www.groceryaid.org.uk.
Hair and Beauty Benevolent Fund – www.habb.org.
Hospitality Action – www.hospitalityaction.org.uk.
Iver Heath Sick Poor Fund –
Joseph Rowntree Foundation – www.jrf.org.uk.
Lions Clubs – lionsclubs.co.
Lighthouse Benevolent Fund (construction industry and related trades) –
Matthew Trust (mental health) – www.matthewtrust.org/master.htm.
Miners Benevolent Fund – ciswo.org.
Perennial (Horticulture) – www.perennial.org.uk.
Railway Benefit fund – railwaybenefitfund.org.uk.
Rainy Day Trust – www.rainydaytrust.org.uk.
Retail Trust – www.retailtrust.org.uk.
Roland Hill Fund – www.rowlandhillfund.org.
Rope Trust – www.rope.org.uk.
Royal British Legion (and SSAFA) – www.britishlegion.org.uk.
Sail – sailine.org.uk.
Society for the assistance of Ladies in Reduced circumstances –
Southern Water – www.southernwater.co.uk.
Thames Water – www.thameswater.co.uk.
Unison – www.unison.org.uk/.
United Utilities – www.unitedutilities.com.
Vicar’s Relief Fund – charity.stmartin-in-the-fields.org/grants.
Watford Health Trust (residents of Borough of Watford) –
Hospitality Action – www.hospitalityaction.org.uk.

Bankruptcy UK specialises in taking people through the bankruptcy process and submitting bankruptcy applications online. Court appearances are no longer required for bankruptcy. Call us for an informal chat about your circumstances on 01425 600129.


Why Does my IVA Company Ignore Me?

When I entered into an IVA about 9 months ago my IVA company was ever so helpful, but now I have problems it’s almost impossible to get hold of them. I have left  messages and sent emails, but nobody comes back to me. Why does my IVA company ignore me?

We come across a lot of this and it always seems to be when there’s a problem. IVA companies are notoriously slow in getting back to people, probably because they know it’s just a matter of time before the client realises they should never have entered the IVA in the first place. IVAs are designed to protect assets such as property portfolios and businesses, not for everyday people. If you are in rented and holding down a regular job like the rest of us, bankruptcy is the answer. Amazingly, people on DLA and other benefits are also placed in IVAs when there is absolutely no chance of there being a monthly payment in bankruptcy.

There are reasons for this and it comes down to money. IVA companies pocket the first two year’s contributions for themselves with only a trickle of money going to the creditors. Speaking of which, the original creditors would have long since sold the debt on to debt collectors and it is these companies that eventually receive a fraction of your monthly payment. We often hear people say ‘we entered an IVA because we wanted to repay the debt’ but this is a fallacy. IVAs are a grand illusion much the same as David Copperfield making an elephant disappear on stage.

Bankruptcy UK has been helping people with bankruptcy since 1998 and has the experience to get the best result every time. We will avoid jargon and confirm all discussions by email within 30 minutes. Feel free to call us for a chat about your circumstances on 01425 600129.

Personal Bankruptcy Help

Bankruptcy Advice



Are you looking for personal bankruptcy help?

If you feel that you have no hope when it comes to paying off your debts within a reasonable timeframe, it is likely that you may need personal bankruptcy help.
This is a legal procedure for people whose circumstances and situations are unlikely to change in the future.

Bankruptcy isn’t right for everyone though so the best thing you can do right now is to give us a call so we can discuss your options and make sure that this is the most suitable route for you.
Unfortunately, sometimes the debt just takes over but you need to take control of the situation and get things back on track. Once you are bankrupt your creditors, by law, must then stop calling you, or harassing you.
The threatening letters will be gone and the daily post, phone calls or a knock at the door won’t be people chasing you for money.

Don’t let your creditors take you through the court system or wait for the Bailiff to come knocking at your door. Your personal debts or your unsecured debts (personal loans, credit cards and mobile phone account debts to name but a few) are all cancelled out if you decide to take out a personal bankruptcy.

We simply provide a seamless and straight forward service from preparing all the relevant paperwork through to organising the court appointment. You will have everything you need in order to make an informed decision. Your peace of mind and satisfaction is our main objective.


Are you looking for personal bankruptcy help? Call us today on 01425 600129





Get Out Of Debt Free

Bankruptcy Advice
Bankruptcy Advice



Are you ready to get out of debt free?


If you answered yes to the above then the time to address your financial situation is imminent.

Let’s focus on that word FREE. They say nothing in life worth having comes for free right.
Well they were wrong. If you are struggling to make those credit card or loan repayments, tired with dealing with the banks and debt collectors or even had to take out a payday loan to make ends meet – we want to hear about it. It’s time to let go of any frustrations or guilt that you may have surrounding your debt problems or spending habits. There was no malicious intent here. You were living the dream just like everybody else was.

There is light at the end of the tunnel. We know how to handle the people who are chasing you. We understand the documentation that they require and we are experts in challenging their procedures. In our experience, it is often the case that the situation is not quite as bad as it may seem.
It’s important to remember that every problem has a solution.

Can you imagine being able to do anything you want with the money you make because you are debt free? Living debt free is one of the most important things you can do in choosing to live a simpler, stress-free life.


We are proud to announce that our clients are always happy with the outcome we provide for them.
Whatever personal debt you have – get ready to say goodbye to it for good!

The time to get out of debt free is now, call us today on 01425 600129

Bankruptcy Services Companies





Are you ready to take the bankruptcy step?

It really isn’t as dramatic as it sounds. Nobody ever plans to be in this position but these things happen and before you know it, the debt is on top of you or has taken full control.
You shouldn’t have to deal with threatening calls from creditors or worry about your belongings being repossessed. Life can be hard enough so we don’t need debt collectors making it tougher.


You can do something about it though. Don’t let your creditors take you through the court system or wait for the Bailiff to come knocking at your door. Your personal debts or your unsecured debts (credit cards, store cards, personal loans, utilities or mobile phone account debts to name but a few) are all cancelled out if you decide to take the bankruptcy step.

To understand more about how this option can have a positive impact on your circumstances, or to identify the cause of your difficulties and formulate a realistic strategy – give us a call today.

Once you are bankrupt your creditors, by law, must then stop calling you, or harassing you. The threatening letters will stop and you can start to live your life again knowing that your daily post or phone calls won’t be people chasing you for money You can also open your front door with confidence. Imagine it being someone there that you actually want to see or were expecting to hear from.

Are you ready to remove the financial strain from your life and finally make things a lot simpler than they were before? Of course you are. You wouldn’t be reading this if you weren’t.

Now – you are you ready to take the bankruptcy step so call us now on 01425 600129

Get Out Of Debt



Are you ready to get out of debt?


If you answered yes to the above question then I believe it may be time to address your finances.

The first step is honesty and acknowledgement. This involves sitting down and working out exactly what it is that you owe and who you owe that to. Of course you can watch your daily spending, set yourself a budget and organise all your bills but sometimes, that is easier said than done.

Don’t allow the stigma to enter your head. Everybody’s circumstances are different. Every situation is diverse and complicated. There is no shame in being in debt. These things just happen and are out of our control. Bad things always happen to good people.

Release the stress and the burden and imagine what life would be like if you no longer had these money worries hanging over you. It feels pretty good doesn’t it?
That doesn’t have to be a pipe dream. There are many solutions to get out of debt and we know them all.
After a conversation with us you will have the peace of mind of knowing them too.
We also know you will be pleasantly surprised at how straight forward and stress-free some of those solutions are as well. Whatever your personal debt situation maybe, we will give you the confidence you need to obtain the resolution you desire.
We are proud to state that we are specialists in making these problems go away. In fact we happily challenge you to find a more efficient and professional service!

Our communication and professionalism is simply your satisfaction and debt closure.
The time to get out of debt is now, call us today on 01425 600129

Self Employed IVA

Self Employed IVA

IVAs were created in 1986 specifically for small business owners with cash flow difficulties. The first year that IVA’s were introduced there were only 11 in total that were sold. Now there are around 250,000 people in England and Wales who have signed up to the IVA Arrangement.

A Self Employed Person who is considering an IVA as a debt solution must face true and sometimes challenging facts about the business they operate. You have to be honest about the position you are in and whether or not there is realistically an opportunity to trade your way out of debt with your business.

In order for Self Employes IVA’s to work the business owner will have to produce a business plan in order that creditors can see for themselves that the business has a good prospect of completing the arrangement.

Although it may be the last thing that you want to do, it is often a very good way of identifying the weaknesses in your business.  is to provide you with the information you need to make an informed decision.

Our objective is to identify on your first call with us exactly what is going on and attempt to identify what and when its gone wrong. Our priority is to make sure you understand what is involved in the process and what

bankruptcy-solicitorsteps are needed to make certain things happen that need to happen.  It may be that you are married or in a relationship where the family unit is at risk of losing the home or assets that would be uncomfortable to lose. The facts are that all sorts of people get into all sorts of financial complications and simply cant see the wood for the trees. It is not uncommon for people to feel totally depressed and not want to face the world because they simply cannot see what they can do to make a difference. They feel like giving up.

This is natural but if you are in that position or moving towards that position then we want to hear from you. Our experience in Business and financial survival is all about making mostly small adjustments that make a significant difference.

If we need to write or contact a particular creditor to release the pressure or get you more time then we will do this without delay.

If you have time then you can make more relaxed decisions and communicate effectively with the people around you that need it. You have to be able to adapt and work quickly to action what needs to be done.

Bankruptcy UK offers a full bankruptcy administration service, including dealing with creditors, completing the all important Income and Expenditure, professional completion of the relevant paperwork and bankruptcy help at all levels. Call us on 01425 600129 or 0800 5977 977 for a chat about your circumstances.





Bankruptcy UK

Bankruptcy UK