Our agents are on hand to speak to you 7 days a week.
GET IN TOUCH WITH US NOW!     01425 600129     enquiries@bankruptcy.co.uk
expert business consultant free initial consultation Archives - Bankruptcy UK

OUR TEAM ARE AVAILABLE NOW TO HELP WITH COMPLEX INSOLVENCY ISSUES

 

Expert Business Consultant Available To Speak to Today

Great News! Our business turn around and recovery division is stronger than ever with the client service that we can offer directors looking to establish a clear route through difficult decisions that may need to be made.

These difficult times hit us at times where we could really do without it.  We are able to offer a telephone consultancy or face to face visit at short notice for directors who need to make urgent decisions about their business options. We have experience of dealing with business recovery issues at all levels, including PLCs.

Ordinarily company directors stick with the accountants and solicitors who were appointed when the business was solvent and ‘doing well’, but these professionals are not always appropriate when it comes to business survival.

If you have a business that is about to hit the rocks, then call us and let’s see if we can change the outcome.

You can call our 24 hr helpline 0800 597 7977 or speak to Sean direct on 07812 917002

joint leaseholders and bankruptcy – will we lose the lease?

We are joint leaseholders on a pub but only I’m going bankrupt – will we lose the lease?

The best advice is to check the lease agreement for bankruptcy clauses. The lease is not the only issue here, as if there are assets such as stock, furnishings, etc involved, these would become part of the bankrupt person’s estate and it might not be possible to continue anyway. But usually this would require the non-bankrupt partner discussing a new arrangement with the pub chain with a view to continuing solo.

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, etc. Feel free to call us for a chat about your circumstances on 0800 5977 977 or 01425 600129.

Irish debt and bankruptcy – can I go bankrupt in England?

Many people from the ROI are considering moving to the UK mainland for this reason, as the insolvency laws are so much more lenient in England and Wales. There are, however, some points to consider and something called ‘Centre of Main Interests’ or ‘COMI’ is all important. The Insolvency Service is acutely aware of the phenomenon of ‘bankruptcy tourism’ and there are some tough criteria to satisfy if you wish to proceed.

Typically, you would need to set up local bank accounts and utility / council tax facilities, register for tax, national insurance, have a tenancy agreement in place, place yourself on the electoral roll and so on. In other words, it has to appear that you are here to stay. You may apply for bankruptcy once you have been in England or Wales for three months. This is something of a speciality for us and our track record is solid.

Bankruptcy UK offers assistance at all levels and will also prepare and submit your bankruptcy application online. Court appearances for bankruptcy are no longer required. Feel free to call us for bankruptcy help on 01425 600129 for a chat about your circumstances.

 

Will a bankruptcy in the UK be valid in Norway?

If you were to declare bankruptcy in England or Wales with Norwegian debt, it will not be recognised in that country as there are no cross border agreements in place. Provided you remained in England or Wales after the bankruptcy, your Norwegian creditors would not be able to pursue you. However, if you were to return to Norway, they might choose to recover the debt as it still exists in their eyes.

Bankruptcy UK offers assistance at all levels and will also prepare and submit your bankruptcy application online. Court appearances for bankruptcy are no longer required. Feel free to call us for bankruptcy help on 01425 600129 for a chat about your circumstances.

Can I be a sole trader when bankrupt?

Is it possible to set up a business e.g. cafe as a sole trader while you are bankrupt or can you set that up before you apply for bankruptcy? and will you have to pay your creditors anything out of the income of the business?

Yes you can. Many folks continue as self employed during bankruptcy, but you cannot be the Director of a limited company. It would not be wise to set up the café prior to bankruptcy as assets might be seized and any lease agreement terminated. This would be avoided if you set up the cafe after bankruptcy, though you need to remember that you are not allowed to have more than £500 credit during the term of the bankruptcy. This means that someone else might have to fund the project.

Bankruptcy UK offers assistance at all levels and will also prepare and submit your bankruptcy application online. Court appearances for bankruptcy are no longer required. Feel free to call us for bankruptcy help on 01425 600129 for a chat about your circumstances.

Made bankrupt and now worried about the house

I have just been made bankrupt but i co-own a house which is the family home – will my house be sold?

Everything will depend on whether there is equity in the house. If there is no equity, the Official Receiver will register an interest on the Land Registry and the property will not be affected provided you maintain mortgage payments. If there is equity, it is likely the case will be forwarded to a private Insolvency Practitioner who will act as your Trustee in bankruptcy (thus taking the place of the Official Receiver).

You will be given options to ‘buy the Trustee’s interest’ in the property, failing which he would have two options 1) he could eventually order the sale of the property or 2) he might simply place a charge against the property, to be redeemed when the house sells – the latter is the more likely if there is only a small amount of equity in the proprty.

But don’t lose heart, whatever happens you will be given up to a year to satisfy all the options – you don’t simply get thrown out on the sidewalk like some people suppose!

Feel free to call us with any further questions or for bankruptcy help on 01425 600129 or 07479 739139.

Joint mortgage and my ex is going bankrupt ..

I am separated from my husband but unfortunately we still have a joint mortgage. This is the only thing I still have with him and he says he is filing for bankruptcy. How will this affect me as it could affect my job as I work for UK Border Agency.

First of all your job is not under threat, as it is your ex and not you who is going bankrupt. Quite frankly, we doubt your job would have been under threat even if it was you who went bankrupt, as only certain professions are affected. As to whether you keep the property, this will all come down to whether there is equity in the property or not.

If there is no equity, no immediate action will be taken, but the Insolvency Service will place a note on the land registry that restricts selling or re-mortgaging without their permission. A review of the equity situation will be made 27 months later, at which point they will give up their interest in the property if the situation is unchanged. We need to point out that you will need to maintain mortgage payments throughout the process.

Bankruptcy UK offers assistance at all levels and will also prepare and submit your bankruptcy application online. Court appearances for bankruptcy are no longer required. Feel free to call us for bankruptcy help on 01425 600129 for a chat about your circumstances.

will a bankrupt in italy still be bankrupt in england after 10yrs?

Will a bankrupt in italy still be bankrupt in england after 10yrs?

If you went bankrupt in Italy, it does not register on either the UK’s Insolvency Register or with the local Credit Reference Agencies viz. Experian and Equifax, so you have little to be concerned about. If we misunderstood the nature of the question, you are welcome to call us and clarify.

Bankruptcy UK offers assistance at all levels and will also prepare and submit your bankruptcy application online. Court appearances for bankruptcy are no longer required. Feel free to call us for bankruptcy help on 01425 600129 for a chat about your circumstances.

where can records of a bankruptcy be found after 17 years?

The only possible source would be the Official Receiver’s office which handled your case, but even this is doubtful as they are not required to keep them for this length of time.  I wouldn’t be too concerned about someone discovering a previous bankruptcy as, once this information drops off your credit file, it is gone forever.

Feel free to call us for an informal chat about your circumstances or for bankruptcy help on 01425 600129 / 07479 739139 / 07894 481175

Bankruptcy and inheritance – do I keep the money?

There are two possibilities according to whether you received an Income Payments Agreement (IPA) or not. If you went bankrupt and did not receive an IPA i.e. a monthly payment for 36 months, you will be able to keep every penny of your inheritance once discharged after 12 months. However, if you were placed in an Income Payments Agreement, you will keep the inheritance less the outstanding amount owing under the IPA. For example, if you inherited £10,000 but still had 24 payments of £100 to pay, you would receive £10,000 – £2400 = £7,600.

Bankruptcy UK offers assistance at all levels and will also prepare and submit your bankruptcy application online. Court appearances for bankruptcy are no longer required. Feel free to call us for bankruptcy help on 01425 600129 for a chat about your circumstances.

 

 

Bankruptcy UK

Bankruptcy UK