Bankruptcy

To be declared bankrupt, a court has to issue a bankruptcy order against you.

This is only applicable for individuals, not businesses and can happen for two reasons; you can either apply to a court if you are unable to pay your debts, or your creditors can apply to make you bankrupt if you owe them more than £750.

If you are made bankrupt, your assets can be realised in order to pay your creditors. You will need to follow certain rules, such as not being able to manage a business with a different name without telling business partners that you are bankrupt. You will not be able to obtain credit for more than £500 without declaring your bankruptcy status. You will need to co-operate with both the Official Receiver and any Trustee in Bankruptcy who may be appointed to manage your bankriptcy estate.

Your details will also be published on the Individual Insolvency Register. In most cases, after 12 months you will be discharged automatically from your bankruptcy.

In cases whereby an individual's conduct is deemed to have resulted in the bankruptcy, and been reckless or dishobnest, he or she may face Bankruptcy Restriction Order (BRO) Proceedings. A BRO can extend the limitations on a bankrupt individual's activities well beyond the standard 12 month period.

If you or a family member is struggling to pay their debts we can assess your situation and advise you further. Similarly if you or a family member has been made bankrupt we can assist and consider what course of action, including annulment, is appropriate.

You may share a home or other asset with an individual who has become bankrupt. In these circumstances the Trustee in Bankruptcy can seek to realise his or her interest in the asset. We can advise you on the best course of action for your circumstances. 

Updated rules for insolvent football clubs

Annabel Whittaker discusses regulations that apply to insolvent football clubs, which will come into effect fr...

The Insolvency Order 2015

From 1 October this year, the Insolvency (Protection of Essential Supplies) Order will come into effect.

The costs of avoiding formal insolvencies

Recently it has been identified that heavy losses are being suffered by HMRC and creditors when companies ceas...

Financial Mis-selling claims

Fraser Brown is able to assist companies, individuals, and Insolvency Practitioners with financial mis-selling...

Training and Examination BIIAB level 2 Award for Personal Licence Holders

Date: 14.11.2017

84 Friar Lane
Nottingham
NG1 6ED

You can obtain the Award for Personal Licence Holders (APLH) once completing your BIIAB Level 2 training, which has been a service provided to Nottinghamshire by Fraser Brown solicitors for over 10 years. ...

The National Franchise Exhibition 2016 Survey

Fiona Boswell presents the results of the survey Fraser Brown conducted at the National Franchise Exhibition 2...

Case study: Incoming Franchisors

Fraser Brown acted for one of Irelands largest importer and wholesalers of furniture into the UK market prepa...

Top 5 legal tips to help your business thrive by franchising

Fiona Boswell discusses top 5 legal tips that will help your business thrive by franchising.

Sitemap | Ask a question | Careers | Accessibility | Terms of Use | How we handle your data

© 2017 Fraser Brown Solicitors. Authorised and regulated by the Solicitors Regulation Authority.
SRA Number: 0048586   |SRA |  VAT Number: 116 4751 78

Fraser Brown is a partnership of limited companies. Any references to partners in any document should be taken as being references to the directors of the limited companies and not to individual partners of the firm.