Bankruptcy and Winding Up Procedures
Bankruptcy is only an available option if your debt is more than £750. The first step is to issue the debtor with a statutory demand, which states that bankruptcy proceedings may start if payment is not received within 21 days. The debtor has 18 days to dispute this demand.
Winding up is also only possible if the debt is worth more than £750. More than 21 days must have passed since a letter of demand was sent on order to start the winding up procedure.
We understand that these situations are stressful and the law can be complex, so we work with you to ensure the process runs as smoothly as possible.
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