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www.oneplatform.co.uk
is a trading name of Paul
Anthony Rogerson.
Bankruptcy Information:
Bankruptcy is an option
that often has to be considered when an individual cannot pay their
debts as they fall due. A first time bankrupt with debts will
generally receive their discharge one year after the date of the bankruptcy
order (there is the possibility that in some cases the bankruptcy discharge
period will be less than one year).
Although
bankruptcy has a bad stigma and is publicly advertised, it should always be
considered when dealing with individual insolvency cases.
Please note
that if your are ever faced with the prospect of bankruptcy you should look at
alternatives as soon as possible such as, debt management plans or
individual voluntary arrangements (iva’s)
Bankruptcy is one way
of dealing with debts you cannot pay.
Bankruptcy
proceedings:-
-
free you from
overwhelming debts so you can make a fresh start, subject to some restrictions
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Make
sure your assets are shared out fairly among your creditors.
Anyone can go
bankrupt, including individual members of a partnership. There are different
insolvency procedures for dealing with companies and for partnerships
themselves.
How are you made
bankrupt?
An
individual can be made bankrupt either in one of three ways:
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Voluntarily
- By the debtor themselves.
-
Involuntarily - By the creditor owed money (£750 Minimum).
-
The
supervisor or anyone bound by an IVA
A bankruptcy
order can still be made even if you refuse to acknowledge the proceedings or
refuse to agree to them. You should therefore co-operate fully once the
bankruptcy proceedings have begun. If you dispute the creditor’s claim, you
should try and reach a settlement before the bankruptcy petition is due to be
heard. Trying to do so after the bankruptcy order is made is both difficult and
expensive.
What are the
implications of bankruptcy?
-
You lose
control of your assets.
-
You cannot
obtain credit for over £250 without the permission from the lender.
-
You cannot
act as a company director.
-
You cannot
take any part in the promotion, formation or management of a limited company
(LTD) without the permission of the court.
-
You cannot
trade in any business under any other name unless you inform all persons
concerned of the bankruptcy.
-
You may not
practice as a Charted Accountant / Lawyer.
-
You may not
act as a Justice of the peace (JP).
-
You may not
become an member of parliament.
-
You may not
become a member of the local authority.
-
Your credit
is affected for many years after the bankruptcy.
-
You may be
publicly examined in court.
What are the
advantages of bankruptcy?
-
For the
person involved, bankruptcy provides relative peace of mind and possible
automatic discharge after one year (or less in some cases).
-
For the
creditors, bankruptcy allows a full investigation of the debtor's affairs to
be carried out.
Click here for
frequently asked questions
about bankruptcy FAQ's
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