Our solicitors are vastly experienced in assisting individuals and companies of all sizes to facilitate and advise upon Bankruptcy Proceedings. At Blackstone Solicitors, we are able to advise many different types of client on the process involved, no matter the complexity of the circumstances being considered and the nature of the debt recovery.
For more information about how our team of corporate solicitors can help, contact us on 0345 901 0445 or complete our online enquiry form and a member of the team will call you back at a convenient time.
A bankruptcy petition is an application to the court for someone’s assets to be taken and sold to pay their debts. A bankruptcy petition will need to be presented to a court if you want to bankrupt someone because they owe you money.
Blackstone Solicitors are known for our efficiency, attention to detail and ability to get things done; qualities much needed when addressing bankruptcy proceedings. We will provide professional, pragmatic advice based on our years of experience in this specialist area.
Our team will do all that is necessary to ensure you are properly and robustly represented in any claim and will put your interests first at all times. The procedure can often be highly technical and we will ensure you are in the best possible position for a successful outcome.
Why Legal Help is Important
When you’re bankrupt, your non-essential assets (property and what you own) and excess income are used to pay off your creditors (people you owe money to). At the end of the bankruptcy, most debts are cancelled.
The High Court can declare you bankrupt by making a bankruptcy order after it has been presented with a bankruptcy petition. A petition may be presented by one or more creditors, the debtor or the supervisor of, or a person bound by an individual voluntary agreement.
The process can be complex, potentially stressful and can be considered to be incredibly important. It can have an impact on you and your business, both in the short and long term – it is therefore imperative that you have the best legal experts at your side, not only to ensure everything progresses as it should but also to make sure both you and your business benefits from the best possible terms of any agreement.
If your debtor owes you an unsecured debt of over £5000, you can present a creditor’s petition. This may be the sum of two or more debts which total over £5,000. There might be different petitioning creditors on the same petition for different debts that the debtor owes.
Once bankruptcy proceedings have started, the debtor must co-operate fully even if it’s a creditor’s petition and the claim is disputed. It is sometimes possible to try to reach a settlement before the petition is due to be heard.
An Official Receiver is appointed to protect the assets of the debtor. They act as trustee of the bankruptcy affairs if the debtor has no assets.
If the debtor has assets, an Insolvency Practitioner will be appointed to act as trustee and sell these assets to pay you and other creditors.
Once a bankruptcy order has been made against someone, the creditors cannot pursue the debtor for payment. The trustee is responsible for payments.
Bankruptcy normally lasts for one year. After this time, the debtor will be discharged from the bankruptcy regardless of how much is still owed.
The discharge could happen earlier if the debtor co-operates fully with the Official Receiver. In some cases, the bankruptcy can last for more than one year.
Whatever the circumstances are of the bankruptcy proceedings, we ensure full compliance with corporate laws and regulations, so that you can be sure that the process is addressed on a firm financial and legal basis.
We will work with you to ensure all financial and legal aspects of any bankruptcy petition is properly managed. We are able to assist with any aspect of this and will guide you through the technicalities in a clear and concise way. We have a team of experienced solicitors well versed in the process who are ready to assist you.
Get in Touch
Find out more about our services and how our commercial litigation solicitors can assist you and your business by getting in touch. We have offices in Cheshire and London and are able to serve clients across the North West, including Chester and Manchester, as well as throughout the UK and also overseas.