Attachment of Earnings You can ask the court to send an order to the person’s employer, to take money from wages to pay the debt. Freeze assets or money in an account The court can freeze money in the person’s bank or building society...
Read more...There are various classes of creditor and there is a specific order in which they must be paid when an Insolvency Practitioner has funds to distribute This list places the classes of creditor in order of priority with the first listed being the...
Read more...Great news that we have avoided triple dip recession but does this just mean that we are back where we were 6 months ago? As with most things there are winners and losers. The Service sector growing by 0.6% in the quarter but Construction...
Read more...If the official receiver considers that a bankrupt has acted dishonestly, or is blameworthy in some other way i.e. excessive gambling, they will report the facts to court and ask it to make a BRO. The court will consider this report and any other...
Read more...DRO’s came into force in England and Wales on 6th April 2005. They cost £90 and are intended to be a low cost alternative to Bankruptcy. DRO’s are administered by the Official receiver and are available to debtors who: Owe less than £15,000...
Read more...An alternative to Bankruptcy is an Individual Voluntary Arrangement (IVA) which is a legally binding agreement between a debtor and his/her creditors whereby the debtor repays all or part of their debt over a fixed period of time. A debtor may make...
Read more...A Bankruptcy Order is made by the Court either on the application of a creditor who is owed over £750 or a debtor personally. The process of requesting the Court to make someone bankrupt is referred to as petitioning the Court for a Bankruptcy...
Read more...A Members’ Voluntary Liquidation is a shareholder-led process, which is a tax efficient method for bringing to an end the life of a solvent company. All creditors of the Company are paid in full and the surplus thereafter is distributed to the...
Read more...Section 110 of the Insolvency Act 1986 allows a liquidator to accept shares in a new company or companies as part or full consideration for the transfer of the whole or part of the business of the company in liquidation. This process can be used...
Read more...Administrations drop to lowest level since 2005 You may be surprised to learn that the number of companies entering administration in the first quarter of 2013 was at its lowest level since 2005. High profile retail casualties including HMV,...
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