In many cases Administration leads to the sale of the company’s assets on a going concern basis. The sale of the company’s assets may be agreed before the company goes into Administration and completed immediately after the commencement of the...
Read more...If you do not pay your taxes HM Revenue and Customs will consider taking enforcement action as detailed below: Legally taking possession of goods (Distraint) - possession of goods for sale at public auction, Summary Proceedings in the...
Read more...County Court Bailiffs are actually civil servants who are employed by HM Courts Service. Their main role is to enforce County Court Judgments and Orders and although the majority of their work involves actions for recovery of debt, they are also...
Read more...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...
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