Contact Dodd Rescue...

*

*


Appointment venue



Wrong. Any sale back to company directors must be for full market value. Administrators are under a strict duty to ensure that the assets are marketed to outsiders before any final sale back to directors are agreed. And remember - you must have on-going funding available to buy back the assets and continue to trade, so directors need to be 100% certain that they can pay for the assets before entering into any agreement to buy back. Administration is not as simple as you may have been lead

Bankruptcy

bankruptvy

Remember that formal insolvency processes are complicated, and only explain a tiny part of the entire procedures. Remember also that these rules also may apply to individuals working within partnerships so please speak to Dodd Rescue so that we can explain further.

Bankruptcy is the formal recognition that an individual is unable to pay their debts. It follows a strict legal process through the Courts. Individuals can petition for their own bankruptcy, or the process can be carried out by the people to whom they owe money ie a “creditors petition”.

As it is a Court process, fees are payable, but reductions in costs can be obtained by individual petitioners if they can prove they are unemployed or in receipt of other forms of benefit. The procedure starts with a bankruptcy petition, and if the Court considers it appropriate, a bankruptcy order will be made.

A bankrupcty order normally last for 12 months. During this time the bankrupt cannot obtain credit in excess of £500 (without the credit providers permission).

You can continue with self employment (subject to certain conditions). Continuing your employment will depend on the type of job that you hold.

Your bankruptcy will be a matter of public record on the Individual Insolvency Register.

If you are in doubt as to what bankruptcy means then the Insolvency Service provides extremely useful help and guidance at www.insolvency.gov.uk.

To find out more about how we can help please call either Carol, Jackie or Jeanette on 01768 864466.