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Wrong. Certain debts "survive" bankruptcy ie they do not get written off when you are declared bankrupt. These include mortgages and other types of "secured" loans, student loans, certain Court awards for "family" matters eg divorce or childcare

Frequently Asked Questions

I’m bankrupt – everyone will find out about it won’t they?

Well not necessarily. It’s true that when you are declared bankrupt or enter into an Individual Voluntary Arrangement, then this goes on public record in the Individual Insolvency Register. But the days of the advert in the local newspaper are long gone. The people that will get to know are obviously all of your creditors (which can include the bank , the mortgage company or your landlord) and you need to be careful if you work in any kind of job which requires a licence or some sort of undertaking regarding personal insolvency. Once again we can advise you about the types of things you need to look out for- just talk to us.

Can I carry on trading through my existing company if I go into a Company Voluntary Arrangement?

Yes – this is the whole point of entering in to a CVA. Before the arrangement starts however, you must be sure that there is sufficient money (or funding) available to keep up to date with your current bills as well as making the necessary payments in to the CVA. We will advise you about this before the CVA commences.

How much will it cost me to set up an Individual Voluntary Arrangement?

There will be an upfront fee dependent on your circumstances which will need to be paid before the commencement of the arrangement. Thereafter all costs are paid out of contributions you pay in, but they must be approved by the creditors before the arrangement starts. We will always fully explain how this works before you sign up to anything.

 

I’ve heard about pre-pack administrations and directors get first refusal to buy back the company assets if it’s about to go bust – right?

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 to believe. Speak to Dodd Rescue to ensure you make an informed decision.

I can pay my friends before the company goes under – right?

Wrong. There’s a whole section in the insolvency legislation about “preferences”.

In practice this means that payments to friends can sometimes be claimed back.

Before you lose all those friends, get your facts straight and talk to Dodd Rescue.