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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
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FAQ's

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?

29 January 2014 by

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.

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