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Well not necessarily. Your family home may be at risk and steps must be taken to clarify the position during the a 3 year period following bankruptcy. The position will vary dependent upon a number of issues including for example;  whether you rent your home or own it, whether you own your home jointly with someone else, and whether or not the property is subject to a mortgage. There is no one universal answer; you need to be aware of your rights and those of any joint owner, so we would
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?

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.