Bankruptcy
What is bankruptcy?
A creditor can issue a bankruptcy petition against an individual if they are owed a debt of more than £5,000. Alternatively, an individual can present their own bankruptcy petition by applying online and declaring themselves bankrupt. Once a bankruptcy order is made, the individual’s assets vest with the Trustee in Bankruptcy and these may include the bankrupt’s interest in the matrimonial home. The Trustee once appointed will deal with the realisation of the debtor’s assets and should sufficient funds be available, distribute these to creditors.
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A creditor can issue a bankruptcy petition against an individual if they are owed a debt of more than £5,000. Alternatively, an individual can present their own bankruptcy petition by applying online and declaring themselves bankrupt. Once a bankruptcy order is made, the individual’s assets vest with the Trustee in Bankruptcy and these may include the bankrupt’s interest in the matrimonial home. The Trustee once appointed will deal with the realisation of the debtor’s assets and should sufficient funds be available, distribute these to creditors.
Other Products and Services from AABRS
Creditors’ Voluntary Liquidation
A Creditors’ Voluntary Liquidation is a process which enables Directors to formally close an insolvent company voluntarily.
It’s often chosen by directors as a means of taking control in the face of continued creditor pressure and the imminence of a Winding up Petition.
It’s often chosen by directors as a means of taking control in the face of continued creditor pressure and the imminence of a Winding up Petition.
Winding up Petition Advice
Here at AABRS, we are specialists in helping businesses deal with the threat of a Winding up Petition, one of the most serious which can affect any company. The crucial point to remember is that from the moment a Winding up Petitions is issued, you have just seven days to take action. If you do not, the judge may issue a Winding up Order which will mean your company will be compulsorily wound up or shut down.
Pre Pack Administration
Very simply, a pre-pack Administration facilitates the quick sale of the assets of an insolvent business.
The struggling business sells all or some of its assets to a new company. The new company can have the same directors as the original company or be a completely separate business that has an interest in purchasing the insolvent company’s assets.
The struggling business sells all or some of its assets to a new company. The new company can have the same directors as the original company or be a completely separate business that has an interest in purchasing the insolvent company’s assets.
AABRS
Langley House, Park Road, London, London, N2 8EY, United Kingdom
AABRS offer leading insolvency support and advice to a number of business across the UK. Our company primarily focuses on individuals who face financial difficulties, both corporate and personal. We strive to find the best solution for the client, no matter how large or small their requirements may be. We as a company have a team of dedicated professionals who are here to help resolve any financial struggles you may be having.