Supporting Businesses Nationally
Bankruptcy
Are you facing financial pressures and debt
that you would like to discuss further?
For a free confidential discussion, call 020 3995 6380 | rescue@opusllp.com | offices nationally
How Opus can support business owners and directors
Our team can explain the options available to help return your business to profitability. We help business owners, directors and all stakeholders navigate their way through the uncertainty that distress brings.
What is Bankruptcy?
Bankruptcy is designed to relieve a person from overwhelming debt and to enable a “fresh start”
The bankrupt’s assets are got in and realised by the Trustee, for the benefit of the creditors and distributions from the realisations of those assets, are made to creditors.
Bankruptcy is an Order of the Court, where either a creditor has presented a bankruptcy petition against you, or an Adjudication is made by the Official Receiver, where a debtor has made their own application for bankruptcy.
Once a Bankruptcy Order is made, that person’s assets automatically “vest” in (or belong to) the Trustee in bankruptcy, who initially is usually the Official Receiver. An Insolvency Practitioner may then be appointed as Trustee, in place of the Official Receiver, at the request of a majority of the creditors.
Debt advice
The faster you get help, the more options will be available to find a workable solution to relieve your stress and restore your life back to normal as quickly as possible.
You can find information on all options for resolving debts in England and Wales from the Insolvency Service. For debtors in Scotland, assistance in finding debt solutions can be accessed here.
Debt counselling
services: Money Helper
Free and impartial debt counselling services are available from Money Helper.
Occasionally, where appropriate, we will refer clients to other agencies such as Citizens Advice Bureau or debt advisory charities. These other sources of advice may be paid by creditors, especially banks to help debtors deal with their financial difficulties. We do not receive any payment for these referrals.
Immediate assistance from regulated personal insolvency specialists
Our dedicated team is on hand to provide assistance to Directors of companies in financial difficulties. When a company is insolvent, a Director has a duty to minimise losses to stakeholders. Our senior management are available to talk to you about the problems you and your company face with complete confidentiality.
Key considerations in Bankruptcy
Creditors may sometimes feel that a bankrupt has not made a full disclosure of their assets, or they would like to see an in-depth investigation carried out into the bankrupt’s financial affairs where they consider matters require further examination. Opus’ personal insolvency experts can help in such circumstances, by drawing on many years of knowledge and experience investigating the affairs of insolvent individuals.
Alternatively, you may have been made bankrupt yourself, or have substantial personal debts which you cannot repay (such as personal guarantees for a limited company), or are looking for a solution to avoid bankruptcy, by making a proposal for an Individual Voluntary Arrangement (“IVA”). An IVA enables a proportion of debts to be paid, with the agreement of creditors, and with the balance written off.
If you have any concerns about a bankruptcy, would like an investigation conducted, or wish to discuss whether an IVA might be a feasible option in your particular circumstances, please call our Personal Insolvency Partner, Paul Mallatratt on 0115 666 8232 or 07736 972395, or complete the form below to arrange a no-obligatory call and he will be happy to discuss matters further.
Resources and guides
Our latest articles to support decision making for business owners and directors. These provide an overview on what is going on in the market and information about the options available when a company is facing challenges.
Have questions?
For more information on business options, we offer an initial free consultation to review the situation and make recommendations on the best way forward.
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Opus is authorised and regulated by the Financial Conduct Authority. If you are looking for advice in relation to personal debt, click here to understand more about all options available, the pros and cons for each and fees relating to our services. If you have a complaint, click herefor our procedure.