Bankruptcy: How Opus Business Rescue can help you

We are here to support you

  • Stop Creditor Pressure

  • Insolvency & Rescue Specialists

  • Independent Advice

Immediate Assistance

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.

Schedule a Call
Call us now
What is the process

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.

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 for a no-obligatory chat and he will be happy to discuss matters further.

Recent Articles

See all Articles

Request a Call Back

For more information on business options, we offer an initial free consultation to review the situation and make recommendations on the best way forward. For a no obligation chat, complete the form below, include a best time for us to call you and a Partner will be in touch.

Or Schedule a Call

Alternatively, you can book a convenient time for us to contact you below.