123 Debt Solutions
Free Initial IVA Debt Advice & Help
Bankruptcy Petition
Both debtors and creditors can petition for the debtor to be made bankrupt.For a debtor to petition for bankruptcy he/she must petition the county court for the insolvency district. (Not all county courts have bankruptcy jurisdiction.)
The debtor must pay the court fee and deposit towards the administration of the Order, approx £150 and £300 respectively.
You will have a lot of forms to complete. An extensive amount of information is required on the form. Too much to list but please ask and we will email you complete list.
At the hearing the court will refer the case to an insolvency practitioner for consideration of an IVA.
If an IVA isnt applicable, the court will either :
- Make a bankruptcy order
- Dismiss the petition - if the debtors assets appear to exceed liabilities.
- Adjourn the petition - if the debts are not legally enforceable.
- Stay the petition - if an alternative method of dealing with the debts would be more appropriate.
For a creditor to petition for the debtor to be made bankrupt. The creditor must be owed more than £750.
If you need advice or would like to explore other options other than bankruptcy please let us know and we will do all we can to help.
Its as easy as 123, call 0808 22 22 123 or fill in our online enquiry form.