For a confidential, no obligation chat please contact on 01953 883535 or 01603 813920 or complete this form

Insolvency

As a business, if you cannot pay your debts, then you will be considered insolvent, which may lead to liquidation or winding up of your business. 

In business, bankruptcy applies to sole traders and individuals who have given personal guarantees for who can no longer pay the debt or loan.  

Individuals may also face bankruptcy if a personal debt is more than £750 and the person they owe decides to demand payment through court proceedings. Individuals may wish to file for their own bankruptcy petition if the alternatives to bankruptcy are not deemed appropriate, such as: -

  • Informal Agreements
  • Individual Voluntary Arrangements
  • Administration Orders

Bankruptcy is only considered as a last resort and all other solutions will be reviewed before bankruptcy is advised.

Bankruptcy has some advantages: -

Your creditors will no longer be able to pursue you or take action against you to recover what you owe.

You will not have to make further payments to your creditors, but will have to pay any surplus income over to your Trustee.

All of your debt will be written off providing you with a fresh start.

Income from benefits or pensions will be yours to keep.

 You can expect to be discharged after one year and will then be free of debt.

There are also disadvantages: -

If you own any valuable assets, including endowment policies, these will usually have to be sold.

It restricts your ability to obtain credit in the future without permission from the lender and your credit rating can be affected for many years after the annulment.

You are not allowed to start up or be involved in the day-to-day management of a limited company.

You are not allowed to act as a member of parliament, and there are certain other restrictions, such as acting as a member of any local council or school boards, etc.

There will usually be a fee to pay with your application.

Your bankruptcy will be advertised in a local newspaper.

We offer expertise in relation to both corporate and personal insolvency, helping you explore the best way of dealing with Insolvency or pending Insolvency.

Contact us

We have two offices, one in Watton, Norfolk and the other in Hethersett, Norfolk. However we are more than happy to conduct home visits if getting to us is a problem.

Dawson House
20 Thetford Road
Watton
Norfolk

IP25 6BS

Call us on
01953 883535
 
Rowan House
28 Queens Road
Hethersett
NR9 3DB
Call us on
01603 813920
 

What our clients say...

“ We recently had a Client in need of legal advice. Netmatters made the decision to appoint Dawsons law. Salena was professional, polite, She provided a quote and a fixed fee for any additional agreement moving forward. As an agency we often have to deal with multiple legal issues and we have no trouble recommending Salena Dawson . She truly is a solicitor at the heart of the community”

Netmatters

“I must commend you on your will writing service.... We both had been putting of making a will for some time, however Salena made us feel at ease with her personal approach and advice which made the whole process very natural and professional. We would be more than happy to recommend Dawsons law to our friends and family”

James Robinson

“I wanted to write now that my Matrimonial Finances have been settled and are now concluded. Dawsons Law provided a unique service in assisting me as more or as little as I required. I have spoken to friends who have been through similar process . They were amazed at how conciliatory you dealt with me and my ex-wife. You were straightforward with advice and kept my legal costs down though your commonsense approach. Thank you so much.”

Mr R - Swaffham