Bankruptcy and insolvency claims
Bankruptcy involves the liquidation of various assets, including your home, car, income, shares, rights of action, and non-essential items, to settle outstanding debts. Once a bankruptcy order is issued, the official receiver or trustee assumes control of your assets, aiming to realise their value for distribution among creditors. Insolvency is effectively the same thing as bankruptcy, but the term “insolvency” usually applies to businesses rather than individuals.
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In addition to aiding debtors, our legal experts recommend that any non-bankrupt spouse seeks legal counsel due to significant implications when assets are jointly owned. We provide guidance on effectively managing such assets and minimising potential claims by a trustee.
Bankruptcy carries profound consequences and should be contemplated only after seeking professional advice.
Please reach out to us for assistance and advice on alternative options that may be available to you, potentially averting bankruptcy. You can contact us at 01273 696962 or complete our online enquiry form, and a team member will promptly reach out to you.
Our specialist bankruptcy solicitors can advise you on the following:
- Personal bankruptcy procedure and implications
- Corporate insolvency procedure and implications
- Claims arising on either a bankruptcy or insolvency
- Alternatives to bankruptcy and insolvency
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