Bankruptcy UK has noticed a marked increase recently in the number of clients returning with post bankruptcy issues, following an apparent ‘tightening up’ of procedures by Official Receivers i.e. the Insolvency Service. It appears that clients are now routinely receiving Income Payments Agreements (IPAs) despite accurate Income and Expenditure documents clearly showing that there is no surplus income. This is...read more →
Bankruptcy Tourism; Recent insolvency statistics revealed a 5.6% fall in the number of personal insolvencies in Q2 2012 compared with Q4 2010, but the figure was still an eye watering 28,973 or roughly 1600 per week. However, while the number of people being declared bankrupt is falling, ‘bankruptcy tourism’ appears to be on the rise. Bankruptcy Tourism, where a foreign national relocates to England...read more →
It is a generally held misconception that personal bankruptcy is punitive and that bailiffs will seize your goods and chattels, leaving you with nothing but a change of clothes. This is false. You enter into the protection of a Bankruptcy Order to do exactly that; to protect yourself from creditors and to make a fresh start. Under Section 283(2) of...read more →
Bankruptcy affects people in different ways. No two examples are the same, though you could generalise on the effects of an average bankruptcy on an individual. We view bankruptcy as a fresh start. A clear pitch. Its up to the individual as to how he / she operates after bankruptcy. Either you use it as the restart platform which it...read more →
HMRC approved Pensions do not form part of the ‘Bankruptcy Estate’ and cannot be interfered with either now or when they mature.
Bankruptcy in the UK means that when you enter into bankruptcy your debts are written off. This means your creditors are no longer allowed to persue you for the debt. The only way a debt or part of a debt can be repaid in bankruptcy is if assets are sold or you are entered into an Income Payments agreement (IPA)....read more →