Bankruptcy is a recognised method for individuals to deal with debts that they would otherwise be unable to repay. Bankruptcy releases a person from overwhelming debts and allows them to start again with a fresh slate.
Anyone can go bankruptcy, including individual members of a partnership. If you are a company or a partnership business, then the insolvency procedures are slightly different.
Declaring yourself bankrupt is not an easy decision and you should think very carefully before making the decision to move forward. We suggest you read through all of the information on this website then call us on 0800 5977 977 with more specific questions, which should enable you to make an informed decision