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Bankruptcy is an option for any individual who can’t pay their debts ‘as and when they fall due.’ A bankruptcy proceeding has two aims:

• To give you a fresh start and freedom from creditors
• To ensure that all assets are distributed fairly among the creditors

The courts are officially responsible for managing a bankruptcy proceeding, although it is usually done at the request of either the debtor or one of his or her creditors.

The assets of the bankrupt individual then fall under the control of a trustee. This will be either the Official Receiver – a civil servant and officer of the court – or a licensed Insolvency Practitioner.

Whoever is appointed becomes responsible for uncovering as much as possible about the debtor’s assets and liabilities, and maximising returns for the creditors within certain guidelines.

Once a bankruptcy order has been made, your creditors can no longer pursue you for payment.

Complete the enquiry form and one of our advisors will call you to discuss your options. We guarantee a 15 minute resonse or call you back at your requested time.