Bankruptcy

If you’re insolvent, bankruptcy is a court procedure designed to help your creditors. You could be an unincorporated business, a partnerships, a self-employed tradesperson or an individual in debt.

The bankruptcy starts with:

• A creditor’s petition to the court
• A debtor’s petition to the court , or
• The supervisor of an IVA petitioning the court.

Once you’re declared bankrupt, it’s advertised in the local newspaper and London Gazette, and it goes on a public register. The administration is handled by the Official Receiver or a licensed Insolvency Practitioner. Control of your assets passes to the Trustee, who’ll get the best value and distribute the proceeds to your creditors.

But it might not get that far. Frost Debt Solutions could offer you a lifeline. We’re experts in personal insolvency and in solving individuals’ debt problems. Find out if bankruptcy is right for you and the consequences for your circumstances.

Frost Debt Solutions can also act as Trustees. This means we can help both debtors and creditors through the bankruptcy process.

Attachment: R3 Creditors' Guide to Bankruptcy