Bankruptcy

All about bankruptcy

If the Debtor is an individual, the debt is undisputed and is over £750, then you can serve a Statutory Demand giving him about 3 weeks to pay and if he does not do so, you can make him bankrupt

The threat of bankruptcy is quite a potent threat to someone, who has money but is just messing you around.

Bankrupts are not allowed to be Company directors, borrow money, have a credit card , will probably lose their house and lose control over their financial affairs

The threat of bankruptcy is not much of a threat to someone, who has no assets.

A Trustee in Bankruptcy is appointed to administer the Debtoräs affairs and deal with all his creditors in a prescribed way.

You rank with all the other unsecured creditors and may get paid out only so many pence in the pound