How likely is the Court to force bankruptcy.

spurs1958

Hi All
Some years ago I was in a financial mess after my business failed my sister died and my long term Partner left me and I just packed a bag and moved to Spain leaving behind a hotel which had a large business loan on it.  ie £113,000 . 
I moved back last year assuming I may have been made bankrupt in my absence. This was not the case but the bank have now started bankruptcy proceedings against me.  I have agreed a monthly payment with them which I cannot afford and I have told them I cannot afford this figure but they have said they will proceed with the bankruptcy if I pay any less.  I have paid an installment and they have asked the court for an adjournment for six months while they monitor the account. If I only pay what I can afford during that time will the court most likely side with the bank and make me bankrupt regardless? 
I have just started a new business with my new Partner and being made bankrupt would devastate our business.  

mwarby

A statement off affairs would help, as a lot will depend on your total debt and what you can afford

Have you looked into selling the hotel and using proceeds to clear debts ?

thevdm

It all depends how much they think they will gain from you going bankrupt vs you paying a lower amount.