Bankruptcy order - 27th October

homersimpson316

Never expected to be back here again after so many years! 

I went bankrupt in 2008 after losing my house during a difficult period in my life when me and my partner split up.

Anyways..... here i am again for a different reason

7 years ago i set up a company and it went from strength to strength until Covid happened, demand dropping off, materials and supply increases etc.

To help fulfill contracts and payments i took a guarantor loan out hoping i could swing things back around but it wasn't to be and the buisness had to close leaving me with personal debts which has now turned to a bankruptcy order being made against me next Monday.

When i applied for personal bankruptcy (2008) i filled in all forms for bank accounts, debts, incoming and out going bills and my account was frozen immediately.

Just wondering if anyone has been made bankrupt by a debtor and what the process is and how soon my bank account will be frozen etc, i haven't filled any forms out or been asked to do anything as of yet, just a court date.

Regards
Homer Simpson (again) 😔

sourcrates

Uncertain if the process differs from personal bankruptcy or not, I do know it costs the creditor much more in regard to fee`s than a personal bankruptcy does.

I would suggest you prepare by taking sensible precautions such as withdrawing as much cash as possible to tide you over for a week or two, do a big shop if you can beforehand, fuel in the car etc etc.

fatbelly

The difference is that the courts are not involved with personal bankruptcy these days but still are when there's a statutory demand.

If the judge agrees that you are insolvent then a file is passed to the Official Receiver.

If your main bank account is not overdrawn and only has a small balance to get you through a month then you may be allowed to keep it. Your bank will make that decision.

I agree with the above though