Duncan Lewis Litigation Solicitors – Bankruptcy petition
A bankruptcy petition can be filed at court by both an individual seeking bankruptcy – or a creditor who is owed money and wishes to apply to court because they have not been paid.
Under the laws of England and Wales, anyone who owes more than £5,000 and is unable to pay their debt can file for bankruptcy at the court. Those who live in London or who owe more than £100,000 must file the petition at the High Court.
Bankruptcy is governed by the Insolvency Act and the process can be extremely complex:
- The bankruptcy petition has to be presented correctly and according to the law, or it will be dismissed.
- A hearing needs to be scheduled – and sometimes an appointment with the court to file the petition is necessary if the courts are busy.
- Court fees also have to be paid for filing a petition, although those in receipt of certain welfare benefits might be exempt from some fees.
- The official receiver will arrange a meeting with the debtor and it will be necessary to provide full details of financial affairs.
- Even if a debtor has assets, such as a property, bankruptcy can still be complicated – and may affect the sale of the property, for example. The court may also decide to stall any ongoing legal procedures once a bankruptcy petition has been presented to the court.
It is important to take legal advice as soon as possible if filing for bankruptcy or a petition for bankruptcy has been filed against you.
Duncan Lewis bankruptcy solicitors can act swiftly to protect a client’s interests – and may be able to offer a solution to bankruptcy, such as Individual Voluntary Arrangement (IVA).
In cases where a petition for bankruptcy has been filed by a creditor, Duncan Lewis can also advise on defending the bankruptcy petition.
Duncan Lewis bankruptcy solicitors can also advise on bankruptcy restrictions which will apply and how these will affect a client – as well as advising on cancelling a bankruptcy (bankruptcy annulment orders).
For expert legal advice on Bankruptcy, call Duncan Lewis Financial Litigation Solicitors in confidence on 0333 772 0409.