Bankruptcy – What is it and what you should know?

Posted by Craig Kelly on Jan 20, 2017 in Insolvency | 0 comments

Bankruptcy – what is it?   If you have found yourself in serious debt, bankruptcy could offer a chance to make a fresh start and be protected from people that you owe money to.  It can be a realistic and suitable option for addressing significant debts, but it may not be your only option.  You… Read More &raquo

Personal Guarantee – Directors Beware

Posted by Craig Kelly on Jan 17, 2017 in Insolvency | 0 comments

What is a personal guarantee?   A personal guarantee is a contractual promise.  It can be given by a director, business associate or family member in respect of the obligations of another party to do or pay something.  The personal guarantee can be called upon if that other party defaults on its obligations. You could… Read More &raquo

Bankruptcy Process – the rules change again

Posted by Craig Kelly on Apr 07, 2016 in Insolvency | 0 comments

Bankruptcy process – the rules change again   On 6 April 2016, the application process to make yourself bankrupt changed. The bankruptcy application procedure will now be online whereas previously, all applications had to be submitted to the Court, usually by first making an appointment to see the bankruptcy clerk and provided everything was in… Read More &raquo

Glossary – Insolvency Terms

Posted by Craig Kelly on Mar 13, 2016 in Insolvency | 0 comments

Glossary of Insolvency Terms   Administration This is a formal insolvency process requiring the appointment of a licensed insolvency practitioner. The purpose of administration is to save the company, or if that is not possible, to achieve a better result for creditors than in a liquidation.  If these are not possible, the purpose of the… Read More &raquo

Directors Disqualification – Overview

Posted by Craig Kelly on Feb 12, 2016 in Insolvency | 0 comments

Directors Disqualification – Overview   What is a Directors Disqualification? These are claims brought against directors only or other types of individual who act as a director, but are not formally recognised as being directors in a way you might commonly understand them.  For example, ‘De Facto’ directors or ‘Shadow’ directors can also be disqualified… Read More &raquo

Statutory Demand

Posted by Craig Kelly on Feb 08, 2016 in Insolvency | 0 comments

Statutory Demands   What are they? The Insolvency Act 1986 provides for formal demands to be served upon a debtor when a sum of money is outstanding.  These demands can be served upon an individual or a company.   What do they mean? Serving a statutory demand may be a means of exerting pressure on… Read More &raquo

Bankruptcy Threshold – Increase

Posted by Craig Kelly on Feb 08, 2016 in Insolvency | 0 comments

Bankruptcy Threshold – Increase from 1 October 2015   The government has implemented a 700% increase in the bankruptcy threshold which must be met prior to creditors being able to present petitions at court.  This is expected to seriously reduce the amount of people being made bankrupt following the changes. After almost 20 years, the Government has hiked the amount over which… Read More &raquo

Posted by Craig Kelly on Nov 22, 2015 in Insolvency | 0 comments

Annulment of Bankruptcy   Annulment of your bankruptcy is possible by making an application to the Court.   Who can apply for annulment and when? You can apply for an annulment of your bankruptcy if: You have paid your debts, fees and expenses (or you have arranged to secure them); The bankruptcy order should never… Read More &raquo