Bankruptcy Petition
The court, upon the filing of your
petition, can make a bankruptcy order against an individual
who fails to pay his/her debts. A bankruptcy order makes sure
that the assets of the bankrupt are shared out fairly among
the creditors and imposes certain restrictions on the bankrupt,
such as:-
If an undischarged bankrupt trades under
a new name, he or she must disclose the old name (under
which the bankruptcy order was made) to anyone with whom
he or she does business.
An undischarged bankrupt is not allowed
to act as a director of a company or be concerned with its
management, without leave (permission) of the court.
An undischarged bankrupt can only get
credit up to £500 without informing those with whom
he or she is dealing about the bankruptcy.
Bankruptcy does not necessarily
mean that the debts of the bankrupt will be paid.
Before you can present a Bankruptcy Petition
against an individual or a partner in a business, you must
have either:-
served a Statutory
Demand and the debtor failed to comply with it, or
have an "unsatisfied" execution
of a Judgment debt, whereby either a County Court Bailiff
or High Court Enforcement Officer has been unable to seize
enough assets to discharge the debt.
The out of pocket expenses and disbursements
required to present a bankruptcy petition are considerable
and we would not recommend taking this course of action lightly.
Please refer to the table below for guidance
| Court Fee |
£190 |
| Petition Deposit |
£370 |
| Our Fee* |
£175 |
| Court Attendance Fee |
£100 |
| Process Servers Fees |
£80 |
| Swear Fee |
£7 |
| Land Registry Search Fee |
£2 |
| Total |
£924 |
* Please note that our fee is calculated
on the basis that the petition is heard in the Torquay &
Newton Abbot County Court and concluded at the first hearing.
Should the matter be adjourned or other legal issues arise,
then our hourly rate of £60 shall apply.
<< back
to top
|
