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Bankruptcy Help and Advice Overview - You need to petition to the court for a bankruptcy order - There is an automatic discharge from bankruptcy after 1 year - Debt Relief Orders or Individual Voluntary Arrangements would be the alternative options to use for personal insolvency Who can initiate Bankruptcy? Bankruptcy can be initiated by either the debtor (the person that owes money) themselves or by one of their creditors (those who are owed money). In order to start bankruptcy proceedings, a petition for a bankruptcy order must be presented to the court who will then set a date for a further court hearing to place the debtor into Bankruptcy and then to appoint an Official Receiver (a government insolvency trained official) to proceed with the bankruptcy. Why do individuals choose bankruptcy? People may think that there are no advantages to bankruptcy, as it carries around a negative stigma. However, depending on your individual circumstance, bankruptcy could be the right route to take. Advantages: - The pressure from creditors is removed as the debtor will have no further contact with them - There is an automatic discharge from bankruptcy after 1 year - The money owed is written off with a few statutory exceptions The bankruptcy process If the bankruptcy is passed by the court at the hearing, then the Official Receiver’s job is to meet with the debtor to assess their situation. Then to investigate the debtor’s financial position and to receive all the debtor’s value assets and liabilities that are outside of the debtors requirements for living and working. It may be found that some of the debtor’s assets will be used to help pay back dividends to creditors. It may also be the case that the debtor themselves will have to pay a monthly contribution to the Official Receiver. All of this will depend on the circumstance of the individual entering bankruptcy. Alternatives to Bankruptcy An alternative to bankruptcy could be a Debt Relief Order. Please find some helpful points below that will inform you of this option: - Debt Relief Orders are for individuals who owe £20,000 or less and have less than £50 spare income a month. - The debts included in a debt relief order are; credit cards, overdrafts, loans, rent, utility bills etc. - A debt relief order usually lasts for 1 year and during this time creditors will not be able to take action against the individual to retrieve their funds. - To apply for a debt relief order you will need to speak to an adviser such as an Insolvency Practitioner, who have the ability to fill in the necessary forms online. - Once the debt relief order is approved, the creditors listed on the order will not be paid and the debtor will be protected from them taking legal action. - At the end of the debt relief order, the debts listed on the order will be written off. A further alternative may be an Individual Voluntary Arrangement, follow this link to read about this option.
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Rečnik franšizinga i biznisa: Stečaj S finansijskog gledišta stečaj je pad poslovne aktivnosti koji može pokrenuti kontinuitet poslovanja, a izazvan je nesolventnošću (nemogućnošću podmirivanja dospjelih obaveza u rokovima njihovog dospeća) ili situacijom negativne neto imovine preduzeća (dugovi preduzeća veći od pravedno procenjene vrednosti njegove imovine). S pravnog gledišta stečaj je sudski postupak nad imovinom dužnika koji je postao nesolventan (u nekim pravnim sistemima i nad imovinom dužnika koji je prezadužen). Mogu ga pokrenuti poverioci preduzeća dužnika ili samo preduzeće dužnik. Imovina dužnika postaje stečajna masa iz koje se podmiruju dugovi stečajnim poveriocima. Organi stečajnog postupka su stečajno veće, stečajni sudija i stečajni upravnik. Poverioci čija potraživanja iznose više od 50% ukupnih dugovanja mogu zatražiti osnivanje odbora poverilaca i tako imati značajan uticaj u stečajnom postupku. Odbor poverilaca osniva stečajno veće. Nakon što su svi odnosi iz stečajnog postupka okončani, stečajni upravnik podnosi izvještaj stečajnom sudiji. Na predlog stečajnog sudije stečajno veće donosi odluku o zaključenju. Rešenje o zaključenju stečajnog odnosa upisuje se u sudski registar i od datuma upisa dužnik prestaje postojati