header-logo header-logo

22 October 2021 / John O'Hare
Issue: 7953 / Categories: Features , Procedure & practice , Insolvency
printer mail-detail

Insolvency law as an aid to debtors

61714
John O’Hare explores the options available to help people with financial troubles
  • Applying to become bankrupt.
  • Applying for help to avoid bankruptcy.

There are several ways by which an individual or company oppressed by debts can seek help from the law. The first one we describe is somewhat drastic. Debtors themselves may commence bankruptcy proceedings so relieving them of the need to continue responding to any debt proceedings already commenced against them. Nowadays the application is made, not at a court but online giving full details of one’s income, outgoings and debts and paying the fee (currently £680). The online form is transmitted directly to the Official Receiver at the Insolvency Service Office you select (see furtherhttps://www.gov.uk/apply-for-bankruptcy). However, before taking such a step, it is always appropriate to consider whether the debtor can obtain, by consent or by order, a stay of execution in respect of the biggest debt or debts.

Other ways in which insolvency law can help debtors is aimed in the opposite direction; giving the debtor a moratorium on the enforcement

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

Anthony Collins—20 promotions

Anthony Collins—20 promotions

20 promotions mark major people investment at national law firm, Anthony Collins

Sidley—Elaine Whiteford

Sidley—Elaine Whiteford

Sidley adds competition litigator Elaine Whiteford in London

Charles Russell Speechlys—Claudina D’Costa

Charles Russell Speechlys—Claudina D’Costa

Charles Russell Speechlys welcomes Claudina D’Costa as Director of Client Development Marketing

NEWS
The 25th Pro Bono Week begins today until 6 November, with events hosted by law firms, chambers, law schools and charities across the UK
Pro bono is celebrating a silver anniversary, with initiatives putting businesses and students at the heart of access to justice
Choosing the wrong expert can cost a clinical negligence claimant more than their case
Judges risk weakening their own independence by staying silent over government reforms, a leading public lawyer argues
A discount on damages does not automatically mean an equivalent haircut for legal costs in military deafness claims
back-to-top-scroll