Insolvency proceedings have two primary objectives. These objectives are to liberate an individual from the pressures of creditors; it frees them from overwhelming debts so they can begin anew; however, this new beginning is subject to certain restrictions. In addition, bankruptcy ensures that your assets, such as property and investments, are distributed equitably among your creditors. Once a bankruptcy order has been issued against you, your creditors are prohibited from pursuing payment. The trustee then assumes responsibility for the payment. After the bankruptcy process has begun, you must cooperate entirely.
Any individual or member of a partnership can declare bankruptcy; however, there are distinct insolvency procedures for dealing with corporations and partnerships. The courts are responsible for declaring an individual insolvent, although this is done at the request of the individual or one of his/her creditors.
Once a bankruptcy proceeding has begun, the involved individual's assets are placed under the control of a trustee. This trustee will either be the Official Receiver, a court-appointed civil servant, or a licensed Insolvency Practitioner. Whoever is appointed as trustee is responsible for discovering as much as possible about the debtor's assets and liabilities and then maximizing returns for the creditors from the available assets. All of this, however, is conducted within specific parameters.
You can either voluntarily declare bankruptcy or your bankruptcy proceedings can be initiated involuntarily. When a debtor owes more than £750 to a creditor, legal action can be initiated. However, when bankruptcy proceedings are initiated, petitions are typically filed with the London High Court or the County Court closest to the debtor's residence or place of employment. Even if you are not physically present in England or Wales at the time, a petition for bankruptcy can be filed against you if you normally reside there.
There are fees associated with bankruptcy proceedings, which is something that many people are unaware of. One of these fees is the £120 court charge; however, the court may waive this fee in certain circumstances, such as if you receive Income Support. If you are uncertain as to whether you qualify for a fee waiver or fee reduction, court personnel will be able to provide guidance. In addition, you will be required to pay a $250 deposit towards the cost of administering your bankruptcy. This deposit is required in all circumstances.
It is recommended that you obtain professional legal advice from people who can guide you through the entire bankruptcy process for more information.""
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