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

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

Weightmans—Jason Slatcher

Weightmans—Jason Slatcher

Weightmans appoint new Chief Technology Officer

Mishcon de Reya—trainees

Mishcon de Reya—trainees

Mishcon de Reya announces trainee retention rate of 86%

Sackers—Charlotte Adams & Fraser Sutton

Sackers—Charlotte Adams & Fraser Sutton

Sackers welcomes two new Graduate Solicitor Apprentices

NEWS
LexisNexis is delighted to announce the launch of the LexisNexis Legal Awards 2027, celebrating outstanding achievement, innovation and impact across the legal profession
The Legal Services Board (LSB) is to take further enforcement action against the Solicitors Regulation Authority (SRA), setting additional performance targets and ‘intensifying’ its oversight, it has said
Regulators missed several opportunities to intervene in PM Law Group before it collapsed, an independent review by City firm Jenner & Block has found
An employer’s vicarious liability for the alleged torts of an employee cannot be transferred by TUPE, the Court of Appeal has confirmed
Tiered fees of up to £1,500 for Legal Ombudsman (LeO) cases could leave firms with little option but to pay out, lawyers have warned
back-to-top-scroll