header-logo header-logo

Insolvency law as an aid to debtors

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

Quinn Emanuel—James McSweeney

Quinn Emanuel—James McSweeney

London promotion underscores firm’s investment in white collar and investigations

Ward Hadaway—Louise Miller

Ward Hadaway—Louise Miller

Private client team strengthened by partner appointment

NLJ Career Profile: Kate Gaskell, Flex Legal

NLJ Career Profile: Kate Gaskell, Flex Legal

Kate Gaskell, CEO of Flex Legal, reflects on chasing her childhood dreams underscores the importance of welcoming those from all backgrounds into the profession

NEWS
Overcrowded prisons, mental health hospitals and immigration centres are failing to meet international and domestic human rights standards, the National Preventive Mechanism (NPM) has warned
Two speedier and more streamlined qualification routes have been launched for probate and conveyancing professionals
Workplace stress was a contributing factor in almost one in eight cases before the employment tribunal last year, indicating its endemic grip on the UK workplace
In NLJ this week, Ian Smith, emeritus professor at UEA, explores major developments in employment law from the Supreme Court and appellate courts
Writing in NLJ this week, Kamran Rehman and Harriet Campbell of Penningtons Manches Cooper examine Operafund Eco-Invest SICAV plc v Spain, where the Commercial Court held that ICSID and Energy Charter Treaty awards cannot be assigned
back-to-top-scroll