Bankruptcy petitions relate to individual (and not corporate) debtors. The bankruptcy petition is commenced by issuing a statutory demand. From October 2015 the threshold for the issuance of a bankruptcy petition was raised from £750 and currently stands at £5,000. Thus as it stands, a Petition Creditor can only issue bankruptcy petitions in the UK for debts and liabilities in excess of £5000.
A statutory demand is a demand from an individual or corporate creditor which must be in a certain prescribed format demanding that you pay an outstanding debt within 21 days of the date of the Demand.
If you wish to serve a Statutory Demand we can assist you in the drafting and serving of the Statutory Demand to help recover your debt in full.
We can assist with the setting aside of a statutory demand. If you consider that there are good reasons why you should not pay the amount demanded.
We will discuss the entire process and consider the best course of action available to you. If you wish to issue a bankruptcy petition, we can assist you in the drafting, issuance and service of the Bankruptcy Petition to help recover your debt in full.
Assistance with resisting and dismissal of a bankruptcy petition against you:
Equally, if you are on the receiving end of a bankruptcy petition consider that there are good reasons, we can advise you on the best course of action to take and such advice could include assisting you with the preparation of witness statement in opposition and where appropriate the ultimate dismissal of the Petition.
Annulment of Bankruptcy
There are certain grounds under which a Bankruptcy Order can be annulled. The most common of which are as follows:
- that on any grounds existing at the time the order was made, the order ought not have been made
- to the extent required by the rules, the bankruptcy debts and expenses of the bankruptcy have all, since the making of the order, been either paid or secured for to the satisfaction of the court
- under section 261, where the creditor’s meeting summoned under section 257 approves the proposed voluntary arrangement and the debtor is an undischarged bankrupt, the court shall annul the bankruptcy order on an application made by the bankrupt or, where the bankrupt has not made an application within the prescribed period, by the official receiver
If you have been served with a Statutory Demand, Bankruptcy Petition or Winding Up Order, then you should contact us. Once we have had the opportunity to assess the case, we will provide the detailed guidance and advice on how best to proceed.
With our Head Office based in Hull and two Consulting Offices in London and Leeds we are easily accessible for consultations. Call us on 01482 616 616 or 0800 037 1305 to book a free telephone consultation to discuss your issues and requirements.
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