Bankruptcy Plymouth

Here at Neville & Co we can advise you on going bankrupt in Plymouth or anywhere else in the South West.

Bankruptcy is a procedure available for insolvent individuals who cannot pay their debts.

An individual can file for their own bankruptcy in the Plymouth Court (or their local court if they live elsewhere in the UK) or a creditor can take this action against them if they are owed over £750.

Upon the making of the Bankruptcy Order the Official Receiver is appointed to deal with the bankrupt’s estate and affairs.  A Trustee may be appointed to realise the bankrupt’s assets and if possible pay a dividend to creditors from the net proceeds after the costs of bankruptcy have been paid.

Bankruptcy can be a very effective way of creating a fresh start but you should seek professional advice before making such a large decision as there are certain consequences that may follow, for example:

1. Your assets may be repossessed and sold by the Official Receiver/your Trustee.
2. You may have to pay monies from your income to Official Receiver/your Trustee
3. Assets acquired whilst you are bankrupt may vest in Official Receiver/your Trustee
4. Not all liabilities are wiped out through bankruptcy
5. An Individual Voluntary Arrangement (IVA) may be more suitable for you.

Whatever your situation, we can help you to choose the right option for you and guide you through the whole process with clear, impartial advice from one of our friendly, approachable advisers in Plymouth.

When to contact us?

The sooner we are consulted by a business facing financial difficulties, the more options we are able to offer.

Neville & Co

First Floor

1 Buckland House

12 William Prance Road

Plymouth International Business Park

Plymouth

PL6 5WR

 

Tel: 01752 786800

Fax: 01752 767666

E-mail: mail@nevilleco.co.uk

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