Where a bankrupt person is not complying with the requirements of the bankruptcy laws the Official Receiver or the trustee may apply to the court for the suspension of the running period of his or her automatic discharge from bankruptcy. Should the court grant the application, it means that the bankrupt will not be automatically discharged from bankruptcy after twelve months, but will continue to be an undischarged bankrupt for a longer period of time.
Bankruptcy
Read our Bankruptcy articles here. All articles are written in house by our debt experts at McCambridge Duffy.
Bankruptcy Restrictions
Some people when in Bankruptcy will try and abuse the insolvency system or engage in dishonest, reckless or otherwise culpable conduct. To protect against that the Enterprise Act 2002 introduced Bankruptcy Restrictions Orders and Bankruptcy Restrictions Undertakings. The effect of either a Bankruptcy Restrictions Order or a Bankruptcy Restrictions Undertaking is that the restrictions imposed on the bankrupt individual continue to apply, even after the (usual) twelve months discharge period has expired. Continue reading
Recovering debts through court
When creditors set out to recover monies owed to them they have a wide range of tools at their disposal. Three of the most commonly used legal mechanisms available to creditors are Charging Orders, CCJ’s or County Court Judgments and Statutory Demands.
Dealing with Personal Debt via Bankruptcy
In our first three articles in this series, we looked at Debt Consolidation, the Debt Management Plan and the Individual Voluntary Arrangement as three of the main approaches for dealing with personal debt problems. In this fourth and final article we will briefly look at the last of the main processes that are specifically targeted at debtors who are insolvent i.e. Bankruptcy. Continue reading
Comparing an IVA with Bankruptcy
When you are unable to pay your debts, it is inevitable that you might consider doing one of the big Insolvency solutions that are available in the UK, such as an Individual Voluntary Arrangement (IVA) or Bankruptcy. Naturally there might also be other more favourable solutions available to you also, such as a DRO. When you get to a level of unaffordability where doing nothing is not an option, you will need to research your options. Ultimately, whatever the quality or amount of advice you seek, it will be up to you to make a decision of which option is best.
Continue readingWhy Should Creditors Be Able to Claim My Property?
Once you owe money to loan providers or some other lenders they’ve got the legal right to seek the payment of such obligations in keeping with the conditions and terms under which the monies were borrowed or the liability was sustained at the outset. If in spite of this the customer simply cannot or will not follow the contracted repayment schedule in that case lenders are able to avail of an array of means to force the overdue consumer to repay the money they’re owed. Examples of these are getting a County Court Judgment (CCJ) against the borrower and following this up with measures by bailiffs which might include the seizure of goods or other assets. Continue reading
Experiencing the Penalty of Debt
Capital punishment for even the most heinous criminal offenses has long been abolished in the majority of western democracies with some significant exceptions such as the USA. In regard to personal debt however, the USA has a most benign set of laws dealing with indebtedness both personal and corporate. Contrasting very much in both of these matters is the Republic of Ireland. The death penalty is long eliminated in Ireland but the personal insolvency regime there has been explained by a great many august authorities as unrealistic, rarely used, very costly and exceedingly penal. Continue reading
Solving Personal Debt Problems with Support from Europe
Most citizens of member states of the European Union (EU) are unaware of certain unexpected benefits that EU membership conveys in relation to personal insolvency. These benefits are rooted in the principle of the free movement of labour which EU citizens enjoy within the EU and are particularly relevant for those who find themselves overburdened by debt and threatened with aggressive insolvency proceedings in certain member states of the EU. Continue reading
Bankruptcy term length in Ireland
Justice Minister Alan Shatter recently circulated the specifics of the Civil Law (Miscellaneous Provisions) Bill which will provide the outcome of decreasing the term of bankruptcy in Ireland. Bankrupts according to the proposed new legislation will ‘enjoy’ guaranteed release from bankruptcy after twelve years but will be legally permitted to submit an application for release from bankruptcy after five years.
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Insolvency | Dodgy Transactions
In the lead up to any liquidation process, it is important that the borrower makes sure that he behaves truthfully, honorably and fairly in his or her business with all other individuals who might be impacted by the process. All actions relating to lenders or any others (not being creditors) which will detrimentally affect the welfare of creditors are of particular concern, regardless whether creditors happen to be party to the financial transactions are not. Insolvency processes include Bankruptcy, Individual Voluntary Arrangements, Company Voluntary Arrangements, Liquidations and the like. Continue reading