As a general rule, where a debt is owed by a company, a petition may be issued if the debt is due now; the creditor has demanded it and it remains unpaid; the debt is undisputed; and the debt is £750 or more. Where the debt is owed by an individual, the creditor can only serve a Statutory Demand or file a Bankruptcy Petition where the debt is for £5,000 or more.
When a party becomes unable to meet their financial obligations when they fall due, the incidence of insolvency arises for consideration. A creditor may have commenced insolvency proceedings by way of a Winding Up Petition (in the case of a company) or a Bankruptcy Petition (in the case of an individual). When matters of insolvency and recovery arise, our Bankruptcy Barristers are able to give strategic and tactical legal advice to administrators, liquidators, company directors, creditors and debtors alike on their essential next steps.
The expertise of our Bankruptcy Barristers includes: