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:
Communicative, a sense of responsibility and I absolutely feel they are an ally. Highly recommended
During a time of intense business troubles Mercantile guided me through and helped me keep perspective. I am now on a path to having the business in a much better place and many thanks are due to Samuel & his team.
Professional, Flexible And Great Service, Very Satisfied. Highly Recommend.
Have Found Mercantile, To Be Honest, Diligent And Willing To Go The Extra Mile With Their Advice.
Exceptionally balanced and sound advice. Strongly recommend Firm.
We were most impressed with Mercantile Barristers and your friendly, prompt and expert services. We think we were most fortunate to benefit from Samuel Okoronkwo's expert knowledge, clear analysis and wise advice.