What does a Bankruptcy Petition involve?
They are normally issued against individual debtors (as opposed to Limited Companies) and usually are only issued after a Statutory Demand has been served on the Debtor with no payment of the debt having been made.
You should look on this option as very much the last resort as the cost involved in issuing Bankruptcy Proceedings is significant. You should also take account of the fact that even if your Debtor is made bankrupt you may not recover your debt or, the money spent on this procedure.
Bankruptcy Petitions – Key Facts
- they are generally used for higher value debts
- the Petition is issued in the Court local to your Debtor
- they are an expensive option
- there is no guarantee of recovering the debt
You will benefit from our
- dealing with issuing the Petition
- arranging for service of the Petition
- advising you on any proposals for payment
- arranging for you to be represented at the final hearing of the Petition
You can rely on us to
- learn about your business
- understand the relationship history with your Debtor
- advise you as to all your options
- take account of the need not to throw good money after bad
- take the best action available to recover your debt based on Fixed Fees