Bankruptcy

Bankruptcy occurs where a creditor presents a bankruptcy petition against you which results in the making of an order by the Court.

Following the making of the order all of a bankrupt's assets; normally apart from everyday household goods and your tools of the trade; vest in his trustee who realises them for the benefit of the creditors.

Following changes to the law in the Enterprise Act 2002; individuals may; in appropriate circumstances obtain a discharge from bankruptcy after 12 months.