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.
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