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Bankruptcy is a court procedure.
Initially, ThorntonRones cannot be appointed to act as your Trustee in Bankruptcy, nor is there any need for you to be concerned about who is the Trustee.What is important is that you have satisfied yourself that this is the appropriate route for you to take.
You can make application to the court yourself under a debtor's petition or an application could be made by one of your creditors under a creditor's petition.
Once an order is made the Official Receiver will be appointed to deal with the administration of your case. Depending upon the complexity and value of your case the Official Receiver may appoint an Insolvency Practitioner to deal with the case as Trustee in Bankruptcy.
You will not have any say in the appointment of the Insolvency Practitioner, and in practice, they could be situated anywhere in England or Wales, but your creditors can, whether they be ‘friendly’ or otherwise.
The Official Receiver's (or the Trustee's) role is to realise your bankruptcy assets (if any), agree creditor claims, distribute any monies and investigate any matters arising that he considers appropriate.
All future contact from creditors can be referred to the Official Receiver or Trustee.
You will be automatically discharged after one year from the date of the Bankruptcy order or earlier if the Official Receiver has completed all his enquiries.
The Official Receiver or Trustee can apply to have the automatic discharge suspended if you are not cooperating.
Any debts not paid from the recoveries made by the Official Receiver or Trustee will be written off.
There is no restriction on the value of your assets or the level of your creditors or your income (as with a Debt Relief Order).
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Trust ThorntonRones to use our skills and expertise and work with you to tailor a plan that is right for your personal siutation. Our advice is always objective and without obligation.
Call us now on 020 8418 9333 for a free consultation. Take a positive step towards changing your life. We're here to help you.
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