Insolvency Practitioners for Bankruptcy, Derbyshire UK.

You can declare yourself bankrupt if you can’t pay your debts and the amount you owe is more than the value of the things you own or your creditors may petition for your bankruptcy.

Seneca are experienced Insolvency Practitioners. We can advise on whether bankruptcy is a viable option for your financial position or recommend alternative solutions like an IVA.

For further information and a free initial consultation, please contact our insolvency team.

01629 761700 enquiries@seneca-ip.co.uk

Information about Bankruptcy Claims

A Bankruptcy is a formal insolvency procedure which wipes off all of an individuals liabilities up to the date of bankruptcy order (with a few exceptions, being debts occurred from fraudulent transactions, debts secured against personal assets and debts occurred from child maintenance and student loans etc.) by appointing a Trustee to the individuals estate. A bankruptcy would be needed when an individual has significant debts which they cannot pay.

An individual can make themselves bankrupt by making an application online, or they could have an application for bankruptcy made against them by a creditor.

Bankruptcies usually last for 1 year after which the individual will be discharged from the bankruptcy. However the Trustees role will continue until all relevant matters have been resolved. The assets and liabilities as at the date of the bankruptcy order will remain in the bankruptcy estate. In regards to the matrimonial home the Trustee would have up to 3 years to deal with the property.

A Trustee for a bankruptcy can be appointed by the Court following an application for bankruptcy.

The official receiver will initially be appointed Trustee upon the making of the bankruptcy order. Alternatively, a Trustee can be appointed by the Secretary of State or by the creditors should the official receiver appointed originally decide that it is appropriate to do so.

Once appointed Trustee of the estate it is their duty to ensure that the best possible return for creditors is realised. The Trustee would carry out investigations into the debtors affairs and look to realise assets such as a property. The Trustee would then look to split any realisations between the creditors on a pro-rata basis of the total claim, once the costs of the bankruptcy have been paid.

Despite normally being discharged after 1 year, the Debtor’s credit rating would normally be affected for up to 6 years.

Testimonials

Feedback from our customers.

“We could not see any way in which we could save more than 75% of our workforce. We approached Seneca IP who assisted us in the process of Liquidation but also dealt with our staff empathically and in a most professional manner.”

seneca ip testimonial 2

“We could not trust the advice we had received elsewhere and were introduced to Seneca IP. Within minutes of meeting with Mr Hedger we were satisfied that we were in capable, professional hands. The entire team at Seneca saw us through what was admittedly a very tough time, their knowledge and professionalism was second to none and I do not hesitate to recommend them to anyone who finds themselves in the unenviable position we did.”

seneca ip testimonial 2

“I am writing this letter of recommendation to express my sincere gratitude to James Annerson and John Hedger from Seneca IP Insolvency Practitioners for their exceptional help, guidance, and support during my company’s liquidation process. Their professionalism, expertise, and friendly approach made the whole experience much less stressful than I ever thought possible.”

seneca ip testimonial 2
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Acceditations & Certifications

 
ipa fellow member seneca ip 1
tma member seneca ip
insol europe member seneca ip
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If you need advice on any matter of either business or personal insolvency, give Seneca a call.

Call us today for a free consultation
Monday-Friday: 09:00-17:00

Matlock Office
Call 01629 761700

E-mail: enquiries@seneca-ip.co.uk
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    Get in touch

    Matlock Office
    Call 01629 761700

    E-mail: enquiries@seneca-ip.co.uk

    Contact Form

    Monday-Friday: 09:00-17:00

    Matlock Office (Derbyshire)

    Speedwell Mill
    Old Coach Road
    Tansley
    Matlock
    DE4 5FY
    Seneca IP
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