Bankruptcy is a Court based procedure involving the submission of a formal bankruptcy petition to the Court.
A bankruptcy petition may be presented by a creditor who is owed in excess of £750 (a creditor’s petition) or by the individual who is in debt (a debtor’s petition).
Following the presentation of a petition there will be a brief Court hearing and a Bankruptcy Order may be made against the individual in debt.
Subsequently the creditors may nominate an Insolvency Practitioner to act as Trustee of the Bankrupt’s Estate to deal with the realisation of assets; the agreement of creditor claims; and the distribution of funds. Ian Yerrill of Yerrill Murphy can accept nominations as Trustee.