If your debtor owes you more than £5,000 you may apply to bankrupt them. This is a severely serious process and shows your debtor you do not intent to be ignored. We at UK-Debt Collection will aid you at every step of the process if you decide to undertake this route.
A bankruptcy petition can be brought by yourself, the court or the debtor in person. Once the bankruptcy order has been ordered by the court all assets of the debtor are handled by the receiver all monies in excess of living allowance could be administered to paying back the cost of administering the debtor’s account for up to a possible year, while assets such as freehold property could be under administration for up to 5 years with gains in financial value could be claimed to off set creditors (your unpaid debt).
Although the court fee is repetitively modest at just £350, deposits to be paid into court for the administration of the bankruptcy can be high at £1100.
The court does not like to see bankruptcy orders as a means of debt collection , so when you decide on this action it should be with a view of obtaining the bankruptcy which is requested. However it’s also common that many debtors at this stage decide to opt for Voluntary arrangements which are more friendly to the debtor , such arrangements are likely to negotiate with the removal of the bankruptcy order which often will include the paying of your debt to enable the debtor to take control of their assets.
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