Bankruptcy is a procedure designed to deal with the affairs of an insolvent individual for the benefit of his or her creditors. Bankruptcy is generally administered by a licensed insolvency practitioner who is referred to as a trustee. When a person becomes bankrupt, control of their assets (referred to as their estate), with some exceptions, passes to the trustee. He or she realises them for the best possible value and distributes the proceeds to the bankrupt’s creditors.
Bailey Ahmad Business Recovery can explain the benefits and consequences of bankruptcy with regards the particular circumstances.
We also act as trustees of bankrupt estates to recover assets for the benefit of creditors, and advise debtors who are experiencing practical issues with the trustee of their estate.