Bankruptcy serves as a lifeline for individuals overwhelmed by insurmountable debts. When you feel like you've exhausted all options and are insolvent, bankruptcy becomes a viable choice.

Navigating the bankruptcy process can be challenging, but we’re here to provide support and guide you toward a fresh start.
As licensed insolvency practitioners, we accompany you on your bankruptcy journey. As your trustee, we assume responsibility for recovering your assets to repay creditors and communicate your situation to debtors. We provide expert advice on which debts to prioritise even beyond the conclusion of bankruptcy. With our assistance, you can face the path ahead with confidence, reassuring your creditors and embracing the opportunity for a new financial beginning.

Process: How Bankruptcy works,
step by step

If you’re really not sure if Bankruptcy is an option for you,
we’ll help you decide, step by step.

Step 1

Set up a free, no obligation consultation, meet or chat remotely with a qualified insolvency practitioner. We’ll have a frank conversation about whether bankruptcy is the right option for you.

Step 2

We’ll help you complete the bankruptcy application and gather the relevant information to start dealing with your finances.

Step 3 

As your trustee we will take control of your assets, recover them for your creditors and contact your debtors. If you’re self-employed, your business will be closed.

Step 4

We’ll arrange to sell your assets and tell the creditors how much money will be shared. We’ll also make sure the costs of the bankruptcy process will be managed.

Step 5 

You should be free from bankruptcy after 12 months, but this can be extended. Once the process is complete, we can help you get back on your feet and start again.


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.

A statutory demand can occur when a creditor is owed more than £750. The creditor will usually take the step to have the debtor either prior to issuing a winding-up petition (in case of a company) or being declared bankrupt (in case of an individual). Once a statutory demand is received the company has 21 days to respond to it, this involves either paying the creditor in full or bringing the debt back below £750. If the company or individual wishes to repay the debt but are not able to do so, then they may be advised to investigate an arrangement through either a CVA (company) or an IVA (individual).

The answer to this is usually dependent on your individual circumstances and the equity position in the house but often the answer can be yes. Firstly, the equity in the house needs to be determined and this can be done by having the property valued and receiving an up-to-date mortgage statement. Once the property has been valued the equity would need to be purchased by a third party (often a family member) and then a deed of assignment / declaration of trust would need to be prepared and filed at the land registry. This area of insolvency is extremely complicated and fact dependent and we would highly recommend that advice from a licenced insolvency practitioner is sort out.

On being declared bankrupt, the beneficial interest in the home will automatically vest in your trustee in bankruptcy. Your trustee will have three years to deal with the property and usually family members will retain the rights of occupation for a period of one year. If there is no equity in the property then the trustee will not look to sell the home, however if there is equity then the trustee will need to realise the equity and there are several different ways that this can be done. The property could either be sold or a family member could buy out the trustee’s interest. This area of insolvency is extremely complicated and fact dependent and we would highly recommend that advice from a licenced insolvency practitioner is sort out.