Insolvency Solutions

Bankruptcy Petition

Bankruptcy Petitions

If you are in the Bankruptcy process and want out, we are the friendly experts who can help!

Find the right bankruptcy solution for you and get back on the road to success.

Everyone at Fraser Russell can understand the stress of worrying and trying to deal with the ordeal of paying back or disputing bankruptcy debt.

As a firm we understand the complexities involved with dealing with insolvency. We are experts in helping people to overcome the obstacles they face in bankruptcy and get back to normality.

If you need to gain freedom from the bankruptcy process, get your bankruptcy annulled, or escape a bankruptcy order, then call us for a free, no obligation chat about finding a solution that will help you.

We simply lead the field in overcoming bankruptcy challenges.

Our services include:

  • Challenging HMRC Debt
  • Bankruptcy Petitions
  • Bankruptcy Orders
  • Assisting With Raising Finance
  • Exploring Payment Options With Creditors
  • Full Chartered Accountancy Services

We can introduce you to third parties who assist with:

  • Residential Mortgages And Re-mortgages
  • But To Let Mortgages
  • Retirement Planning
  • Investments
  • Personal And Business Protection

Understanding a Bankruptcy Petition

A bankruptcy petition can cause distress but this does not necessarily mean you will be made bankrupt. Contact Fraser Russell to discuss what option are available to you.

A bankruptcy petition is the stage before a bankruptcy order. This is where a creditor has served a statutory demand and has had no contact or no resolution from the client. In this case, the creditor applies to the courts for a bankruptcy petition.

You are normally served a bankruptcy petition personally which contains the time and date of the hearing. This is normally 14 days after the statutory demand was served.

Why you should defend a Bankruptcy Petition?

If your bankruptcy petition leads to a bankruptcy order, this could affect your life in several ways such as applying for credit, resigning your position as a company director and not being able to carry out business in a different company name.

You may have challenges with:

  • Getting Finance - i.e. difficulties with borrowing money, applying for a mortgage or asking for credit.
  • Limited Companies - You cannot act as a director of a Limited Company until you are discharged from your bankruptcy order. If you are a director and have been made bankrupt you will need to resign from your position.
  • Getting a Job or Promotion - If you are a member of a professional institute you can be dismissed from it. This can really harm your  career, especially for careers based in Law, Accountancy and Estate Agents.
  • Official Receiver - The official receiver (appointed from an Insolvency Service) may freeze your bank accounts.
  • Self-employed - If you're self-employed, you can't use a business name which is different to the one you used before the bankruptcy, unless you tell everyone you do business with about the bankruptcy.

How we can help?

When you stop burying your head in the sand and get back to living life again, most of what you need is help, instruction and encouragement from someone or a team who knows how to support you with overcoming bankruptcy challenges.

We have everything it takes to help you gain freedom from the bankruptcy process.

It's understandable that when you're in the trenches of bankruptcy, solutions may seem impossible to find. We have two main ways to help you get out of those trenches:

  • Securing Finance - One of the many options which may be available to you is securing finance. We can assist by putting you in touch with fully FCA Regulated Brokers/Lenders to manage and complete this for you. If you have a profit making business or are a homeowner we can potentially help you secure funds easier.
  • Negotiation - In many cases we can challenge your HMRC debt if you have genuine reasons why you believe the debt is incorrect. For example, you may have been let down by your previous accountant and thus most of you debt has been based upon assumptions which doesn't seem correct to you.

Contact us today or telephone on 0121 647 5030 or emailing to find out how we can tailor a package to compliment your business activities at a price that is guaranteed to be competitive. Although based in Birmingham, West Midlands, our accounting services are used by clients throughout the whole of the UK and beyond.  Don’t forget to subscribe to our Newsletter for all the latest updates and please feel free to interact with us via our Social Media sites and Blog.

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