Bankruptcy
We can bankrupt individuals, sole traders or partnerships.
What do we do?
We prepare a bankruptcy petition and send it to the court for processing.
How long does this take?
1 to 2 weeks after we receive your instructions your Debtor should be served with the bankruptcy Petition (approx).
In what circumstances should this be instructed?
- After the Sheriff Officers have carried out a Charge your Debtor may appear to have few assets worth attachment, although still be trading.
- Your Debtor may have ceased trading altogether owing you a substantial amount. In these circumstances we are able to petition for your Debtor's bankruptcy.
Or
The assumption is if the Debtor wishes to continue in some sort of business activity then he will settle your debt rather than being declared bankrupt. It is often the case that we will then be contacted with settlement proposals. We'll contact you immediately when this happens.
Obviously, if the Debtor has no assets to satisfy your debt, then we are still able to proceed with the bankruptcy Petition. This will not increase the costs that you will have already incurred to us for the bankruptcy action.
Bankruptcy can be instructed after using fast track collections
What is the procedure?
- If the Debtor discharges the debt in whole or in part then we simply dismiss the bankruptcy petition.
- if the Debtor settles only part of your debt and you wish to receive these monies then we have to dismiss the petition. If the balance of the debt is £1,500.00 or more we can re-raise the action at a later stage if the Debtor fails to maintain payments. However, as we will have had to re-raise the bankruptcy proceedings this will involve you in additional costs.
- If the Debtor does not settle you debt at all then we simply will have the bankruptcy award granted.
How much will it cost?
£350.00 plus VAT and disbursements (typically £240.00)
The above includes our fee for the presentation of the bankruptcy petition and either withdrawing same or having it granted. In the event of your Debtor settling in whole with you then the disbursements will be recoverable.
Instructing Bankruptcy
Please call us on 0141 331 2332 or email is at scowan@yuill-kyle.co.uk and we'll discuss the particulars of your situation with you and advise you on the best course of action to recover your debt.
