Bankruptcy
Debt Relief Order vs. Bankruptcy: Which Is Right for You?
If you’re struggling with overwhelming debt, you’ve likely heard of a Debt Relief Order (DRO) and bankruptcy as potential solutions. But which option is right for your situation? Both offer a way to manage unmanageable debt, but they come with different conditions, costs, and long-term consequences. In this guide, we’ll break down the key differences…
Read MoreWhat Is a Bankruptcy Restrictions Order (BRO)?
When you declare bankruptcy, you enter a 12-month period as an “active bankrupt,” during which you must adhere to a set of restrictions. If you fail to comply with these restrictions, you may face a Bankruptcy Restrictions Order (BRO). A BRO is a court-issued order that can extend these restrictions beyond the typical 12 months…
Read MoreWilliam Jackson – Part 2: The Platinum Companies, West Chevington Farm, and Coffees with Gary Forrest
William ‘Billy’ Jackson recently contacted us to complain about a blog post discussing Northumberland Living, one of his companies. After reviewing the blog, we decided not to make any changes or take it down. This complaint piqued our interest, having drawn attention to himself and after further research, we concluded that Billy was worthy of…
Read MoreBankruptcy Annulment: A Fresh Start for Financial Recovery
Bankruptcy is often viewed as a last resort for individuals overwhelmed by debt, offering a path to financial relief but also leaving a significant mark on their financial records. However, there’s a lesser-known process that can offer a clean slate: bankruptcy annulment. In this article, we delve into what bankruptcy annulment entails, why it might…
Read More50% increase to bankruptcy and liquidation fees
Just months after lifting the temporary restrictions on winding-up petitions, the Government has revealed plans that will make it harder for thousands of SMEs and microbusinesses to collect debts and force debtors into insolvency procedures. The Insolvency Service plans to hike in the cost of two key payments later this year. Firstly, the deposit a…
Read MoreEnd of temporary insolvency measures
Last week, the Government withdrew the temporary insolvency measures introduced two years earlier to support businesses during the Covid-19 pandemic. Creditors could obtain winding-up petitions under the temporary legislation (enacted as part of the Corporate Insolvency and Governance Act 2020). However, the debt threshold for winding-up petitions increased to £10,000 and creditors were compelled to:…
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