Is bankruptcy and insolvency the same thing? What is the difference between bankruptcy and insolvency?
When the world begins to crumble around you. It may seem like there are not many options around you. It is so troublesome to feel alone in your financial woes. Has an official receiver been appointed? You had your assests been frozen? Bankruptcy petitions? Winding up petitions? Debt Recovery? If you are at the point of no return. Are you in the spotlight? Can you see personal insolvencies or business insolvencies approaching. Seek experienced legal advice.
Our insolvency specialist will be able to guide you the many different options. Be it personal insolvencies or non-personal insolvencies. When you face no alternatives. Our experienced lawyers will walk you through the many legal possibilities. From getting it set aside or much needed legal advice.
Insolvency can be frightening. Receiving a statutory demand from a supplier or anyone. Not being able to pay the amount owed. It can be distressing. In cases when a statutory demand has come but with more time you will be able to avoid insolvency. To avoid being made bankrupt. Getting a statutory demand set aside can be a big help. A legal expert will be able to help. Getting the experienced legal advice to get more time in times like this can help.
Can I avoid Bankruptcy? Is debt recovery an option?
Becoming insolvent does not necessarily mean you will become Bankrupt. To become bankrupt requires legal proceedings. Even though they are used in similar contexts. It is important to distinguish the difference. The formal status of Bankrupt can only be incurred through a legal process. Therefore a person being insolvent does not mandate being bankrupt. This is where experienced legal advice can be provided. Direct access barristers will be able to give you cost-effective advice.
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How to avoid bankruptcy?
This may depend on the creditors. The creditors may have matured debt. This will stand in the favour if it were to go to court. The older the debt it will demonstrate the creditor has demonstrated patience. It is imperative you get experienced legal advice.
Some creditors may wish not go through legal proceedings, in cases such as this, it is possible you can arrange specified time period to pay them back. So having a barrister represent you may put forward an experienced option to demonstrate you will be able to pay back in organized fashion. The ultimate purpose is the debt to be settled. If a person on the verge of being made insolvent can demonstrate to the courts that they will be able to pay back the debts to the creditors this will help tremendously. Getting it set aside will help. Setting aside will give you more time.
Being liquidated?
The assets will be frozen, a receiver will be appointed. If this has happened, consider your options. If you feel you have been mistreated then seek legal advice. Our barristers will be able to advise on these matters. When an official receiver has been appointed and your assets have been frozen or Bankruptcy petitions or Winding up petitions have begun a lawyer will be able to guide you through all your legal options.
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Can we try to settle this out of court?
In cases when the creditor and debtor possibly can settle the matter out of court then it would be important to know your legal position.
Do you have these questions? Call us, one of our legal specialist will be able to help you.
Is bankruptcy and insolvency the same thing?
What is the difference between bankruptcy and insolvency?
What is bankruptcy and insolvency?
The difference between insolvency and bankruptcy UK?
Bankruptcy and Insolvency Act?
Bankruptcy or Insolvency?
Our Insolvency barristers at ShenSmith can help you with your matter. Call us on 02036279580 or email us on [email protected]
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