The Recovery Team work closely with a specialist firm of solicitors and insolvency practitioners for all cases selected for this course of action.

Firstly we will send a statutory demand.  If you do not pay in full within 21 days of the date of the demand the Council will present a petition for bankruptcy/winding-up in the High Court or the local County Court.

The Official Receiver is appointed to administer the insolvency, investigate financial affairs, freeze bank accounts and oversee the sale of assets. If you are a sole trader this could include the sale of your home and any other property you own and your business will close. As an undischarged bankrupt you will not be allowed be a Director of a Limited Company.

The costs inolved with such action are significant. You will no longer have control over your assets, you may be subject to a number of restrictions and the bankruptcy will stay on your credit file for at least 6 years, making it more difficult to obtain credit in the future. 

Comprehensive advice of all matters of bankruptcy and liquidation can be obtained direct from the Insolvency Service. You can link directly to their website : Insolvency Service Website

IF YOU HAVE BEEN SERVED A LETTER WARNING OF BANKRUPTCY/WINDING-UP, A STATUTORY DEMAND OR A BANKRUPTCY/WINDING-UP PETITION YOU ARE STRONGLY ADVISED TO SEEK LEGAL ADVICE IMMEDIATELY.

See the 'Where Can I Go for Help' pages in this section.