If you owe debts to the Council and have failed to agree a payment plan we may instigate proceedings to make you bankrupt, or in the case of a Company, to force into compulsory liquidation.
The Recovery Team work closely with a specialist firm of solicitors and insolvency practitioners for all cases selected for this course of action.
First we will send you 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 in the County Court.
The Official Receiver will then be appointed to administer your bankruptcy, investigate your financial affairs, freeze your bank accounts and oversee the sale of your assets, including your home and any other property, to pay off your debts. The costs inolved with such action are significant & can run into thousands of pounds.
You will no longer have control over your assets, you may be subject to a number of restrictions and you may find it extremely difficult to obtain credit in the future.
Comprehensive advice of all matters of bankruptcy and insolvency can be obtained direct from the Insolvency Service. You can link directly to their website : Insolvency Service Website