Longridge: 01772 783314 | Garstang: 01995 602129 | Lancaster: 01524 581306 
 
Longridge: 01772 783 314 
Garstang: 01995 602 129 
Lancaster: 01524 581 306 

Posts tagged “Bankruptcy”

There can’t be too many of us who haven’t had to chase for the £100.00 we lent a ‘friend’ for a night out. Obviously, the friendship soon ends and you realise (probably) that, to quote Polonius, it’s probably easier to avoid the wrath of your significant other, to follow the adage of ‘neither a borrower or lender be’. You live and learn. 
 
I mean, you’d never serve a friend with a Statutory Demand.. would you?  
 
Well, actually, no. At least not for a hundred quid. But what if they owed you in excess of £5,000.00- this being the threshold for which you can start serving your Statutory Demand against an individual. 
 
Tell us what a Statutory Demand is, then. 
Bankruptcy is a multi-faceted beast- well, there are two ways of going bankrupt, and there are orders, assets, restrictions and registers to think of. 
 
If you can’t pay your debts, then you could make an online application to go bankrupt. Despite what most people believe, the cost of going bankrupt isn’t cheap, and in some cases, is certainly not a ‘soft option’, there being an application fee of £680.00, and there is no guarantee that the adjudicator, this being the person who works for the Insolvency Service, and will review your application, will actually make you bankrupt.  
 
The adjudicator will send an email within 28 days, confirming if the application is successful or not. If your application is unsuccessful, the £680.00 is not returned to you. 

Tags

Our site uses cookies. For more information, see our cookie policy. Accept cookies and close
Reject cookies Manage settings