Part 5 of the Insolvency Act 2006 enables a debtor to enter into an arrangement with creditors. Part 5 may be a good alternative for insolvent individuals who are facing bankruptcy proceedings and would like to avoid the formal restrictions that are associated with a bankruptcy. Compositions In the event that a debtor can put …
Alternative to bankruptcy: Compositions and Proposals Read More »
An attachment order is an order directing the judgment debtor’s employer to deduct a specific sum (or percentage) of the judgment debtor’s wage/salary (or even benefit) and pay that sum directly to the creditor. Such deductions could be made until the judgment debt, costs and interest are repaid in full. An employer who, without reasonable …
If you have judgment, you can possibly obtain a warrant to seize property and sale, possession, charging and garnishee orders. All these options provide the judgment creditor with rights of recourse towards the judgment debtor’s assets. Before you decide to apply for these orders, you need to consider whether the judgment debtor owns assets that …
Enforcement of Judgments: charging and selling property, garnishee and possession orders Read More »
Bankruptcy is a way to relieve a person of debts they owe to creditors, and where possible, repay those debts from the bankrupt’s estate. It also acts as a security measure as the Official Assignee is granted powers to oversee and control the financial affairs of the bankrupt. Once adjudicated bankrupt, there are many duties …
Duties of a bankrupt and consequences of failure to comply Read More »