The Insolvency Service is pursuing directors and sole traders for bankruptcy restriction orders because they took out a bounce back loan. Faith Legal Services provides low cost defence statements for directors & sole traders being pursued by the insolvency service. If you are facing the possibility of a bankruptcy restriction order, it is crucial to

If you’re struggling with debt, filing for bankruptcy may seem like a tempting option. However, before you consider this drastic step, it’s important to understand the financial benefits of clearing your debts before a bankruptcy order is granted. Home owners with sufficient equity will find it hard to obtain monies from conventional lenders. We at

A County Court Judgement is a Court Order for you to pay a debt. It is possible to have a CCJ set aside if you have a good reason. Setting aside a CCJ, cancels the Judgement but does not mean the debt disappears or that any Court action stops. In setting aside a Judgement, this

Insolvency/Bankruptcy Lawyer: When You Might Need One If you’re facing financial difficulties, you may be considering bankruptcy or other forms of insolvency. While these options can provide relief from debt, they can also be complex and confusing. That’s where an insolvency/bankruptcy lawyer comes in. In this article, we’ll explore when you might need an insolvency

Liaising with HMRC: What You Need to Know If you’re a business owner, self-employed or an individual who pays taxes, you’ll have to communicate with HM Revenue and Customs (HMRC) at some point. The communication process can seem daunting, but with the right approach, it can be easy and straightforward. This article will provide you

Creditors may consider serving an statutory demand on the debtor when it is apparent that the debtor is dissatisfied by the delayed payment due to the debtor. Statutory demands are quick, efficient and cost-effective way to collect a debt to a debtor. If debts are over the PS750 threshold the statutory demand is usually used as the

What is a Statutory Demand? A statute of demand is a letter sent by a creditor to the debtor. It indicates that the creditor will start making an effort to make the debtor insolvent until the debt is paid in full or an arrangement has been agreed to pay in installments. Statutory demands aren’t an option

In the event that one of your creditors filed a winding-up petition You must be quick to stop your business from being liquidated for force. A compulsory liquidation signifies that it will shut the business permanently and will lead to a thorough investigation conducted by the Insolvency Service into your conduct as director. There are ways to

If you’re a creditor of a business (i.e. the company owes you money) and you’ve tried everything in order to force the company pay the debt you, it’s possible to wind it up on the ground that it isn’t able to pay its obligations. Given the seriousness of the consequences the procedure should be considered only as

Legal practice areas Insolvency law and restructuring Restructuring and insolvency lawyers are lawyers who act on behalf of their clients (either corporations or individuals) with financial issues. Restructuring is typically the first step in reaching an agreement with creditors to pay back the debt without the client being insolvent. What are the responsibilities of lawyers who