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UK-Justice
UK-Justice, Barrister
Category: UK Bankruptcy Law
Satisfied Customers: 16193
Experience:  Called to the Bar in 2007
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Dear sir, Details as per followings: Defendant Business

This answer was rated:

Dear sir,

Details as per followings:

Defendant Business Entity : partnership (unlimited liability)
Issue: Breach of agreement
Action: Brought the case to the court and summary judgement obtained
Current status: intend to proceed to bankruptcy filling against the defendant

Questions:
1. I heard people say you can transfer all your money to your mother or wife and let yourself go bankrupt? How true is this? If this mean, bankruptcy is not a good way to ask for payment?

2. For bankruptcy proceeding, who decide the repayment terms and condition? Court or plaintiff ?

3. When you are in bankruptcy status, can you still run business and holding a current account? To what extend bankruptcy status can do to an individual?

Thank you.
Thanks for your question, I will do whatever I can to help you. Please remember to rate my answer SMILEY FACE OR ABOVE.

1) No this is not possible.

This is because when investigated by the Official Receiver they may well come to the view you did this to avoid creditors.

As such they could apply to the Court to have the transactions reversed.

You can not just hide assets as this is a criminal offence if you know that you can not meet liabilities or wont be able to.

2) Its the Official Receiver who deals with it, so they arrange any deals with the Creditors

3) You cant be a Director of a Ltd co etc while bankrupt. You can run your own business as sole trader or partnership.

Your bank facilities will probably be withdrawn so while you can have a bank account you can't have any credit whatsoever and is likely to be a basic account.

I hope this helps and if there is anything else I can do to help you today please let me know.


Please remember to click *** OK SERVICE *** or above so that I am credited for my time. The question does not close and you can ask follow ups.

Important: If you feel the need to rate as one of the lower two scores, it counts as negative feedback so please reply to me via the REPLY with any further questions you may have. I will be happy to assist you further.
Customer: replied 4 years ago.

Dear sir,


 


Thanks for the information provided.


 


May I know, normally how long will it take from initiation of bankruptcy proceeding until the execution stage ie: time to pay ?


 


The "Official receiver" here mean the "bankruptcy court" ?


 


Thank you.

You are looking at around 5 weeks from getting the petition to hearing etc.

No, the Court makes bankrupt then an OR is appointed.

I hope this helps and if there is anything else I can do to help you today please let me know.


Please remember to click *** OK SERVICE *** or above so that I am credited for my time. The question does not close and you can ask follow ups.

Important: If you feel the need to rate as one of the lower two scores, it counts as negative feedback so please reply to me via the REPLY with any further questions you may have. I will be happy to assist you further.
UK-Justice and other UK Bankruptcy Law Specialists are ready to help you
I'm just following up with you to see how everything is going. Did my answer help?

UK-Justice
Customer: replied 4 years ago.

Dear sir,


 


Yes it help.


 


Thank you.

Great

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