Areas of Law / Bankruptcy Debt

My business is struggling under the weight of bank loans and my personal debts are also mounting. I have worked out that if I sell everything I will still be £45,000 in the red, so I’ve been considering bankruptcy. How will this affect my chances of making a fresh start?

Bankruptcy isn’t quite such a serious step as it used to be, in that you may be released within a year. Since your credit record is already likely to be poor you will probably already be experiencing difficulty borrowing money, so bankruptcy may not make things worse. You will however be disqualified from forming or managing a limited company until your bankruptcy is discharged. I suggest you explore the alternatives first. Consult an insolvency practitioner.

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