Insolvency Made Clear: A Guide for Debtors
Plain English, practical guidance for anyone facing demands over a debt they are struggling to pay.
Plain English, practical guidance for anyone facing demands over a debt they are struggling to pay.
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Part 1<br />
BANKRUPTCY<br />
The next few chapters describe the bankruptcy process. A typical bankruptcy<br />
looks like the following:<br />
Debtor incurs debt they cannot repay<br />
Is there an alternative to bankruptcy?<br />
YES<br />
• Individual Voluntary Arrangement<br />
• Debt Relief Order<br />
See Chapter 1<br />
NO<br />
Does the debtor want<br />
to go bankrupt?<br />
See Chapter 3<br />
NO<br />
Debtor prefers to aim<br />
<strong>for</strong> settlement<br />
YES<br />
Debtor’s application<br />
See Paragraph 3.3<br />
Statutory demand<br />
See Chapter 4<br />
Judgment returns unsatisfied<br />
See Chapter 4, Box 16<br />
Petition presented and served<br />
See Chapter 5, Paragraphs 5.1 to 5.8<br />
Bankruptcy hearing<br />
See Chapter 5, Paragraphs 5.10 to 5.16<br />
Bankruptcy order<br />
Petition dismissed<br />
Adjournment<br />
Trustee in Bankruptcy appointed<br />
See Chapter 2<br />
Discharge/annulment<br />
See Chapter 9<br />
1
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