What is bankruptcy ?

Bankruptcy > What is bankruptcy?

Bankruptcy is one way of dealing with debts you cannot pay.

The bankruptcy proceedings:
free you from overwhelming debts so you can make a fresh start, subject to some restrictions; and make sure your assets are shared out fairly among your creditors.

Anyone can go bankrupt, including individual members of a partnership. There are different insolvency procedures for dealing with companies and for partnerships themselves.


Further Information
This website contains various guidance publications regarding what happens in bankruptcy. You should pay particular attention to the following:

A guide to bankruptcyInformation about bankruptcy and its alternatives
When will my bankruptcy end?Information about how long your bankruptcy will last
What will happen to my home?Information about your home
What will happen to my pension?This publication only applies to bankruptcies where the petition was presented before 29 May 2000
Can my bankruptcy be cancelled?Information about getting your bankruptcy cancelled (annulled)
What happens when you are interviewed by the Official ReceiverInformation about the process and timescale of a bankruptcy or compulsory liquidation.
Bankruptcy Restrictions Orders
What will happen to my bank account
Dealing with Debt - How to petition for your own bankruptcy
For general enquiries on insolvency matters you can contact the Insolvency Service Insolvency Enquiry Line on 0845 602 9848; or email: Insolvency.Enquiryline@insolvency.gsi.gov.uk


© Crown copyright 2006 copyright notice - Crown copyright material is reproduced with the permission of the Controller of HMSO and the Queen’s Printer for Scotland
Full details can be viewed at http://www.insolvency.gov.uk