Procedure to obtain a Bankruptcy Order
How to Petition for your own bankruptcy
To actually petition for bankruptcy (in the case of an individual, sole trader, PAYE employee) you must attend at the nearest County Court to your place of residence or business.
You must however, ensure that the county court has a bankruptcy clerk and is able to deal with a bankruptcy petition.A simple call to your local court will allow you to find out if there is a Bankruptcy clerk there or not and if not they will provide you with the name and telephone number of the relevant court which deals with insolvency in your area.
You should firstly attend at the court and pick up the relevant forms to petition. The relevant Forms 6.27 and 6.28 may alternatively be downloaded from the internet.
The Bankruptcy forms are extensive and require in depth information about every aspect of your affairs. Here at Purnells we offer a service to prospective Bankrupts where we can check your forms for you. The forms, if incorrectly completed, can misrepresent your situation. This may result in action being taken to recover these assets, for example surplus income, that may, in fact, only exist due to the way you have filled out your forms.
As soon as the forms are completed, you should telephone the relevant County Court to make a convenient appointment to petition for your bankruptcy. You must ensure that you take both forms with you along with the sum of £700 in cash,
It is possible to apply to the court for a reduction of the fee payable if, for example, you are claiming income support. Should your application be successful, you will pay a slightly reduced sum.
On the day of your petition you may be required to see a judge. If this is the case, you will spend approximately a minute or two with the Judge who will briefly examine your Forms and will then make the Bankruptcy Order. The more common procedure however will be that you will be asked to wait in the lobby and then informed once the judge has made the Order.
Normally within twenty four hours you will be contacted by a representative of the Official Receiver to give some basic information regarding your petition. An appointment will then be booked for you to attend on an examiner of the Official Receiver approximately five days ahead. In the interim period, you will be sent an enquiry booklet which must be completed and taken to your interview with the examiner. You must also deliver all books and records as indicated in the enquiry booklet.
It is always best to obtain professional advice when completing forms to petition for your Bankruptcy. If you would like a free meeting to discuss your personal circumstances with a Licensed Insolvency Practitioner to see whether petitioning for your own Bankruptcy is the best option for you and the procedure that you have to follow please contact us on 01326 340 579.