Insolvency - Bankruptcy Proceedings

Bankruptcy applies to individuals rather than companies and such orders are made against a person when they are unable to meet their debts and liabilities when called upon to do so.

We act for both debtors in defending petitions and creditors in pursuing bankruptcy petitions from the presentation of the statutory demand through to the final bankruptcy hearing. We also act in respect of defending claims by Trustees for recovery of property and advising bankrupts upon opposition to discharge of their order, pension and property rights and all matters connected to bankruptcy.

This area demands a thorough knowledge of the Insolvency Act and Rules 1986 and our specialist team has extensive experience of handling many types of bankruptcy matters for both petitioning creditors and debtors whilst at all times bearing in mind the economics of such actions - as they often arise out of debt in the first place.

PERSONAL INSOLVENCY AND BANKRUPTCY

Leathes Prior is well known for its niche insolvency practice and is one of only a handful of law firms in the east of England that has lawyers dedicating all of their time to insolvency law and practice.

The Insolvency team is headed by Frank Brumby who is one of only two solicitors in the East of England who is a Licensed Insolvency Practitioner. Frank is also a full member of R3, (the Association of Business Recovery Professionals), the Insolvency Lawyers Association, and co-author of “Managing Bankruptcy and Liquidation”, published by The Stationery Office.

Advice to Debtors

Many individuals may be facing personal financial difficulties resulting from failed or under-performing businesses (sole tradership, partnership or companies) or simply living beyond their means. There are various remedies available to protect the individual from creditor pressure which Leathes Prior can advise upon and help the individual to implement including:

* Informal arrangements
* Individual Voluntary Arrangements
* Administration orders
* Bankruptcy

If your business is operated through a limited company there are additional insolvency procedures available and further implications. For more details click here

Advice to Bankrupts

If you are an individual already subject to a bankruptcy order or a debtor subject to an IVA then we can advise you on all aspects of these regimes:

* Annulment and discharge of bankruptcy
* The matrimonial home
* Defending proceedings brought by Trustees in Bankruptcy and Supervisors
* Income Payment Orders
* Variation and compliance with the terms of your IVA
* Bankruptcy Offences

Advice to Trustees in Bankruptcy

Leathes Prior advises many Trustees in Bankruptcy both locally and nationally and have advised upon all aspects and legal problems faced by Trustees including (amongst other things):

* Insolvency Act and Insolvency Rules Procedure
* Trustee’s Powers
* Voidable and antecedent transactions / Asset Protection Regime
* Individual Voluntary Arrangements including drafting, interpretation and default
* Proofs of Debt
* The Matrimonial Home
* Pensions
* European Legislation

At Leathes Prior we recognise that Trustees or Supervisors may not be in funds to finance litigation and therefore we have no difficulty in acting on a formal or informal conditional fee basis.